In the ever-evolving world of financial technology (FinTech), survival and success are contingent on more than just offering inventive products and innovative services. Instead, FinTech companies are constantly jockeying for market share in a highly competitive marketplace. In this environment, stickiness has become an invaluable strategy for them, touted as ensuring their long-term growth and prosperity.
Pioneering FinTech Youtap is an example of an established and innovative financial technology company embracing the concept of stickiness and implementing its solutions to the digital banking ecosystem, epitomising the very essence of stickiness.
Revolution, Survival, and the Definition of Stickiness.
The FinTech revolution has drastically changed how we manage our finances, invest, access financial products and revolutionised by the digitalisation and disruption of legacy financial services. This revolution of traditional banking and finance services has paved the way for many FinTech companies, proffering products from digital wallets and robo-advisors to peer-to-peer lending and cryptocurrency services. These innovations have created significant opportunities for consumers, intensifying industry competition.
This fiercely competitive landscape has one significant challenge: acquiring and retaining customers. Legacy banks and financial institutions have the longstanding advantage of trust and credibility, which FinTech start-ups often lack. As such, they must not only win customers but maintain them and ensure that they continue to return and use their products and services. This juncture is where the concept of stickiness is essential.
In the ‘Fundamentals of FinTech, ’ FinTechs need to go beyond mere functionality and focus on stickiness, which refers to the ability of a company to create a lasting and loyal customer base. Stickiness is about making your product or service so indispensable to your client base that switching to a competitor is a misnomer. FinTechs must go beyond functionality to achieve and maintain this and focus on building and fostering strong customer relationships, where the acronym LaaS (Loyalty-as-a-Service) serves as a benchmark for all FinTechs seeking longevity and relevance.
Unpacking Loyalty (as a Service).
In an industry where trust is paramount, fostering a culture of loyalty is essential for growth and survival, that FinTechs act in their best interests, and that their financial transactions and data are secure. To achieve these, FinTechs must leverage their technology to personalise their products and services for their clients, which gives the impression that the company cares about and understands their specific needs.
Moreover, the FinTechs need to constantly innovate and adapt to the changing markets so that their products and services maintain relevance and a competitive edge. FinTechs must implement an intuitive and seamless experience, an easy-to-use platform that can significantly enhance stickiness. By offering them tangible benefits, such as loyalty programs, FinTechs can keep them engaged and returning for ‘more’ while ensuring that any sensitive financial data is safe and that there is regulatory compliance in accordance with the law.
The FinTech industrial complex relies on expansion and relevance, its survival hinging on its capacity and capability to cultivate and maintain customer loyalty. Stickiness, as Loyalty-as-a-Service (LaaS), is the tool FinTech companies must implement to succeed and stand out in the highly competitive industry. Building trust, personalising experiences, continuously innovating, and ensuring seamless experiences fosters a tangible loyalty that transcends technological functionality.
As a pioneering FinTech, Youtap has implemented LaaS solutions into its innovative software. Their digital resolutions empower banks and financial institutions to enhance customer loyalty by providing convenient, seamless, and value-driven experiences. By leveraging data insights, gamification, and real-time benefits, Youtaps software has enabled banks and financial institutions to create a stickiness that continues to see loyalty to their brand expand beyond banking and finance and into retail and personalization. Youtap is sticky, a Fintech that continues with tenacity and inventiveness and a stickiness that won’t let go.