What-do-Fintech-businesses-need-to-do-to-prepare-improve-the-customer-onboarding-process-in-2018 - PCA Predict

What should Fintech Businesses do to prepare for 2018 and beyond?

In 2017, we saw a range of innovations surrounding Fintech, and with the industry experiencing more and more interest and more global expansion, 2018 looks set to be even bigger for companies in this sector. We’ve spoken to the biggest names in Fintech to find out what they believe businesses should be doing to prepare for 2018 and beyond. Here’s what they suggest…

Reduce friction

Alex Kreger, CEO, UXDA

In 2018, for Fintech companies in Europe, the revolution will arrive with the PSD 2 incorporation into national legislation of European countries. Banks have to open their APIs which will create conditions for bringing financial user experience in Europe to the new era. Without a doubt, it will positively affect the speed and user-centricity of all financial services. Many procedures will be simplified and automated. The range of useful Fintech services will be expanded and easily integrated into the regular financial user experience. For Fintech businesses, this means only one thing – necessity to utilise this awesome opportunity for upgrading usage flow to make actual service more frictionless and ultimately valuable for customers.

Redefine the onboarding experience 

Elke Bretz, UX Lead, PCA Predict 

This year, we will continue to move away from designing for traditional clicks towards more ‘screen-less’ experiences. Technology is truly redefining the customer onboarding experience. Machine-learning technologies are becoming an essential part of the customer experience in the digital age. AI, IoT and voice activated banking appear to be among the most promising FinTech trends for 2018. It certainly will be exciting to observe how these new immersive technologies will disrupt and transform an entire industry.

Optimise your checkout to drive conversions 

Al Mackin, Founder, Formisimo

In the optimisation roadmap, don’t forget the registration and checkout processes. These final steps in the buying funnel are ripe for optimisation, from stripping back the visible elements and fields, to improving your validation, field labels and field types. It may appear that there are limited optimisation opportunities in the checkout, but you’ll find a wealth of things to test and improve.

The results can be significant, with even well-established brands seeing an increase in conversions of 10% when they focus their optimisation efforts on their checkout.  

Be prepared for PSD 2 

Elizabeth Lumley, MD, Startupbootcamp

Europe and the UK will be dealing with the reality of open banking in 2018. Any Fintech startup who hasn’t read the full documentation of the PSD 2 or the CMA directive backwards and forwards and bored their children senseless with having it as a bedtime story every night for the past two years – shouldn’t be in business. Any incumbent, should get reading now.

New Fintech entrants need incumbents for scale and growth and to survive. (Fintech Startups can not live, for long, on VC money alone). The problem with current strategies around bank Fintech partnerships is that culture and humans get in the way. Once banks start complying with the PSD 2 and CMA they will offer up APIs and Toolkits to developers, which gets rid of ‘humans’, which hopefully will cause easier partnerships and foster growth.

Make blockchain part of your business 

Vaida Pakulyte, Fintech Digital Marketing Manager, Strands

Blockchain will have a big impact on Fintech in 2018. It will soon become mainstream when many industries (not just Fintech) move to make blockchain part of their business. My belief is that this technology is already very advanced, so designers must first gain a deeper understanding of its functionality and huge potential, and at this stage, start adding the user into the picture. Being a relatively new thing, designers and UX specialists will need to create user-friendly interfaces that fit with this complex technology.

Create a slick sign-up  

Andy Cowin, Head of User Experience, Sanfire

Super slick yet secure sign-up is going to be the crucial first step to persuade customers they’re in safe hands and they are going to have a good experience. As part of the sign-up process, signposting and helping customers to use add-ons such as personalised account management features and payment apps will become really important especially with the implementation of the PSD2. It may be a poacher’s charter as the ability to pay from your rival’s app means customers no longer have to suffer if they think yours is rubbish. This opens the way to swapping service providers. Inertia may not be enough to stop disaffected customers jumping ship.

Do you have any tips for Fintech companies that weren’t listed above? Add them to the comments below to start a conversation.