FinTech revolution brought us better finance management tools, mobile payments, crowdfunding, fast loans, peer to peer lending. All this was done by brilliant minds that came together, understood the significance of Design Thinking and created services where banks struggled. FinTech innovators understand real struggle customers face when they have to interact with bank services.
FinTech startups understands that splitting banking services into separate and mastering at least one of them will grant them recognition and maximum customer satisfaction. This is where banks has failed with their online services. There are so many of them and none of them are perfect. Most of them are overcomplicated and confusing. Some FinTech startups have vision, that traditional banks lacks and this vision is user experience oriented.
App quality index score of the nearly 6,500 finance apps in Google Play and Apple App Store by industries, as rated by their U.S. customers
FinTech startup founders thinks and sees finances through customer eyes. They choose to be all about customer and create products they want to use. Banks, on the other hand, focuses on better loans, fees, branch locations, but uses care for comfort, accessibility and simplicity. This is how crowdfunding and fast loans became so popular. It is easier to start a Kickstarter campaign and receive necessary product funding than go to bank branch and ask for loan.
More and more entrepreneurs are choosing this and banks are losing potential customers just because at right time they didn’t choose to change in favour of customers. They thought — we already have good formulated loan program, why would it need to be changed.
Same happened with fast loans and personal finance management tools. Almost all online banking services has personal finance management tools, but have you found them or even tried to use? Probably no, you didn’t even know they existed and if you even tried you would stop using them because of their complexity. And then there is Mint success story about simply perfect customer experience built personal finance management tool. Mint does only that is needed in simple and beautiful package.
If you compare typical banking dashboards with FinTech design from Mint, which would you use?
Screenshot of internet banking account from hsbc.com.vn, 2015
Screenshot of financial dashboard from mint.com, 2015