The ditching of FinTech platforms among subscribers is now becoming a global trend, especially in the post-pandemic world. In Nigeria, after the pandemic, app ditching rose to 28 per cent. If you could remember, the pandemic saw the sporadic adoption and usage of FinTech apps among millions who were locked down by COVID-19. A study conducted in the United States reported that app downloads rose to 300 per cent. Following the ease of the lockdown, app ditching became rife due to various factors.
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If you’re a FinTech app owner, losing subscribers can be a major cause for concern. Not only does it impact your revenue, but it also means that your app is losing the trust and loyalty of its users. If you’re dealing with a high churn rate, it’s important to take action quickly in order to stop the bleeding and retain your existing subscribers. Here are six things you can do to prevent subscribers from abandoning your FinTech app.
The first step to addressing subscriber churn is to identify the root cause of the problem. Is it due to a lack of features or functionality? Is it because of poor customer service or support? Is it because of competition from other apps? Understanding the underlying reason for subscriber churn will help you to develop a targeted solution.
Identify The Reason For Subscriber Churn
A poor user experience is one of the most common reasons for subscriber churn. If your app is difficult to use, slow to load, or prone to crashing, it’s no surprise that users are abandoning it. To improve the user experience, consider conducting user testing to identify areas for improvement, implementing performance optimization techniques, and simplifying the app’s design and navigation.
Improve The User Experience
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Another common reason for subscriber churn is a lack of features and functionality. If your app doesn’t offer the tools and services that users need, they’re likely to turn to a competitor’s app instead. To prevent this, regularly update your app with new features and functionality that are relevant to your target audience.
Enhance The App’s Features And Functionality
If your app’s customer service and support are lacking, it’s likely to drive users away. To prevent this, ensure that your customer service team is responsive, helpful, and knowledgeable. You should also make it easy for users to contact your support team, whether through a phone hotline, email, or in-app messaging.
Provide Excellent Customer Service And Support
If your app’s pricing is too high, users may be tempted to switch to a cheaper competitor. To prevent this, regularly review your pricing strategy to ensure that it’s competitive and aligns with your app’s value proposition.
Offer Competitive Pricing
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To retain existing subscribers and attract new ones, you need to market and advertise your app effectively. This could include using social media, email marketing, and other digital channels to promote your app and its features. You should also consider partnering with influencers and other brands to expand your reach and increase awareness of your app.
Leverage Marketing And Advertising
In conclusion, preventing subscriber churn is essential for any FinTech app owner. By identifying the root cause of the problem, improving the user experience, enhancing the app’s features and functionality, providing excellent customer service and support, offering competitive pricing, and leveraging marketing and advertising, you can retain your existing subscribers and attract new ones.
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This article was first published on 19th December 2022
Nnaemeka is an academic scholar with a degree in History and International Studies from the University of Nigeria, Nsukka. He is also a creative writer, content creator, storyteller, and social analyst.
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