. . .
Personal financial management is easier than it has ever been. Digital technologies that allow consumers to easily, affordably, and conveniently track, move, and monitor their debts, investments, payments, and personal financial accounts are increasingly ubiquitous. Financial Technology (FinTech) companies represent many facets of the digital finance industry, including personal banking, digital payments, remittances, lending, investing, insurance, and cryptocurrency.
Compared with traditional banking methods, digital solutions provide a wider range of services and more accessibility, often at a cheaper cost. With the numerous benefits of FinTechs over traditional financial management, they are quickly becoming the dominant way for consumers to handle their finances.
Despite their advantages, FinTech companies today still face big practical challenges when it comes to their users, including motivating new users to adopt their platforms and encouraging existing users to uptake their premium services.
The report explores three of the most common behavioural barriers to FinTech adoption and the uptake of premium services, some of the key psychological and behavioural contributors to those barriers, and examples of behaviourally-informed interventions to overcome them.
For example, users are often overwhelmed by the amount of information presented to them when evaluating whether a FinTech service is useful. Presenting information in a more digestible, easy-to-understand way can increase conversion rates and increase the number of users who purchase premium services. One way to accomplish this is to communicate the features of a product through benefit appeals, which present benefits in a broader, more relatable way than attribute appeals, which simply provide long lists of jargon-filled features.
The Behavioural Science of FinTech report is full of behavioural insights that you can use to gain an advantage in the FinTech marketplace, and many of the insights within are applicable to a range of other industries as well. If you’d like to download the full report for free, you can do so here.
This report provides powerful suggestions for product improvement, however for optimal outcomes we recommend consulting with expert behavioural scientists. If you would like to understand how you can apply behavioural science in your work, we can assist you and discuss personalised solutions — please contact us at email@example.com or read more on our website.