5 WAYS FINTECH IS CHANGING VERTICAL OVER SAAS FOR THE BETTER
Software-as-a-Service has taken the world by a storm. Right from processing payments, to developing websites or to online food ordering apps, there is absolutely no way, man can live without SaaS! Though SaaS, is highly popular, vertical SaaS is still unchartered territory.
Vertical SaaS consists of software, which can be customized to suit your specialization or preferred industry. Unlike its horizontal SaaS counterpart, the vertical SaaS does not try to cover everything in it. Instead, it allows SaaS companies to refine their product and marketing strategies to meet their customers’ needs.
Even with all the achievements, it is very surprising that Fintech has overtaken SaaS in the last decade. Fintech is not just about payments and loans alone. Fintech allows easy handling of money, through popular digital payment apps such as Paytm and Phonepe. The next time you pay your electricity or gas bill, think of how fintech has made it possible to experience digital world.
In this article, let us talk about the ways by which Fintech has played a part in taking Vertical SaaS to the next level.
SEAMLESS CUSTOMER EXPERIENCE:
- • A recent report states that we have advanced 5 years in consumer and digital adoption due to the continuing pandemic situation.
- • While COVID – 19 was unanticipated, the need for online interaction has increased a hundredfold than what it was before.
- • Gone are the days, when standing in long queues at banks, standing in line at shopping malls/supermarkets were considered normal!
- • Getting everything delivered to your place, at the click of a button is the ‘new normal’ nowadays.
- The pandemic paved the way for fintech companies to use the full potential of Vertical SaaS, not only for payment processing, but for other areas too.
BETTER CONVERSION RATE:
- • Losing a potential customer can definitely create a negative impact on the company’s revenue.
- • The world is moving at a fast pace and no user has the time to sit and wait for solutions.
- • Fintech, by way of providing seamless customer experience, makes it easier for customers to shop more freely, online and also help raise revenue conversion for companies.
- • Via digital channels, customers can seek a product or service that meets their demands, while also offering ease, quick resolution.
LOWERS CAC AND IMPROVES LTV:
• Better customer service leads to high conversion rates, which help companies to bring down their Customer Acquisition Cost (CAC).
• Moreover, adding in extra benefits and other perks for customers can improve the Lifetime Value (LTV).
• In order to facilitate more customers to go ‘online’, Vertical SaaS companies can provide their SaaS products at a cheaper rate or even free, so that those who were apprehensive to go digital, could gain optimum benefits.
• It has been known that earlier, most financial companies form the foundation of confusing taxes and transaction processing fees, which no one was able to decipher.
• Overcoming this barrier, Vertical SaaS fintech companies have begun to provide fair and transparent money transactions, which has made customers to regard them highly.
• Better transparency leads to better trustworthiness of customers’, and thereby increasing their loyalty towards your company.
• A proper handling of all financial transactions and providing ample visibility over customers’ transactions has begun to get more popular than the conventional methods of money processing.
OFFERING INTEGRATED SERVICES:
• Nowadays, Vertical SaaS companies can enjoy more benefits by adding integrated or all in one service to avoid hassle.
• Rather than using a third-party service, which redirects customers to a different webpage and confusing them, they could enlist the help of fintech to create their own vertical specific services.
• Most of these services are not restricted to payment alone. There are quite a few services that could add value to customers.
• Services such as Lending, Insurance, Payroll, Bank Accounts and so forth can be made available to the customers, to increase their continued patronage.
To sum up, Fintech has changed the outlook of Vertical SaaS companies and it would continue to do so at major levels, over the years. Combining essential services required to your company with Vertical SaaS allows you to explore new software, attract new customers, while retaining the existing ones, providing all-in-one services to customers and maintain friendly relations with your customers.