Should FinTechs Go Mobile-First?

When was the last time you checked your phone screen time? How many hours a day do you spend studying the people and incidents you essentially do not care about using social media?

Whenever the weekly screen time notification pops up, we tend to dismiss it the way we ignore bad news or late-night work e-mails. Yet, we all know that we spend more smartphone time than needed. We have everything we need in our smartphones. So why shouldn't startups and service providers turn it into a mini mall?

Just like everything digital, banking is mobile, too. Mobile banking adoption has increased drastically after the pandemic. According to Statista, starting from roughly 197 million users in March 2021, the number of digital banking users in the United States is forecasted to reach almost 217 million by 2025.

Mobile banking enables consumers to bank anywhere, anytime. We are increasingly addicted to our smartphones, so mobile banking sounds like the only logical next step for financial services. Should all Fintechs go mobile-first, though? Asking this question is exactly like asking whether all restaurants should have the same concept or whether all hairdressers should cut trim beards in the same style. Businesses are different not only because their owners are different but also because customers and their needs are different. Trying to "copy-paste" the products and the channels your competitors are using could result in wasted money and resources and the potential loss of your market edge.

How will you know which banking channel is right for your products or services if you can't imitate success? Through the power of research! While increasing productivity, design thinking and agile methodologies enable us to pinpoint the exact needs of your users. Your startup can find the right product channel strategy using data and feedback, saving costs and time.

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