two of these The nation’s largest retailers, Walmart and Walgreens, recently announced that they are start your own financial services, It makes sense. The pandemic has resulted in a change in consumer behavior that now favors contactless and digital banking options, and with it one in four American adults Considered to be unbanked or under-banked, it presents an opportunity to provide services to a deep and loyal customer base.
But as the pandemic has forced even traditional retail banks Rethink their business modelStarting a financial service is not as simple as taking a successful retail model and applying it to banking. It should be both effective and safe. This is where fintech can step in.
As more and more retailers take this step, partnering and collaborating with fintechs can help them build, grow and secure their financial offerings. To build infrastructure and provide top level cyber security Summary What we do is not a sideshow. And the best way for retailers to attract, acquire, and retain customers — and to do so in a meaningful way that adapts to the current environment — is to focus, scale quickly, and secure.
helping retailers accelerate
At Prime Trust, we have seen more and more retailers asking for guidance or specific widgets. They want to know how we can help them create more interesting product offerings for their customers as well as ensure that the products are safe.
They turn to us because they don’t know where to start. We got it. From NFTs to Ethereum, buzzwords are always changing. But the core problems remain the same. Every conversation about a new currency provides an opportunity to educate a potential customer on the fintech ecosystem, to explain how blockchain works and how fintech companies can help.
As retailers expand banking opportunities, they will need help securing their products and selling them to end users.
Retailers looking to enter the financial services industry need to be on the market quickly, especially if they have no previous experience in offering any type of financial or credit to their customers. The strategy behind Speed is hyperfocused offering.
Start with smaller services with more focus, developing a deeper understanding of what the customer wants and delivering a great experience out of it. The sooner a retailer can gain a foothold in the market and begin to gain mindshare, the better position they will be in when they begin to scale.
For example, if a retailer wants to get started with a payment platform, it would need to open user accounts, fund those accounts, and allow users to send or spend that money (maybe even buy some crypto). . Work with them to create custodial accounts, follow the KYC/AMC compliance process, tie a debit card to those accounts and process sending and receiving funds. And if they want some crypto, fintech startups can source liquidity and convert fiat to crypto. These steps will help establish the ground level and scale base for the retailer.
Whenever you have an education session with a retailer, it should help you understand their location and figure out how to position their entry. In turn, retailers will help you sharpen your user profile and market understanding, as well as inspire you to create plug and play widgets and APIs that you can offer to your customers as your business expands. .
scale through services