Fintech and e-commerce are two branches of the tech industry that often intersect. Despite their differences, Liam McCance, Chief Marketing Officer at Singlife, believes that there are lessons fintech companies can learn from e-commerce counterparts, especially in customer retention and engagement.
“E-commerce companies have experienced teams who analyze vast purchase data to understand consumer behavior. They use this insight to create effective marketing campaigns that bring customers back to their platforms,” he explains.
McCance elaborates on the challenges fintech companies face in customer retention and how learning from e-commerce can give them an advantage.
What challenges do fintech companies face in customer retention and engagement?
Fintech companies are highly regulated and have limited product offerings compared to e-commerce. Communicating the value of financial products to customers and encouraging repeat purchases can be a challenge.
What can fintech companies learn from e-commerce companies? Can you share any success stories?
Hiring digital innovation specialists and offering products on multiple platforms can help fintech companies attract new customers. Singlife, for example, sells products through PolicyPal to reach a wider audience.
What factors should fintech companies consider before implementing strategies from e-commerce?
Fintech companies should make products relevant to customers’ lives and focus on user experience. Singlife’s approach with the Singlife Account demonstrates this by offering flexible savings options with no lock-ins.
What unique user behavior in Asia have you observed recently?
In Singapore, many people keep their money in savings accounts due to the fear of being locked in. Singlife aims to help customers grow their money through innovative solutions like the Singlife Account.
What marketing trends do you foresee for 2020?
Authenticity and transparency will be key in marketing. Companies will focus on real-time chats and messenger interactions to engage with customers effectively. This approach, like the one used by KLM, can help shape future products and enhance services.
Overall, fintech companies can benefit from learning about customer retention and engagement from e-commerce companies to improve their strategies and offerings.