FinTech apps: Easy to use, but are they delivering on their promises?

These days, FinTech startups are painted as the “good guys.” They’re supposed to be honest, customer focused, and incredibly innovative in terms of technology usage. Big banks on the other hand, are the “bad guys” who trick and take advantage of their innocent customers, with hidden fees and questionable ethics. Regardless of what the media has portrayed historically, this charade can’t continue for much longer.

How Safe Is Fintech?

FinTech startups commit just as many atrocities as their big bank cousins, they just do it behind a friendlier logo; you know, that cute robot icon who convinces you everything’s going to be OK, even though you know it really won’t be? Yep, that one. At this point, we can’t ignore the deserving press coverage and criticism startups such as Robinhood, Chime, and Beam have faced recently. With all of the controversy, why do we still embrace FinTech apps with open arms? I guess you could call it a love-hate relationship. Jason Mikula of Fintech Business Weekly tried to answer this exact question, by analyzing users’ relationships with FinTech; he “scraped and analyzed 20,000 user reviews for popular fintech and banking apps in the Google Play store: Robinhood, Chime, Cash App, Marcus by Goldman Sachs, and (as a ‘control’ of sorts) Chase.”

Though we won’t go into the exact analysis of each FinTech app he reviewed (you can read that for yourself in Jason’s article), we’ll point out the key take-aways. What was really apparent from his findings, was that even in well rated reviews, people complained or gave a suggestion. Maybe they were just trying to be nice, with some tough truths thrown in for good measure? Before beginning to psycho-analyze reviewers, let’s move onto the next point. Most positive reviews praised the app for being easy to use—this was what made people continue to come back and use the app, despite any criticisms. So, what did customers hate? The overwhelming majority of complaints focused on company promises not being delivered, glitches, or the most common complaint: not being able to easily reach customer service and receive support on time. Despite these complaints, the data is in, and we as a society love FinTech apps. Unless these apps stop being easy to use, we’re likely to continue putting up with (most) of their transgressions.

Read the full article here.

Talk to us: Do you have a love-hate relationship with FinTech apps? Let us know in the comments below, we would love to hear from you!

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