Almost every business domain has been hit by the pandemic and fintech is no exception. Interestingly, the fintech revolution first came during the financial crisis of 2008 and the current crisis is also a deciding time for the industry. While most of the companies are realigning their digital models to stay afloat, there is much more they will have to do to thrive in the pandemic era. The secret to coming out stronger lies in innovative ways of operating and reaching the markets. Let us explain the strategies that can help fintech companies to align with the challenges of the new normal.
Analyze your market and define a crisis management plan
The foremost aspect of keeping your fintech company pandemic-safe is to analyze the market thoroughly and identify the key risk areas for your business. The risks may vary from business to business, so you will need to manage it accordingly. Right now, you may be struggling with normal operations or customer services. The risks may relate to changing customer expectations or vulnerabilities in sales and expenses. Once you have them pinned, you need to identify the mitigation strategies for creating a holistic crisis management plan for your business.
Switch to new digital business models
Most fintech companies already rely on tech-and-touch models, which give them an advantage in the phase when technology becomes the key to staying operational. Now is the time to capitalize on this strength and adopt the most innovative ones that match the challenges of the new normal. Your focus should be on minimizing all offline customer touchpoints and making a complete digital switch. There could be existing product features that could help mitigate the crisis, just reassess and prioritize them.
Realign the marketing initiatives to address customer pain points
At this stage, customers are struggling with challenges and have several questions that need to be answered to address these issues. The best thing to do is to realign your Fintech marketing approach by shifting the focus on these pain points. Like any other business domain, fintech also needs to move from the sales mindset to one that prioritizes customer support. Your messaging and content should resonate with customer pain points and provide solutions to their problems. Help them now and they will probably stay with you through the crisis and beyond.
Keep community at the forefront
If you are looking to make your fintech business thrive in the pandemic, don’t just go the extra mile to serve your customers but prioritize community service as well. Many companies are offering extensive community support with free services, making large donations to charities, and waiving transaction fees for the customers. You may have to shell out money for such initiatives but they can go a long way in boosting reputation and driving long-term growth of your company.
Keeping your fintech company afloat and thriving is easier than it sounds. All you need to do is keep customer expectations at the forefront and invest in the right technology at the right time.