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FinTech must customize products for customers

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Vusi Melane
Vusi Melane
Staff Writer

Businesses worldwide are striving for growth in challenging economic conditions, and Africa is no different. Recognized for its vast potential, the continent attracts heavy investment across various sectors. Technological advancements facilitate reaching the unbanked and underserved populations more effectively. Nevertheless, achieving growth in Africa is far from easy. It’s a fiercely competitive and intricate landscape where truly grasping your customer is significant, according to Head of Product Domain: Financial Services at  Mukuru, Lorraine Nyawo

“Despite having a textbook understanding, there’s often a temptation to adopt the “build it and they will come” approach, leading us to prioritize our technology over customer needs. This tendency is evident in the African market, where numerous flashy apps are launched with significant investments, only to see operations scaled back due to underwhelming customer uptake.” says Nyawo


“Successful fintech companies, on the other hand, prioritize understanding their customers’ needs and continually listening to them. This deep understanding leads to innovative solutions, but it’s only half the battle. Actively listening to customers during the development process ensures market is crucial for success. The key is to heed customers already engaging with you. While FinTech’s can directly listen through focus groups or surveys, it’s not always feasible in a fast-paced setting. Businesses must utilize existing touchpoints where customers express their opinions to gather insights crucial for product development.” she explains.

Social Media’s role

“Social media is a valuable tool for businesses. Using it solely for marketing or customer service overlooks its potential. By analyzing comments from various social media platforms, businesses gain valuable insights into customer sentiment. Internal support tickets provide another source of valuable information. Whether customers email, submit comments online, or call a contact center, they express their problems. This information often stays with frontline staff and must be effectively collected and shared with the product development team.” says Nyawo

“Customer feedback, whether explicit or implicit, guides business decisions. Continual complaints signal areas needing improvement, requiring proactive responses to serve customers effectively. Effective businesses act on gathered insights. A streamlined scoring system aids decision-making amid overwhelming data. Prioritizing opportunities aligns with long-term strategies and immediate customer needs, ensuring customer retention and a productive development roadmap. Fintech success lies in agile development, prioritizing MVPs over complex solutions. Agile methods enable constant customer feedback incorporation, ensuring products meet evolving needs.” she adds.

Customer is king

She concludes by saying “Understanding customer engagement with products is crucial. Agile development fosters continuous listening to customer needs, shaping product evolution effectively. Resource allocation between new features and maintenance is vital for brand promise fulfillment. Fintech evolution into comprehensive digital service providers hinges on meeting customer needs while upholding brand promises. This approach fosters financial inclusion by catering to diverse customer needs, from remittances to credit services, based on precise customer insights.”

 

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