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From Crisis to Clarity: How FinTech firms are shaking up the finance world by putting customers first

[Repost from Marvel]

It’s no surprise that in the wake of the banking crisis a new breed of financial startups, known as ‘FinTech’, have emerged and now threaten to topple the traditional systems and the institutions that uphold them. Technology sits at the heart of FinTech firms, but so does a dedication to, and respect for, consumers. Unlike big banks, these startups are making waves by putting people first and building new products and platforms around their needs.

GoCardlessTransferWise, and MX (based in Utah) are all thriving FinTech companies who use Marvel to prototype features and test with users.

GoCardless, who specialise in recurring payments and have overthrown the old-school competition to become the UK’s leading direct debit provider, are very clear that user experience is behind their success. In an interview for Wired, their CEO Hiroki Takeuchi, said, “[FinTech firms are] giving people a really great experience where the banks have been typically giving poor experiences”. Similarly, TransferWise, who have revolutionised international money transfers, want to “humanise the machine” and make it clear, simple and fair for people to send and receive money overseas.

“What will ultimately separate us from the banks is being 10x easier”

Both GoCardless and TransferWise use Marvel to develop and test their platforms, enabling them to deliver a great experience for customers that complies with a myriad of regulations.

“What will ultimately separate us from the banks is being 10x easier”, says GoCardless’ Head of Design and UX, Tom Petty. “We do this by focusing on doing a few things really well, and iterating them over time. Marvel makes it really simple to try lots of different ideas side by side, without investing time into building each one”.

At TransferWise, the design team are constantly refining the product through regular feedback from internal teams and users. For Kish Patel, a designer at the company, the ability to collaborate within Marvel means everyone can have a look as a new feature takes shape. “It’s a great way of sharing a prototype and a vision. And, because it’s closer to what the real experience will be like, there’s less need to explain things”. And it’s not just the design team checking it out, others across the business in other functions are encouraged to comment and share feedback.

“Marvel allows the product to speak for itself”

Blake Brown, Creative Director at MX, is focused on being the bridge between the old world of finance and the new world of FinTech. MX partners with banks to make the end user’s lives better through technology. On Marvel’s LookBack feature, Brown explained, “it’s paramount to us being at the forefront of what we do. Testing and validating [using LookBack] doesn’t just make our lives easier, it’s making user’s lives better. We’d be in the dark ages without these tools – it takes the bullshit out of how we operate”. MX currently partners with more than 500 financial institutions and 30 online banking, core, and payment network providers.

“We don’t just say that we focus on the end-user,
with Marvel, we really live it”

[Read the full story here.]