{"id":10088,"date":"2021-12-08T19:38:50","date_gmt":"2021-12-08T14:08:50","guid":{"rendered":"https:\/\/payu.in\/blog\/?p=10088"},"modified":"2021-12-23T20:17:49","modified_gmt":"2021-12-23T14:47:49","slug":"why-is-a-customer-centric-approach-key-to-building-successful-fintech-products","status":"publish","type":"post","link":"https:\/\/payu.in\/blog\/why-is-a-customer-centric-approach-key-to-building-successful-fintech-products\/","title":{"rendered":"Why is a customer-centric approach key to building successful fintech products?"},"content":{"rendered":"\n

In recent times,\u00a0a lot of sectors have picked up pace\u00a0in terms of growth. With the advent of\u00a0the\u00a0growth of OTT, online streaming music platforms\u00a0&\u00a0other subscription-based\u00a0models\u00a0becoming popular these days. It\u2019s because\u00a0they are affordable, convenient, and\u00a0easy to\u00a0customize.\u00a0<\/p>\n\n\n\n

Similarly, a radical transformation\u00a0has happened in the fintech ecosystem. This growth has happened in payment solutions like UPI<\/a>, wallets, one-tap payments<\/a>,\u00a0tokenization,\u00a0and\u00a0blockchain in the last ten years. Seeing this,\u00a0it is quite evident that customer\u00a0expectations\u00a0and needs\u00a0are\u00a0driving new product breakthroughs.\u00a0<\/p>\n\n\n\n

Fintech as a sector itself has revamped entirely in terms of\u00a0providing\u00a0a\u00a0seamless\u00a0customer experience\u00a0while gaining trust as well as by delivering secured payment platforms.\u00a0<\/p>\n\n\n\n

Challenges in Building Fintech Products<\/strong><\/h2>\n\n\n\n

Developing successful fintech products\u00a0doesn\u2019t\u00a0come easy. It always\u00a0comes\u00a0with challenges\u00a0such as\u00a0compliance with\u00a0the\u00a0latest\u00a0Government norms, Artificial Intelligence (AI), and big data capabilities. Along with improved user experience\u00a0(UX), data security among others.\u00a0\u00a0
\u00a0
If these are taken care of in the nascent stages, the challenges will be minimal at the time when the product is put to test.\u00a0<\/p>\n\n\n\n

Now, you must be thinking what\u2019s the driving force that helps in building such successful products in the fintech ecosystem? Here\u2019s a list of them: <\/p>\n\n\n\n

  1. Innovation<\/strong> <\/li><\/ol>\n\n\n\n

    In the online payment environment,\u00a0the\u00a0customer goes through a lot of problems such as payment failures, delayed refunds, etc. As per the studies, a merchant<\/a> is the one who bears the brunt of cart abandonments due to the limited availability of payment options, complex checkouts, or any other technical glitches.<\/p>\n\n\n\n

    Manas Mishra, Chief Product Officer, PayU India believes \u201cA customer-first mindset is a driving force behind any innovation. Creating successful fintech solutions at scale relies on this guiding principle.\u201d<\/em><\/p>\n\n\n\n

    As a result,\u00a0a lot of innovations\u00a0have happened in the\u00a0payment\u00a0world to tackle such problems. Problems focusing on providing the best customer experience. With the use of innovative solutions like\u00a0One-Click payments,<\/a> customers can make quick payments at the checkout without switching over to\u00a0different tabs, remembering their CVVs and OTPs. Isn’t that cool, right?\u00a0
    \u00a0
    Even, studies have revealed that such innovative solutions can make\u00a0the payment process\u00a01.5x faster<\/strong>.\u00a0<\/p>\n\n\n\n

    So, it\u2019s the need of the hour to invest in seamless\u00a0payment experiences. In other words, payment experiences that foster repeat purchases and\u00a0increase average transaction value\u00a0and transaction success rates.\u00a0<\/p>\n\n\n\n

    Long story short,\u00a0to make your\u00a0product\u00a0development\u00a0successful,\u00a0it\u00a0has\u00a0to\u00a0go\u00a0beyond\u00a0meeting\u00a0business needs. Not to forget that it also\u00a0add value on a larger scale. To\u00a0accomplish\u00a0this,\u00a0product managers and engineers\u00a0have\u00a0a\u00a0suitable environment. An environment where they get\u00a0a\u00a0level of trust, empowerment, and ownership. Thus,\u00a0they are more likely to generate innovative ideas.\u00a0<\/p>\n\n\n\n

    1. Deliver what your customer wants<\/strong> <\/li><\/ol>\n\n\n\n

      We are currently living in a world where customer preferences and requirements are constantly changing. If a brand does not evolve itself with the changing winds, chances are high that it will perish soon.

      The Pandemic era served as a catalyst that led to a massive change in the way customers use online payments. They were keen to use contactless payment methods that are quick and can be used anytime, anywhere.<\/p>\n\n\n\n

      Suitably, the payment service providers\u00a0along with merchants\u00a0have responded to the emerging needs\u00a0with\u00a0omnichannel solutions. Right now, a lot of payment decisions are being made through multiple payment channels. They have expanded to payment checkpoints too.\u00a0<\/p>\n\n\n\n

      Consequently, businesses are now adopting omnichannel payment solutions to provide a seamless experience to their customers. <\/p>\n\n\n\n

      Final Thoughts<\/strong><\/h3>\n\n\n\n

      Fintech is one such sector\u00a0that\u00a0is highly changing. Evolving existing products with the changing needs is the\u00a0only way\u00a0to sustain and be successful in the market.\u00a0In other words, customer-centricity is the only way to stay ahead of others and remain unaffected\u00a0by\u00a0the changing winds.\u00a0<\/p>\n\n\n\n

      Incorporating this approach into fintech products can boost financial inclusion, lower entry barriers, and democratize technology across the nation. As you empower customers, you enable businesses.<\/p>\n","protected":false},"excerpt":{"rendered":"

      With the advent of technology, the world has become a global village. People are embracing technology with open arms and are using it to connect in every possible way. The fintech sector is no different, the need to keep up with the evolving Requirements of customers has become all the more important.<\/p>\n","protected":false},"author":45,"featured_media":10096,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[902],"tags":[973,969,791,968,970,972,971,927,745],"yoast_head":"\nWhy is a customer-centric approach key to building successful fintech products? - PayU Blog<\/title>\n<meta name=\"description\" content=\"Find our why customer-centric approach is essential if you want to build fintech products that are successful.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/payu.in\/blog\/why-is-a-customer-centric-approach-key-to-building-successful-fintech-products\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why is a customer-centric approach key to building successful fintech products? - PayU Blog\" \/>\n<meta property=\"og:description\" content=\"Find our why customer-centric approach is essential if you want to build fintech products that are successful.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/payu.in\/blog\/why-is-a-customer-centric-approach-key-to-building-successful-fintech-products\/\" \/>\n<meta property=\"og:site_name\" content=\"PayU Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/PayUind\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-12-08T14:08:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-12-23T14:47:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/payu.in\/blog\/wp-content\/uploads\/2021\/12\/Customer-centric-approach.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1250\" \/>\n\t<meta property=\"og:image:height\" content=\"531\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"PayU Payments Pvt. 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