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  The FinTech industry has revolutionised financial service payments for the better. Currently, there are over 300 FinTechs in Nigeria. Entrepreneurs and tech-savvy individuals have improved access to banking, and entirely new products exist to make our lives easier. This is a great time to get involved in the world of FinTech.
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Shifting requirements and the unbundling of banking services mean that the barrier to entry into the market is lower than ever. However, beating low entry barriers requires you to have an innovative and novel solution alongside open-minded investor backing, and the technical skills to help you navigate the arduous Nigerian FinTech industry. The truth is that the Nigerian FinTech industry is becoming competitive daily and if you aren’t careful, you might find yourself fighting against the tides. The entry is low, which makes it easy for someone to launch a FinTech app from the comfort of his room. Therefore, you have a whole lot of contenders to battle with. The financial service industry is filled with newcomers who are hellbent on changing the status quo with new ideas and incumbents – that is traditional banks – who are also catching up by swerving into full-time FinTech operations with all the resources at their disposal. With all these, you can’t afford to sleep.    While there is a need to develop a strong, recognisable brand, it isn’t the logo or the colour technique on the website or app that is going to decide whether your business will survive. It’s how your customers engage with your brand that matters most. While the Nigerian FinTech space might look scary, I highlight three irrefutable solutions that can make your FinTech service stay head above water.
  1. Create Unique Features.
The first step towards building a powerful FinTech service that can attract the goodwill of customers is by creating a unique feature. Having a unique point of difference from your competitors is what will get you the attention you need. Designing and creating a FinTech service requires a lot of components. Various components for building a unique or distinct FinTech app or website are readily available to buy in. The platform of Banking-as-a-Service will give you access to most of the back-end technology you need. Therefore, there is no need in wasting time trying to build this yourself. Instead, focus on designing and developing a product that will make the loudest noise in the marketplace. The goal, however, is to create things that your customer will see and use regularly.  
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  1. Consider Touchpoints.
Touchpoints are very vital when developing FinTech solutions. For starters, touchpoints are defined as the channels through which the company and the customer can come into contact. As a solution provider, it is expedient to consider all of the customer touchpoints, and how you can strengthen them or even create new ones. As a FinTech company, your daily drive should be how to keep your brand at the front of their mind, with loyalty or payment cards. For instance, a cryptocurrency exchange could offer cards to customers providing them with easy access to their funds. These cards could be physical or virtual. The aim is that the customer sees your logo every time they make a purchase.
  1. Add Complementary Services.
Finally, another way in which you can stay ahead as a FinTech company is by offering additional, complementary services. The primary goal of offering complementary services is to create a better customer experience (CX) and not necessarily need to be revenue-generating. An additional service is a pointer to the fact that you value your customers and care about the things that they care about. Educational content, for instance, would work well, as would charitable initiatives. For instance, as a crypto exchange company, you can create an additional service within your app or web where customers can have a demo account where they can practice mock trading. This additional service platform will serve as a coaching guide to newbies before they can venture into the real deal. Conclusion. A new entrant in the financial services market must stand out from the crowd. Nigeria, as raised earlier in this article, is a crazy space and the world of Fintech itself does not stand still, its evolutionary speed is overwhelming. Therefore, as a FinTech company, you should be looking at ways you can keep on innovating and creating new features and services that your customers will relish, and will keep them connected with your brand. Featured image source: Corporate Compliance Insights
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This article was first published on 24th February 2022

nnaemeka-emmanuel

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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