Social+ payments: Why fintechs need social features

Social+ payments: Why fintechs need social features

Social + organizations have taken risks for everyone with multiple benefits to customers at once: products that serve a purpose but also meet our requirements to belong to a community. However, what are social + organization? For which social engagement is an integral part of the product.

To put it this way: if you remove the social element, the product will stop understood. You can find examples of gaming (Fortnite), fitness (Strava, Peloton); trade (Pinduoduo), audio (clubhouse) and much more. As Anderson Horowitz’s recent series Social Strikes Back states, “The best version of every consumer product is internally social.”

Social + products seem too accepted by the public because they marry the community with functionality. In the context in which users are trying to achieve goals – make meaningful connections and engage in value-based conversations. 

Whether it is buying or selling merchandise, social + products inspire users to gain new knowledge, garner status, help build friendships, and usually they seem to be part of something. Companies that enjoy a variety of benefits based on their business model based on social + products:

When the social aspect of a product is inseparable with its functionality, users often run their own steam ride, inviting their friends and family to join the community. Highly employed community members are motivated and fired by their interactions with other members, and when they fired on an issue, they talk about it.

Users who participate in these communities feel that they are part of something that can have a powerful effect on your growth.

The issue of relationships, the relationship your users have with your brand will ultimately determine whether they stay with you or leave you to a competitor providing the same service – especially at a more attractive price.

If you provide access to a community that is relevant to their customers and resources that make their lives easier, they are more likely to be loyal. The beauty of Social + is that embedding social interactions within your product or application lets you own those conversations and build a community around your brand. 

In the absence of a built-in community, these users forced to return to places like Reddit or WhatsApp to discuss other issues with the relative advantages of competitors’ applications.