How Fintech Transfer Apps Build Trust
First published on Everly.eu on April 15th, 2021
For a few years now, consumer attitude towards finance and banking has been changing. A rapid rise in digital consumption has resulted in more technology and innovation than ever before, with total fintech investment in Europe skyrocketing to $58.1bn in 2019.
This monumental increase in popularity for the fintech sector has transformed traditional banking as we know it, from digital-only banks leading the way against high street chains to transfer apps making the moving of funds a breeze.
We’ve come a long way from the days where PayPal felt like our only option and customers have higher expectations when it comes to using new products. We want better customer service than what we’ve been used to in the past, we expect 24-hour access to financial services and most importantly, we need to trust what we are using.
Digital activity is regularly plagued by security issues, with the European Union Agency for Cybersecurity (ENISA) reporting that cyber attacks in the EU are becoming more sophisticated, targeted and widespread.
It isn’t just security that’s a main aspect when it comes to trust though. Potential customers will look at all elements of a service, from determining if you offer a user friendly experience to researching what others have been saying about your product.
Tim Strebkov, founder of product design company Pixels and Sense, discusses five ways that transfer apps can build trust with users, using examples from key players Remitly, Wise (formerly TransferWise) and WorldRemit.
Focus on building trust in your marketing, even before your users try the app
Before users try your app, or in some cases before you have even launched, you need to demonstrate why customers should trust and use you. Whether that’s showcased through your website, specific landing pages or advertisements, it’s crucial to highlight why you deserve to have their business over competitors.
Transparency is key here and Remitly does this well. Adopting the strapline ‘Promises Delivered’, it’s immediately obvious that transparency and deliverability is a core value for this brand.
Wise also does transparency well, comparing its rates to competitors on its website homepage. A bold move but it’s a key pull to see a brand confident enough to put its own rates under the spotlight.
One particular thing that Remitly, Wise and WorldRemit all do well is leveraging social proof. Each transfer service features its Trust Pilot score prominently on its website, with WorldRemit even opting to show live reviews on the homepage.
Transparency and social proof are the first two steps to building trust with consumers and should be utilised right from the start of your customer journey.
Highlight your security features whilst onboarding new users
As we touched on earlier, security is a huge consideration when it comes to online usage and it’s likely to be one of the first things users look at.
During your onboarding process you want to ensure that you are highlighting security features and reassuring users that their money and data is safe with you.
Remitly does this well during its onboarding journey, with clear and concise user screens that demonstrate trust and security. The firm even promises that your money will arrive on time and if it doesn’t, you’ll get your fees back.
Be ready to help
When it comes to using a service online we expect answers and information immediately, regardless of the time of day. As businesses we might not be available all of the time, but being ready to help users is a great way to build trust throughout each stage of the customer journey.
Again this is something that Remitly does well and the app’s sign-up process features a small icon for users to get in touch through calling or chatting. This is a common feature for paying customers but Remitly actually shows its commitment to supporting potential new users, ensuring that all viewers of the app are valued.
Be open and friendly
Users will often choose brands that align with their values and it’s important to remain open and friendly when inviting new users in. Building an informal connection with your customers can go a long way in making them feel appreciated and provides a more personal interaction beyond some text on a screen.
It’s also advisable to use plain and simple English when communicating your offering and don’t hide behind endless pages of legal text. Overloading users with too much complicated information is overwhelming and can easily put people off.
When looking specifically at being more personal in your approach, WorldRemit slightly misses the mark with its formulaic welcome email featuring login credentials and little else. However Remitly takes it that one step further, with a welcome email featuring a video from the founder and a story on why the firm exists. A really good way to get people onboard with your offering.
Always provide clear status and information
A final tip when building trust is to always ensure you are providing clear status and information throughout the transfer process. Users shouldn’t feel like they have additional questions or worries about where their money is and when someone will receive it.
Wise does a great job of keeping users informed every step of the way, highlighting each stage of the transfer against a dated timeline and also reminding how long it can take for a transaction to appear in another person’s bank account. This is a super clear way to show your users what’s going on and what stage your transfer is at, making sure users are confident with their transfer.
WorldRemit is also similar in its approach to transparency when transferring funds and it shows a detailed breakdown of exchange rates and fees so you know exactly what you are paying for each transfer. An advisable move to retain trust without giving users hidden surprises with additional costs.
Hopefully these five tips have demonstrated how to begin building trust with users and you are now armed with practical advice that you can implement in your own transfer applications. Transparency and clear information is always advisable, with friendly language and an interesting customer journey complementing this to hook new users in as soon as they land on your page.
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