Singapore is on the way to become the hub of technology being provided to financial services sector. New payment and transaction system are springing up rapidly in the island, thanks to the suitable environment for financial services and government supports to the startups.
This is why transaction service providers like Apple Pay and GrabPay has become popular for the customers.
However, getting a supportive environment for fintech startups is just the beginning. Here we have listed the tried and tested principles that many successful fintech startups have been using.
Customer Centric Approach
Generally, financial services have been operated by big banks. And investment was intended to raise the profit, instead of enhancing the customer’s experience. It has a big effect on the services like payments, accounts and online banking. Nowadays, the emergence of new platforms including mobile payments, near-field communication (NFC), challenger banks, robo-advisers and more has made a consumer spoilt for choice. So, improving customer experiences will help any startup to make big.
Develop Your Niche:
Instead of launching new services, a fintech startup must focus on its core service area. It is possible by using some tools, minimizing their dependability on the PCI (Payment Card Industry) compliance, or designs their very own machine-learning system to prevent fraud.
Keep it Simple:
Don’t make the customer to juggle among the options. You must keep your services simple and user friendly as possible. For example, your mobile app should allow a user to pay with in few swaps. In short, your product must give the desired outcome to the customers, rather than making them to go through lot of process to get that.
So these are the working principals we found common in top fintech companies around the world which must be adapted by their Singaporean counterparts.