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Decline In The Use of FinTech Apps

During the pandemic, there was a significant boost in technology-driven solutions. FinTech apps were one of the most popular go-to apps for quick and secure payments. But, just after two years, the FinTech industry is experiencing an abandonment of these easy-to-use apps.

Many post-COVID finance conferences in the USA believe that the decline in the use of FinTech apps is because of the following reasons:

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1. The amount of user data expected and the lack of security measures are growing concerns of users. With increasing data breaches by scammers and fraudsters, users are shifting back to the traditional modes of payments as they appear more reliable and secure than digital payments.

2. Complex and challenging applications also make the users drop off the idea of using these FinTech applications. Some apps ask for KYC/AML procedures, making the process all the more difficult and time-consuming for the users.

3. Some find the process unrelated or unclear, which makes them leave the app and look for other payment methods. This abandonment can be because of fear of losing money or distrust of the FinTech app.

Considering these reasons that discourage people from using fintech apps, Money 2.0 Conference aims to highlight the methods that fintech companies can use to boost their app usage and popularity. Let's discuss a few ways suggested by experts at this global finance event.

Quick Tips To Boost Your Users' Experience
Know Your Potential Customers

Knowing about the customers' expectations and demands is a crucial step to consider while designing a product or service for them. Gone are the days of generalization. People today expect personalization, not just in products but in the emails or messages businesses send. Using user persona, research data, client interviews, and many more ways can be used by fintech businesses to know their customers' needs.

Address Privacy issues

Many of the top finance conferences highlight that the common reason for most customers to abandon FinTech apps is their privacy and security. They are concerned about their data security and storage, which could be resolved by being transparent to the users. FinTech companies can provide solutions to the customers' issues and let them know about those solutions. This method will help build trust between the fintech businesses and their customers.

User-Friendly KYC/AML

Many FinTech companies continue to use outdated versions of information verification, which is time-consuming and not at all user-friendly. This cumbersome verification is why many users resist using fintech apps. To boost their usage, one can adopt the latest technology to do the users' verification and make the process comfortable and suitable for the users.

Focus Both On Global & Local

In this globalized world, staying in the local market shouldn't be the purpose of the Fintech companies. They need to enhance the experience of their local users but, at the same time, think about the immigration of people as there are no more pandemic restrictions. People are more inclined toward FinTech services that help them make transactions from anywhere in the world.

By implementing these tips in their FinTech apps, one can expect to witness the difference in their app adoption by the customers. For more such tips and suggestions, FinTech companies and entrepreneurs can attend top finance conferences like the Money 2.0 Conference.

08/05/2022 - 08:45
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Author Name
Vinayak Joshi
Author Bio

Vinayak Joshi is an integral part of the Money 2.0 Conference team who is curious about the world of finance. With a keen interest in cybersecurity, internet financial fraud detection, scam investigation, and digital forensics, his passion lies in helping people traverse the internet securely. A self-declared anti-spam and phishing expert, when Vinayak is not working, he loves to read crime fiction, write, and play basketball.