FinTech partnerships are incredibly valuable tools. Rather than taking on the responsibility and burden of understanding an intricate sub-element of your business environment, such as security or sophisticated customer data analysis, you can partner with an organization to take that burden off your hands and find mutually beneficial ways for both of your organizations to benefit and profit.
Consider the following ideas for a FinTech partnership for your organization.
A FinTech Partner’s Budgeting App
A budgeting app is an incredibly useful way to take your customers’ data, bring a partner on board to utilize that data, and then shape/cut that information in a way that brings an added value and utility to your customers.
Customers are looking for financial institutions to be more consultative in their relationship with customers, rather than serving as a simple utility for storing and transferring finances. By bringing a FinTech partner on board to help develop a budgeting app, you show customers you’re able to not just store their financial lives, but to help them become more savvy and goal-oriented with their finances.
With a budgeting tool, your organization and a FinTech partner can create monthly targets, develop long-term savings goals, and “gamify” the entire experience to help keep customers on track.
A FinTech Org’s Advanced Analytics for Targeted Ads and Loan Pre-Approval
By accessing and analyzing your customers’ financial lives on an individual level, your financial institution can streamline the approval process for different types of accounts and loans as well as send the targeted ads or offers promoting these opportunities.
Consider a FinTech partnership to put this process in place for your organization. A FinTech organization can provide the underlying analytical tools needed to harvest customer data, analyze it, and use it to create a targeted offer. Additionally, a FinTech organization can build the funnel to take that same customer from initial click on an ad all the way to being set up with a new account or loan.
A Partner in Security
There are numerous advantages to a FinTech partnership in security; namely, the following:
- Evolving digital landscape. The landscape of digital security is constantly shifting and improving to address new cyber threats and make use of new analytics and technology. The biggest advantage of a FinTech partner for security is the ability to “export” your organization’s need to keep up with these trends. By finding a FinTech partner, you’ve onboarded an expert organization who can constantly explore and implement new techniques to keep your customers’ finances safe.
- Customer communication. Having a streamlined process in place for notifying customers of fraud can be challenging, especially when it comes to making sure you’re reaching out and following up with them through numerous channels until fraud issues are resolved. A FinTech partner can guide your strategy through text, mobile and digital communication.
- Compliance. A third party can make your organization’s compliance with security requirements streamlined and relieve your organization of a major responsibility. General data protection regulations, digital identity laws and card payment regulations can all be managed by a FinTech organization you parter with.