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by James Robert Lay on January 24, 2023
Brief Summary of Episode #266
We’ve seen incredible leaps in fintech innovation in just the last few years.
Niche banking and boutique financial brands are opening doors for consumers who have felt neglected by big banks.
But quite a few innovative new applications and services are failing despite their promise. Why?
“I think people forget that financial technology is ultimately about serving people,” Greg Palmer, Vice President of Finovate told us
The brilliant minds behind these products are all grounded, rational people, but that’s the rub — when it comes to finances, oftentimes, their consumers aren’t rational.
“Logically, you know betting in a casino is a bad idea,” Greg argued. “So why do people do it? There’s something that feels good there.”
Money is an incredibly emotional topic for the average consumer, so fintechs need to meet them where they are.
“For companies who are able to prove they understand the emotions those people have, there’s a lot to be won,” Greg said.
By reaching consumers on a human level, fintechs and financial brands can help common people solve their common financial pains.
Key Insights and Takeaways
- What we should be paying attention to in fintech innovation (7:01)
- How financial coaching can help consumers understand products (17:08)
- Increasing the emotional quotient in fintech applications (24:32)