Capturing new audiences through technology

Good technology exists to make our lives easier, not more complicated. When you’re thinking about engagement today, you need to realize that what people want from most products is to get in and out as quickly as possible – to get on with whatever else they’re doing. And they are likely to be wildly impatient if you waste their time, don’t offer exactly what you claim, or fail to meet interface expectations set by the likes of Apple and Google.
In other words, it’s a tough time to try to capture new audiences through tech. Attention has never been in shorter supply, expectations have never been higher. At the same time, the opportunities on offer are huge; and finance can't afford to let tech and phone companies claim them all.
At the moment, most people’s relationships with finance remain dominated by infrequent, unpleasant experiences: bank statements, bills, bounced cheques and letters packed with incomprehensible terms and conditions, grueling mortgage and loan applications, monthly credit card bills. You get the picture. It’s the polar opposite of everything that makes digital brands beloved: quick, seamless, constant interactions that facilitate life from moment to moment. Even saving isn’t a lot of fun for most people: they feel distant from the consequences of their good sense, and only dimly connected to what is being done on their behalf in terms of options, access and security.
All this is ripe for change and challenge – so long as we can look to the behavioral lessons underlying trends elsewhere. It’s a mobile-first world out there. Tech products are getting faster, simpler and cheaper; we are willing to spend less and less cash, time and effort to get what we want. If it needs more a handful of interactions to get the end result, you might as well not bother to offer the service. And it it’s boring, repetitive or difficult, we expect software to take up the strain – to give us only the good stuff, and handle the rest on our behalf.
If you can get the above really, really right around something as basic as a savings product or digital finance experience – if you can bring the polish and pleasure of Apple or Facebook to the part – you’re onto something big. You’re following people where they want to be: on their phones, living their lives and using digital services where and when and how they want.
You’ll also find that people are prepared to share information in exchange for a good enough service and experience, and even to invite others along for the ride. It’s a whole new kind of relationship with users if you can bring something simple and enjoyable to them often, rather than something ugly and unpleasant every now and then. You may even find you’re getting through to a whole new kind of person – and that inclusion through technology is a bigger deal than either of you suspected. Just remember: don't assume you know what somebody needs or wants. Listen, ask, observe, build, iterate, improve; do less and less, better and better; and don't expect to get there straight away.
Tom Chatfield will be speaking on ‘The Serious Game of Customer Engagement’ at the FutureFinance Forum at FundForum International, taking place in Berlin, 6-8 June 2016. You can find out a bit more about him before the event in our 60 second interview.