Q: Why attend Finovate Fall this year?
A: To discover new technologies that will enable you to create innovative solutions to your users’ problems.
Finovate unites the titans of financial services and cutting-edge financial technology companies under one roof.
Whether you’re a product manager looking for the next great idea or in business development seeking your next strategic relationship to tap into new markets, titles aside, all attendees are on a quest to spearhead the same mission: to find Fintech’s next best-kept secret.
You might be wondering: ‘how can I discover, partner, acquire, or buy my way into a solution that will solve my businesses’ problems and more importantly, my customers’ needs?’. With hundreds of companies present at the conference, it can seem like a daunting task.
Don’t worry, we’re here to help. Below, you’ll find three key themes we’re seeing at this year’s Finovate Fall. Keep these three themes top of mind as you’re attending sessions, demos, and meetings – they’ll help you navigate how you can make use of the technologies you encounter to better serve your users and help you pick which sessions are important to you.
Hint: You can click on the themes below to learn more!
Theme 1: Users are looking for seamless experiences without traditional friction
Many fintechs that exist today are built on traditional banking infrastructure. While that infrastructure was good enough to get a product to market and start acquiring users, it brings challenges as companies look to innovate on the user experience. At the end of the day, traditional infrastructure has consistent limitations: slow money movements, data that can only be processed in batch and not real-time, the inability to evolve quickly as the market adjusts, etc.
As companies look to eliminate unwanted friction in their product suite, they should look to the innovative technologies at Finovate to create a seamless internal ecosystem that eliminates the pain of traditional solutions. With functionality like instant transfers, real-time data, and powerful controls, solutions like Cambr empower companies and customers to design experiences that delight their customer, whether that means funding loans instantly instead of in 5 days, allowing users to start investing instantly, or even paying your employees faster and easier than ever before.
Theme 2: As markets saturate, mono-line fintechs are looking to other verticals and 'going horizontal'
Today’s fintechs found success in building unique experiences that served their customers’ needs. As the markets within fintech (neobanks, non-bank lenders, PFM, Savings, investing, etc.) begin to saturate, companies are looking for ways to expand their products in order to further differentiate and provide their users with more of the experience that they have come to love.
If you’re thinking about how to extend your products, focus on what drives your customers’ goals, what problems they have, and how your product can improve their life. Once you know what you’re looking to build, start looking for the right partner. At one level, you should of course look for pure functionality – things like adding white-labeled debit cards, offering real, FDIC-insured bank accounts, moving money seamlessly between accounts, improving payment functionality, or all of the above.
But on another level, make sure to look for a partner that will get you to market quickly (so you can capitalize on your users’ demand), help you build a differentiated product (to further build your ‘moat’ and improve your value prop), and scale efficiently with a winning business model (so you can use those revenues to drive even more growth!). Choosing a partner to expand your product with isn’t a transactional decision – it’s one that will drive your business for years to come, and its important to build your ecosystem on a rock-solid foundation.
Theme 3: Companies should think about how they can solve their users' problems to improve their user engagement'
Most companies focus on bringing new customers onto their platform, but fail to keep those customers engaged. A failure to pay attention to your customers’ needs and financial goals leads to high user abandonment rates and a lack of brand loyalty. Your app’s success is directly linked to understanding not only know who your customer is, but what their problems are and how to solve them. To keep customers engaged, you need to understand what drives them. What do your customers care about? What are their financial goals? How can you help your customers achieve them? It’s easy at some of these conferences to get hyped about the latest and greatest tech, but keep in mind it’s not always about building the flashiest product, it’s about creating something that will revolutionize the way your customers spend, save, and invest. Your customers should always be top of mind.
Once you’ve figured out the problem you’re trying to solve, focus on how you can engage with your user to solve that problem. Technologies like Open APIs, real-time messaging, artificial intelligence, etc. can allow you to gain valuable insights on your users and engage with them in real-time to help them meet their goals. Beautiful UI/UX only last so long, it’s solving the user’s problem, consistently adding value, and keeping an open line of communication that will keep them coming back.
Goal:
Make your product even more engaging, solve more of your customers problems, and earn new revenues to power your business’ growth.
Meet Cambr, the key to your customers’ financial success. Cambr’s full-stack financial toolkit with open APIs enables companies to rapidly build and scale financial products by bringing together modern core technology, the nation’s largest distribution deposit platform, and strategic bank relationship. With us, you can create a customized banking solution that serves your customers needs, gets you to market fast, and helps you earn the revenues you need to scale big.
Ready to unlock your product’s potential?
Grab a meeting with us at Finovate or schedule a call here and someone will be in touch with you in less than 24 hours (your email goes to a real person – not a robot).
Looking forward to meeting you at Finovate!
