Why Every Company Will Become a Fintech Company | The Right Way to Ask Users to Review Your App

Why Every Company Will Become a Fintech Company | The Right Way to Ask Users to Review Your App

In today's rapidly evolving world, technology is transforming every industry, and financial services are no exception. The rise of fintech companies has disrupted traditional banking and financial institutions, and it has become clear that every company will eventually become a fintech company. The future of financial services lies in embracing technology and leveraging it to enhance customer experiences and streamline operations.

One of the key drivers behind this transformation is the concept of "infrastructure as a service." Just as companies use cloud computing services to outsource their IT infrastructure, financial services companies are now able to leverage technology platforms to handle their core systems. These platforms act as large databases that track and manage customer funds, as well as facilitate transactions.

But it's not just about having a core system in place. To truly become a fintech company, integration with various payment systems is crucial. Customers need to be able to easily access and withdraw money from their accounts, and this requires seamless integration with payment systems. Companies like Propel are already serving millions of families on Electronic Benefits (e.g., food stamps) by providing them with easy access to their funds.

However, the shift towards fintech also brings about new challenges. Banks, for example, are required to comply with strict laws and regulations to prevent money laundering. This involves monitoring hundreds of sanctions and terrorists lists, as well as analyzing customer transactions. Unfortunately, this often results in false positives and manual reviews, making the process inefficient. Surprisingly, less than 3 percent of laundered money is actually caught, highlighting the need for more effective methods.

Fraud is another major concern in the financial services industry. With the increasing use of technology, criminals are finding new ways to exploit vulnerabilities in the system. One example is the use of fake identities to take out loans. By focusing on detecting patterns and anomalies in loan applications, companies can effectively combat this type of fraud.

What sets this disruption apart from others is the potential for multiple winners. In many industry changes, there is usually one dominant player that emerges, leaving others behind. However, in the world of fintech, there is room for multiple successful companies. As more financial services companies enter the market, competition will drive innovation and improve existing services.

As consumers, we are the ultimate beneficiaries of this transformation. With new financial services companies emerging and established brands launching their own financial services, we can expect to see improved offerings. This means better user experiences, more convenience, and greater access to financial services.

Now, let's shift our focus to the app industry, where user reviews play a crucial role in determining an app's success. Positive app ratings not only help apps appear higher in search results but also contribute to higher rankings in the app charts. On the other hand, apps with low ratings are often avoided by users, fearing a poor experience.

When it comes to asking users to review an app, timing is everything. Interrupting someone's experience or asking for a review after the app has crashed is counterproductive. Instead, it is important to wait for a likely moment of constructive feedback or a positive experience before requesting a rating.

One effective approach is to delay the ask until the user has opened the app at least 10 times over the course of 3 distinct days. This self-selects a smaller group of users who are more likely to have a positive experience and therefore give a positive rating. By implementing this user-friendly feedback system, apps can increase their chances of becoming 5-star rated.

When asking for a review, it is essential to frame it as a question rather than begging for a rating. Users appreciate being treated respectfully and want their opinions to be valued. By putting yourself in the shoes of your users and understanding their perspective, you can create a better user experience that encourages positive feedback.

In conclusion, the convergence of technology and finance is reshaping the way companies operate and interact with their customers. Every company will eventually become a fintech company as they embrace technology to enhance financial services. From core systems to payment integrations, there are numerous opportunities for companies to innovate and improve the customer experience.

In the app industry, positive user reviews are crucial for success. By timing the ask appropriately and implementing user-friendly feedback systems, apps can increase their chances of receiving positive ratings. Ultimately, the key to success lies in providing an excellent user experience and valuing the opinions of your users.

Three actionable advice:

1. Embrace technology and leverage it to enhance your financial services. Explore the potential of infrastructure as a service and seamless payment integrations to streamline operations and improve customer experiences.
2. Prioritize compliance and fraud detection. Stay up-to-date with the latest laws and regulations, and invest in advanced technologies to effectively monitor transactions and detect anomalies that may signal fraudulent activities.
3. Put yourself in the shoes of your users. When asking for reviews or feedback, treat your users respectfully and show that you value their opinions. Implement user-friendly feedback systems that allow users to provide constructive feedback and contribute to the improvement of your app or service.

In the ever-changing landscape of finance and technology, companies need to adapt and evolve to stay relevant. By embracing fintech and prioritizing user feedback, companies can position themselves for success in the digital age.