Fintech trends: The use of psychology in product teams

Anyone who has worked in sales, marketing or product development knows very well that the success of his product in the market doesn’t depend only on how it looks, what values the product provides or even how perfectly it was made. Understanding the behaviour of people when they make their purchase decisions will always be the main goal for any team working in any industry. With a good level of understanding, you can discover things that can help you make people feel a certain emotion that encourages them to convert and use/buy your product.

For Fintech companies, it is very important to not only focus on the features and functionalities their product offers but understanding the behaviour and psychology behind why would people choose to use their app is crucial and as important as the technology behind the product. Knowing that the unique selling point of Fintech offerings was and will always be the user experience and the belief in the benefits that the user can get when he/she decides to purchase a product.

Financial Decisions

People commonly make their financial decisions with their hearts as much as their brains, that’s why the emotional connection and relevance to people’s needs are critical factors in the adoption of any product in the market. And if we are talking here about Fintech products, that are revolutionary and disrupting the traditional ways of managing money, it is not easy for markets to absorb the value behind shifting to such products unless they see how relevant the product is to them and how attached they are to your brand. Most people do not take the decision to use digital banking products due to a lack of financial education, lack of technical knowledge, economic status and lastly psychological barriers. That’s why focusing on providing a humanised experience to users and building a lovely relationship with them can be seen as important as developing the digital app itself. See how Kakao (The leading super app in South Korea) has been building a true relationship with people in the market providing a good user experience and getting people to love the brand overall to the extent that if you once visited the country there, I can assure you that you will see their cute teddy bear with most of the people there.

And this is a very small example but it sums it all up, Koreans love anime and cartoon things, so Kakao embedded itself in their lives in all aspects from chatting with friends, paying online and remotely to even the teddy bear you can get your friend or child.

To Sum Up

In the end, in my opinion, there are a few common factors that helped most Fintech companies boom and helped the industry itself to shine. Things like:

It’s Free

Most Fintech companies offer their products for free or at least they pack a set of features to be used with zero charges.

It’s very social

Seeing people around you using a very cool banking feature and sharing their experiences around, is another success factor.

It’s always on

The idea of getting a service or a banking account in no time from any place is a very appealing idea to all users. People love immediate solutions!

It’s very customisable

In such a world full of many products online, people now look at any product as if it was made for each one of them only. The level of how any of us can customise the app we use becomes an undebatable thing.

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