Why Forum Data Can’t be Ignored in FinTech

 

Online forums, broad like Reddit or narrow and industry-specific, are incredibly valuable resources of consumer insights, and nowhere is this clearer than in the fintech industry.

Analyzing consumer conversations in the financial tech industry reveals that forums are a consumer-favorite for expressing their opinions, deeper and more varied than their traditional social media counterparts. These consumers know the background of the space and are able to best express their opinions, and this data cannot be ignored by fintech brands hoping to keep up with modern consumer preferences.

But what can a brand discern from this data? Forum data differentiates itself from other platforms in several key ways. While other online channels offer a vast audience or visual storytelling, forums offer two data differentiators: in-depth discussion and subject experts.

 

In Depth Discussions

Forums encourage a thorough explanation of one’s ideas, and for mobile banking, that’s imperative. As a more technical industry, knowing exactly what satisfied and dissatisfied consumers specifically is imperative. A longer-form medium provides enough space for ideas to be fleshed out A longer-form medium provides enough space for ideas to be fleshed out.
 

Subject Experts

Another data differentiator for forums: subject experts are more likely to use them. Consumers who know the industry well are going to the aid of industry newcomers to provide detailed experiences and opinions. With a banking conversations on forums, one would find consumers discussing the pros and cons of different banking systems. If these brands access these conversations, they know exactly how people feel about them, and why.
 

Forum data can’t be ignored for any company, and this is especially true for technical companies like those in financial tech. The unlimited capability to express thoughts from experts is a more direct way for financial brands to discover the most important issues to tackle among a sea of posts that complain, but don’t explain.



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