How Fintechs can balance consumer trust with increased demand for convenience

Fintechs need customers' trust if they are to choose their product over a cheaper market alternative.

Trust remains an integral foundation stone of any new business looking to build their brand.

To build and maintain the audience of your new business, customers need to share in your values and trust goes a long way to cultivating their connection with your brand.

In a world of comparison websites offering cheap deals, customers need an iron-clad incentive to choose a pricier alternative.

Stuart Murdoch, Burness PaullStuart Murdoch, Burness Paull
Stuart Murdoch, Burness Paull

According to Stuart Murdoch from Burness Paull, Fintechs needn't feel threatened by consumer demand for convenience. Instead, they can embrace it.

The Head of Financial Services said: "Transparency is the way Fintech companies are going to gain their customers' trust.

"That might be through price transparency or where data is used, who it's shared with or where it's kept."

Fintechs that aren't customer facing might embark on partnerships with established brands to build customer trust through transparency.

Watch the full interview with Stuart Murdoch in the player above.