After decades of booming, fintechs have entered a new era of value creation, focusing on sustainable, profitable growth. The growth has been fast and furious, impacted by the robust growth of the banking sector, rapid digitization, changing customer preferences, and increasing support of shareholders and regulators. This article examines how fintechs can win in these recessionary times with Mystery Shopping in India.
Let’s first introduce you to HS Brands Asia to get a detailed analysis. We provide modern strategies and Mystery Shopping in India to ensure comprehensive solutions to various business challenges. We protect popular brands worldwide by providing Mystery Shopping aids to many industries including, hospitality, food service, etc.
Today, let’s discuss how mystery shopping can positively impact the Fintech businesses.
Understanding Business Growth Challenges for Fintech Companies
Let’s quickly understand what challenges Fintech companies face that cause them to need Mystery Shopping in India.
Data Security
Conventional banking systems are confident in using security guards, CCTVs, domes, and heavy bulletproof doors for safety. But what about cybersecurity? Here, things are not as simple as it looks. Susceptibilities are much more low-key and have potentially more impact on users. Not only is their wealth at stake, but their data is at stake too.
Lack of Mobile and Tech Expertise
Some financial institutions try to duplicate websites, but nobody would prefer a mobile application in this digital world. Every user wants a no-hustle and convenient option to use.
Therefore, lacking skills in fintech mobile app development services results in non-user-intuitive applications that don’t utilize mobile devices to their fullest potential. A fintech bank can use these features and technologies to offer unique experiences.
Compliance with Government Regulations
Finance is one of the most regulated sectors. There will always be intervention from the authorities, even if you utilize traditional Fintech software that doesn’t use blockchain and other trending technologies.
Big Data and AI Integration
It’s well-known that big data and AI have influenced every organization. Using big data, organizations can collect personal information about users, social status, financial behavior, habits, and in-app activity.
This information is essential to banks, especially regarding CIBIL ratings and offering other high-risk banking services. Leveraging big data, AI automates fraud detection, risk analysis, and efficient transaction management.
Blockchain Integration
Some companies don’t find blockchain to be a feasible solution. In contrast, others consider it a solution for better data exchange. You can make the Fintech industry more trustworthy by implementing a blockchain. However, inserting a blockchain is difficult for many financial organizations.
Strategies for Fintech Companies to Gain More Business
Here are some time-tested Fintech Marketing Strategies that our Mystery Shopping in India platform HS Brands Asia recommends:
Don’t market. Educate.
Financial literacy is essential. But, new research from Experian reveals that millennials and Gen Z in the United States wish for a ‘better understanding of personal finance,’ and 77% strive to be more financially literate.
The situation is different in developing nations. For instance, only 27% of the Indian population is financially literate. Your fintech marketing strategy should educate consumers about various financial aspects.
Explore opportunities with existing customers.
Even though fintech apps have grown considerably, only 70% of them have been adopted by U.S. users. Also, only 19% of Americans use mobile payment apps daily. In short, customers are not using those apps for many things they can. But why? The answer is short– either they’re unaware of the app or prefer a different app (your competitor).
Here’s what you can do to market and grow your fintech app usage:
- Send push notifications/email them from time to time about the great things they can do with your app.
- Cross-sell/up-sell relevant offerings.
- Incentivize customers (more on that later).
Be empathetic
Being empathetic is necessary to understand your business from your customer’s point of view.
In India, cyber attacks have doubled in recent years. More than 90,000 cases of online payment fraud and over 60,000 complaints were recorded in 2022-23.
While the technology is still developing, weaknesses are foreseen. However, as a fintech business owner, one cannot mindlessly ignore consumer complaints. Usually, clients turn to social media only when their grievances are not appropriately addressed on the designated channel.
How Mystery Shopping Can Boost Your Fintech Business
Financial institutions and insurance agencies have strict guidelines and compliances to follow. With so many employees across all segments, sometimes there are areas that your firm can miss. This is where Mystery Shopping in India assures quality services.
Mystery Shopping in India is an essential tool for Fintech businesses of all sizes. It is conducted to improve brand customer service and overall sales performance. In mystery shopping, companies hire “mystery shoppers” to pose as regular customers and assess various aspects of their competitors, such as client experience, overall quality, and USPs.
We, at HS Brands Asia, ensure that you get the information on your compliance being followed and your employees’ work ethics, behavior, services, customer engagement, and helpfulness – an end-to-end journey. We also include the nitty-gritty of aspects like the infrastructural condition – cleanliness, hygiene, lighting, seating, etc.
Implementing Mystery Shopping Insights
- Primary Data Collection
One key feature of mystery shopping in India is its ability to gather primary data straight from the customers themselves. By involving shoppers in fundamental interactions, brands gain primary insights into the basics of customers’ experiences at multiple locations.
- Unbiased Feedback For Unique Insights
From entering the door to interacting with staff, mystery shoppers evaluate every detail, free from external influences. This unique viewpoint enables Fintech firms to gain genuine feedback, allowing them to make correct decisions about serving their customers better.
- Qualitative and Quantitative Feedback
The study indicates combining qualitative and quantitative data leads to more holistic business insights. With that in mind, brands can:
- Gain a complete understanding of their brand performance across crucial locations impacting customer experiences
- Make intelligent decisions that align with their target audience across multiple channels.
Conclusion
In conclusion, hiring HS Brands as your premier mystery shopping in India brand is your key to success. You not only get valuable competitor insights by doing so but also make sure to refine your strategies or service quality. Hiring mystery shoppers can be an intelligent move by Fintech businesses to increase their customer base and fame.
