Three common mistakes in Fintech strategy

In previous posts, we have talked about the steps to follow when carrying out an excellent financial technology strategy. However, there has been little discussion on the aspects we should avoid in our business strategy, and how financial technology can help us not make the most common mistakes. What mistakes are we talking about? Here we present three of the most frequent errors.

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Forgetting the user experience

Let us not forget why we are here. Okay, you have a project idea you believe in and fight for. But, besides that, it is aimed at a final consumer who perfectly identifies with the product/service and its associated experience, in an ideal setting. It is precisely in this context where we have to stay alert: take care of the experience related to your brand and pay attention to the final consumer. One way to use financial technology to create a good user experience is to offer familiar payment channels for clients: some of the most advanced proposals in this sector are the Russian MIR payment system, or the WeChat Pay and AliPay channels for Chinese consumers.

Not having the tools to convert leads into clients

Many times this is because you do not know the profile of your buyer, also called a "target customer". Using tools to convert your business data into statistics is another way financial technology can help you get new clients (in other words, by better understanding those you already have). Knowing their shopping habits, payment preferences, etc. are a means to get closer to your audience. PayXpert offers solutions that will allow you to have a global vision of their payment operations; in short, it is an easy and natural way to understand your business from the inside out: turnover charts, transaction activity or risk detection, and all this through intuitive graphics and in a few clicks.

Ignoring business cycles

There are infinite factors that make the market fluctuate and, therefore, directly affect the evolution of your business. You can keep abreast of the financial performance of your company through the Data Mining and Business Intelligence tools offered by PayXpert. Fintech companies again put everything you need at your disposal to analyse the main KPIs of your payments. An in-depth analysis of the Key Performance Indicators allows us in turn to monitor the strategies used, indicating in which direction we should take the following steps.

For a sound evolution of your business, it is not enough to focus on the objectives you have planned to achieve, but on the possible threats that put your growth at risk. PayXpert provides you with the necessary tools for the optimal development of your company's finances.

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