KAFI HQ BLOG

  Your FinTech May Not Have a Customer Acquisition Problem Your FinTech may not have a customer acquisition problem. It may have a customer conversion, trust and participation problem. This is one of the most overlooked challenges facing FinTechs and financial institutions across Africa. Many financial institutions are investing heavily in marketing, digital campaigns, referral programs, promotions, influencers, partnerships and technology in an attempt to acquire more customers. They are tracking registrations. They are celebrating downloads. They are reporting new accounts. They are measuring website traffic. They are counting leads. But there is a question that is often missing from the conversation. What happens after the customer arrives? Because acquiring a customer is only the beginning. You can spend millions on advertising. You can offer attractive promotions. You can build a beautiful mobile application. You can create a sophisticated digital banking exper...

  Customer acquisition is only the beginning. The real challenge is converting interest into activation, trust and meaningful participation. Fintechs and financial institutions have invested heavily in customer acquisition. Millions are spent on advertising, digital campaigns, incentives, partnerships, product development and brand awareness to attract customers and convince them to take the first step. They download the application. They visit the branch. They click “Get Started.” They begin registration. And then, somewhere between interest and activation, many disappear. Not necessarily because they do not need the product. Not because they are uninterested. And not necessarily because the marketing strategy failed. In many cases, the customer simply encountered an onboarding journey that was too complicated, confusing, slow or difficult to complete. This is becoming one of the most underestimated challenges facing the financial services industry. The industry has bec...