Unless you have been living under a rock recently, you’ll have noticed the explosion in new fintech companies across the sector. The last few years have seen numerous new start-ups entering the market, which is a trend we expect the introduction of open banking in 2018 to encourage even further.
Over the past year, IFF has been receiving an influx of briefs from a range of providers, including digital-only banks, peer-to-peer investment providers, robo-advisors, analytics and cryptocurrency fintechs. Many of these new players have developed effective, sophisticated and nimble software solutions, but now need to better understand their target customers to refine, enhance and improve the marketing of their proposition amongst receptive prospects.
As well as new entrants, there is also a clear need amongst established providers to build a better knowledge of this growing segment of customers using digital-only services, not least because many have secured or are considering partnerships with these more technologically advanced companies. At the moment few understand how customers are weighing up these different companies, and can only speculate as to why their own customers are using these new fintech services. There is some very interesting interplay between established providers and new entrants in customers’ minds, and we can already see the danger that traditional companies become increasingly commoditised, with relationships and higher-value services being snapped up by these more agile and customer-focussed fintechs.
The Fintech Beacon
To meet this knowledge gap, IFF has launched its Fintech Beacon – our new managed online community of digital-only bank and robo-advisor customers. Our qualitative community provides cost-effective access to these niche customer segments, and our wealth of financial services experience allows us to provide insights to inform and drive digital strategies for a range of financial providers.
To discuss how you can access this community to run your own bespoke research and gain deep insights from this new and growing audience, contact IFF Research’s Financial Services team on firstname.lastname@example.org or 020 7250 3035.