Beehive Journal

What has Fintech Done for Us?

by | Nov 3, 2017

What has Fintech Done for Us?

Fintech has attracted massive attention, due in part to the enormous sums sucked in via investors – over $100bn in the past three years, according to numbers from KPMG and CB insights. In spite of all the excitement and cash, and predictions of fintech companies routing the traditional banks, fintechs have failed to date in taking significant business from the incumbents: according to the Economist Intelligence Unit, fintech companies have grabbed just a 2% market share. It’s absolutely harder to disrupt financial services than people envisioned.
Banks retain many competitive advantages, as well as the capacity for innovation. However, writing off fintech would be premature.

The fintech revolution?
Banking is an enormous industry, with massive profits, over $1 trillion annually according to McKinsey(see below).
Fintech is also an industry where customer experience scores are low – fewer than 40% of retail customers recommend their bank, according to Capgemini.
Therefore, fintech is an industry that should attract lots of new entrants keen on offering better customer service at lower price points.

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Matthew McKinney

CEO & Founder, McKinney's Pool Service Inc.

Alex and his team are absolutely top-notch web developers. I originally hired Beehive to create a basic landing page to legitimize my business on Yelp. Because I was already doing well on Yelp, and getting a satisfactory number of conversions, I didn’t think I really needed much else to grow my business. But that’s the problem with limited thinking! Thankfully Alex is not only an excellent website developer, he also has a very creative business mind. Together we brainstormed ways to convert more customers & generate more revenue. One of the things we did was create a pathway for customers to sign up for our service directly on the website without the traditional home inspection that so many other companies still do as protocol. It really is not necessary for the type of service we offer and Alex was able to help me think outside of the box on that one. People are already signing up using the new feature Alex created and my head is spinning at how fast we are growing. There are so many other things that Alex has done for my business — creating a small e-commerce store to sell my best products, animation conveying what my company does — the list goes on. You will not be disappointed hiring Beehive. They really are the best.