The disconnect between fintech providers and customers
Are fintech providers and their customers misaligned over preferences?
A survey conducted by PYMNTS Intelligence of 2,300 fintech customers and 150 fintech providers in the US revealed some intriguing results, suggesting a misalignment in the priorities of fintech customers and what fintech issuers believe customers value. When assessing the reasons for consumers choosing a fintech provider, the main reason was the greater optionality in terms of transferring and receiving funds. Specifically, 26% of customers considered payment optionality as the most important. Additionally, roughly 54% of customers cited speed as being important, with 28% citing that speed was the most important factor in choosing a fintech provider.
However, the study found that 19% and 12% of fintech chief financial officers identified transfer options and speed, respectively, as the most important reasons for customers to use a fintech. This could suggest a disconnect between issuers’ perceptions and the reality of customer preferences, highlighting the importance of fintech providers reassessing their alignment with their customers’ needs.