When was the last time you paid in cash?
If your answer is “Well, a long time ago”, then I’m not at all surprised. With the general trend being to digitalise every aspect of our lives, online banking and fintech solutions are growing in popularity.
Despite the initial distrust and reluctance towards using fintech solutions, people started gravitating towards cashless transactions. According to FinancesOnline, just in 2020, 64% of consumers have used two or more fintech services or platforms, which will only increase in the coming years based on recent fintech research.
How to create a good fintech solution?
Security is a priority
Suspiciousness towards fintech solutions has always associated with concerns about security. According to a survey conducted by Attest in 2019 across the UK, less than 50% of the public either strongly or somewhat agreed that online banks were as trustworthy as traditional banks.
To protect acquired clients and attract sceptical prospective clientele, it is crucial to focus on security. First and foremost, fintech solutions must keep their customers’ data safe. Write a security code, control the network connections, perfect the encryption and polish the ways of authorisation, identification and authentication.
Know your target audience
Different clients, different needs. Whether designing for individuals or businesses, it is crucial to carry out the research. This is essential to understanding the target audience, and get to know your potential clients.
Try to understand their needs and always monitor current trends. Be prepared to improve your solutions and always try to predict your clients’ requirements. Satisfied clients are the key to business success, and fintech is no exception.
Keep it simple
Managing finances is a complicated and frustrating task. Fintech solutions aim is to facilitate this fatiguing process and to make it clear and comprehensible. Let’s face it; clients require simple and effective solutions.
How to ensure clients’ satisfaction? Make sure that your product is legible. Simplify the navigation, so it is intuitive. Avoid the overflow of information; don’t allow for a TL;DR situation to occur. Summing up; keep it as clear and understandable as possible.
Fintech solutions from Berlin
Take a closer look at some of the most interesting Berlin-based fintech companies.
Penta is a great banking solution for startups and SMEs. According to Penta’s website, its automated accounting allows saving up to 11 hours a week, customarily wasted on manual bookkeeping.
Penta’s ambition is to become a platform for various services, not just a regular bank. With its wide range of utilities, Penta is a useful financial solution for businesses.
With Zeitgold, bookkeeping doesn’t have to be a drag. Zeitgold stores all of your receipts, contracts and invoices and matches them with transactions. Your documents are just a click away.
Business owners’ praise Zeitgold because it allows them to run a paperless office and also saves much time. If you want to run your business, like a pro, Zeitgold is worth a shot.
N26 is the Mobile bank that allows its users to open a free account from their smartphones. It is a fully functional app that provides planning, saving and controlling expenses.
Spaces sub-account allows creating and setting saving goals and tracking your progress. Moreover, with Shared Spaces, you can invite other participants and share your everyday expenses.
Kontist understands and meets the needs of freelancers and the self-employed. It provides real-time updates on account balances and completed transactions. It’s 100% digital and available on Android. IoS and web browsers.
Don’t worry about taxes; Kontist calculates taxes and your actual net income.
The main ambition of Coya is not only to provide its clients with cheap and convenient insurance solutions but also to protect the environment. That’s why the whole insurance process has become digitalised.
Coya’s goal is to be “a fair and reciprocal protector of the community”. Company’s mission is to protect things that are important to you; whether it’s your bike, dog or piece of furniture.
Omni:us offers an outstanding customer support service with data-driven AI platform. It allows their team to work with exceptional accuracy and care.
Omni:us also cooperates with top-tier universities to improve and make use of machine learning in the insurance industry.
As illustrated in the examples mentioned above, fintech is thriving and offering more and more cutting-edge solutions.
It is the inevitable future of finances, and there’s no need to be afraid of it. It is vital to embrace it and make use of its solutions.
If you want to develop a fintech project and you’re looking for help, don’t hesitate and contact us at ExtraHut. We specialise in UX/ UI design, and would be more than happy to help you!
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