Why Copying Others is Not a Way to Success in the FinTech World

ByJasmine Watson

FinTech has come a long way, and we all know that it will continue to grow. It has overcome the traditional challenges of the finance industry, and hence all banking sectors, direct lenders, investors, venture capitalists have started leveraging the potential of the FinTech world.

However, the FinTech world is not only linked to lending firms. As the name suggests, FinTech inspires all financial companies like PayPal, Mint, Acorns, and Credit Karma. It includes all companies that have their products and services linked to technology to provide an excellent experience to users.

Various companies are out there that have been selling similar kinds of products that have led to the myth that you can achieve the same level of success by imitating the product or service they are offering. Still, the fact is the design interface cannot determine the success of your product or service.

There are several apps that you can use to make financial transactions like PayPal and Amazon Pay. Each app has different features and a different role. It isn’t beneficial to copy the interface design without looking over all factors that collectively account for the success of the app.

However, it does not mean that you need to invent a wholly new or unique product. You can use the current products as inspiration and develop them by putting your efforts.

Success does depend on the product

When it comes to designing a financial product, you need to look into various factors to ensure that your product is unique and able to withstand the competition. There is nothing wrong if you are inspired by the interface of a popular financial product or service, but it is just a part that will contribute to the user-friendly experience.

When you launch a financial product, you will have to wait for some time to see the results. The success of such products depends on various factors like

  • When you introduced the product to the market,
  • How it was introduced
  • What your competitors are offering during that time
  • What terms you are operating at.

You must know what people need

One of the significant myths that financial experts have is they know what people want. When two people talk on a subject, it is generally assumed that both of them know that subject. However, the fact can be that they have minimal experience.

The same thing happens in the digital financial world. Users do not know much about a financial product or service like you. It is evident that you are passionate about your idea because it is unique, but users do not have that level of understanding.

Technicalities make it complicated. They want to achieve their goals. A rational mentality will always lead you to a decision made based on the real-time experience, but users generally behave irrationally. Most of the time, they make their decisions based on their emotions and intuitions. This is why many people do not find a financial product as useful as you develop.

UX designer in the development of a financial product is not the guarantee

The demand for UX designers is high because most of the financial products require UX designs. However, there is no guarantee that a UX designer’s involvement will make it to the top. Apart from designers’ knowledge and skills, you will also need to consider other critical factors.

You need to have accurate data to frame an effective strategy to make a financial product. Sometimes, the features you will add to your product depend on the budget you have allocated for it.

It does not need to be expensive and offering numerous features

A financial product or service aims to provide a better experience to users. Therefore it must combine with UX design technology, but some organisations think that developing a UX design is very expensive, suitable for large companies.

It depends on the features you are offering through your product or service. As long as the features are limited, you do not need to shell out a lot of money. Otherwise, you can take out instalment loans for bad credit.

However, you don’t need to offer a lot of features to satisfy your users. The ultimate goal of your financial product should be to deliver the final value to users. As long as your product or service is fulfilling their needs, they will be satisfied even if it does not offer numerous features.

If you want to grow in the FinTech world, you will have to understand you cannot copy the other financial products. They are suitable for inspiration, but you will have to put your efforts.