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Why Having A Trust Strategy Is Key To The Future Of FinTech

This article is more than 6 years old.

Fabian Blank

FinTech continues to see massive investment across the board and according to the annual FinTech Report, global cumulative investment will exceed $150 billion in 2017 alone. At least 80% of financial institutions PwC recently surveyed believe that they are at risk to innovators whether that be mobile banks like Monzo and N26 or more hardcore technological innovations like Lemonade and Algodynamix who want to change FinTech from the inside out with AI and other technologies like Blockchain. Trust is central to all of these emerging propositions whether it is from an emotional perspective because of previous traditional banking issues or a technological one like Blockchain. I asked several of the speakers from the forthcoming Wired Money conference how they plan to increase the trust levels of their consumers and how shifting demographics are affecting business strategies. 

Tom Blomfield, CEO, Monzo wants the youth market to come through word of mouth; “We're focused on people who live their lives on their smartphones. Generally (but certainly not exclusively), these people tend to be younger and more willing to try out new products and services. For these customers, 'trust' is earned by making a product or service that demonstrably works well. It's less about expensive advertising campaigns or branches on the high street… For us, it's centred around transparency and community. We have a very active community forum. Things will occasionally go wrong. When they do, we try to proactively communicate with customers.”

Valentin Stalf, Founder & CEO, N26 focus on the technology reinforcing existing trust rather; “We win our trust primarily through the product itself and our transparency vis-à-vis the customer- all transactions happen in real-time and customers are informed in the same second by push notification, all costs are transparently shown and much more competitive than with traditional banks. This transparency creates more trust than any marketing campaign could ever achieve."

Ajay Bhalla, President, Global Enterprise and Security, Mastercard wants to increase trust by removing friction from the tedium of security; “It's about delivering the same value in one seamless, convenient, and secure experience. That's where biometrics, artificial intelligence, and chip technology are playing a key role in eliminating consumer pain points - whether it be the need to remember pesky passwords or frustration of being falsely declined, these newer technologies are enabling a greater consumer experience overall.”

Find out more about WIRED Money, Thursday, May 18 at Studio Spaces, E1.

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