Every January, millions welcome the tradition of setting resolutions in hopes of bettering their lives in meaningful ways. This, however, is not a ritual reserved for individuals alone. Businesses, particularly those in the fintech industry, can similarly benefit greatly from a recasting of goals. With constantly changing technologies and growing expectations from customers, this is the perfect time for fintechs to take stock and resolve to do better.
Today, users of fintech demand more than functionality; they expect speed, security, and seamlessness. According to a McKinsey report, 70% of customers expect flawless performance from digital financial services. Further, trust remains a cornerstone, with 57% of users abandoning platforms they perceive as not secure. Rising expectations underpin for fintechs the need to move toward proactive resolution if they are to remain relevant in the competitive fintech industry.
Resolution #1: Speed Up Transaction Processing
In a century where milliseconds matter, slow transaction processing is a dealbreaker. For example, Deloitte estimated that a delay of a single second in processing a payment can shrink your conversion by 7%. Users not only expect instant transactions but have grown to consider them a basic need. The leaders in Fintech, like Vigipay, always perform lightning-fast processing to make sure their users never face frustrations of the moment.
Resolution #2: Fortify Security
With increasing cyber threats to the financial sector, the New Year Resolution of fintechs would be to not compromise on ensuring security. As IBM reports, the average cost of a data breach in financial services in 2022 reached $5.85 million. The stakes are high, and not just money is at stake but user trust as well. For instance, Vigipay proactive guards its ecosystem against malware, hacks, and other attacks by making use of high-level encryption, multi-factor authentication methods, and day-and-night site monitoring—all aimed at creating trust and comfort in users.
Resolution #3: Improve Customer Service to a New Standard
Customer support no longer waits for an end; customer service is where businesses must win. In fact, a study conducted by HubSpot shows that 93% of customers are more likely to repeat business with companies that offer amazing service. Fintech firms can’t afford to let their customers be on hold and unhappy. Innovations such as AI-driven chatbots and personalized support systems, as opted for by Vigipay, ensure that timely and empathetic assistance is provided in the hour of need.
Resolution #4: Improve User Experience
User experience, or UX, is the strong, silent driver of user retention. According to a study by Forrester, a well-designed UX can increase conversion rates as much as fourfold. Fintech platforms should be built focusing on intuitive navigation, visually appealing designs, and mobile-first interfaces to satisfy user expectations. Vigipay’s sleek, no-nonsense interface performs like a gold standard, truly empowering users with both functionality and ease.
Resolution #5: Adopt Data-Driven Decision Making
Data forms the backbone of informed decision-making in fintech. The analysis of user behaviour, transaction trends, and feedback would therefore enable fintech firms to anticipate the needs of their customers and shape their offerings accordingly. Key metrics such as churn rate, transaction volume, and customer engagement give actionable insights. Advanced analytics help Vigipay stay ahead of the trends; therefore, continuous changes on its platform are meeting user expectations.
How Vigipay Embodies These Resolutions
Vigipay serves as a great example of how to turn these fintech resolutions into reality. Based on speed, security, user experience, and customer support as cornerstones, Vigipay is setting benchmarks in the fintech ecosystem. Its robust infrastructure ensures lightning-fast transactions, and its security protocols keep threats at bay. By committing to a data-driven way of innovation, Vigipay empowers enterprise customers to stay competitive in the fintech ecosystem.
Conclusion: A Call to Action
As the year begins for the fintech industry, now is the time for resolutions. Faster transactions, more security, and better customer support are some of the goals one would wish to have but are a must-have. Let Vigipay help your fintech reach these resolutions and more. Want to raise the bar? Learn how Vigipay can help you redefine excellence this year. Explore Vigipay today.
