The role of customization in Fintech

Markets are constantly renewing themselves, the context, the target audiences, the products and services provided are changing. As the needs and the environment in which people live change, so does the market offer. Among the sectors most affected by the continuous need for renewal is finance and banking.

In recent years there have already been a number of changes to the services offered, but it is never a final goal, it is always a new starting point to be improved and increased. The fundamental aspect that is recorded in these renovations concerns the customization of the service or product offered. In fact, customers increasingly demand that companies pay more attention to their specific needs. Particularly for banking, financial and insurance services where product sensitivity is strongly felt. Whether an individual, a company or a public administration, in fact, everything related to economic aspects is one of the pillars of one’s identity as an individual, a company or a society.

Therefore, how is it possible to realize effective and satisfying customized solutions? Let ‘s see it together.

The 4 pillars of a customized fintech solution

There are four main aspects to be considered in the creation and implementation of a fintech solution that can truly meet the specific needs of the target audience and function optimally.

We start with needs and market analysis. First of all, it is necessary to study and analyze the target’s real needs down to the most specific detail to which it will be necessary to respond, as well as to be clear about the context and the market in which one operates, from a present and future perspective. In this way, it is possible to define a strategy of action.

Secondly, a risk assessment must be carried out. The risk associated with the product/service must be analyzed and monitored from the beginning. From loan approval characteristics to the determination of credit rates, from the way transactions are handled to creditworthiness aspects. In order to realize an effective customized solution, it is necessary to define from the beginning all the characteristics to be followed at each stage of service delivery.

Next, all aspects of the new solution must be defined. From the possible transactions that the customer can carry out to the monitoring of their financial assets, to the definition of the operating characteristics of the customer service. Will the service be usable from the app? Will biometric authentication be enabled to access one’s account? Will there be a chatbot for customer service? Each feature of the product or service to be realized must be well defined and seamlessly connected to the others. 

Finally, before launching the service in the market, a period of testing should be carried out to verify that the solution created works optimally and that it really meets the needs for which it was created and is functional in the context in which it will be inserted.

Remoney: customisable fintech

With Remoney, the Omninext Group provides an easy, secure and multi-functional intelligent digital payment system that can be customized to specific business needs. With Remoney, in fact, it is possible to link cards and accounts, accumulate cashback, send and receive money, as well as create an interconnected digital system for payments and internal and external credit management. Contact authorized consultants and discover how you can differentiate your company’s services by implementing customized fintech solutions.