Our Founder & CEO, Kathleen Craig, was recently published on ABA’s Bank Marketing website. In her article, The Fear of Bankers Is Real, she talks about why new online and mobile fintechs are ‘winning’ at gaining users.
A question I get asked a lot is: Why are these new online and mobile fintechs ‘winning’?
Why are their adoption metrics sky-rocketing? How have some of them gone from new product to millions of users in just a few short years?
While there are many reasons—from great user interfaces to unique technology—fundamentally, I believe these online and mobile first tools are “winning” at gaining users because of anonymity. These online tools provide a way for consumers to get information and to self-qualify without embarrassment or intimidation.
Would you want to walk into a bank to find out you don’t qualify for a loan? In this age of all things digital, consumers value the ability to be anonymous online. And we need to recognize the resulting changes in consumer behavior. Current and prospective customers want opportunities to pre-qualify or educate themselves wherever possible. A bank’s ability to provide that may well mean the difference between gaining or losing customers.
When I’m speaking with bankers across the country, here are few topics that we discuss.
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