Going beyond the returns: embracing fintech to deepen human connections

In more recent years, technology has evolved to not only provide functional benefits, but to also stimulate and foster emotive connections. The explosion of technology presents a massive opportunity for companies to forge unbreakable bonds with clients and to encourage them to become more emotionally invested in their financial wellbeing.

The recent market volatility has caused many investors across the wealth spectrum to seek advice on how to manage their financial wellbeing during this turbulent period. Safety and financial security is the initial driving force behind this behaviour, but what happens once this emotional need has been met? How do financial service providers continue to build lasting relationships that transcend these base-level needs? Companies need to start leveraging technology to go beyond satisfying customers’ basic needs, and start motivating and interacting with their customers to help them realise their full potential.

Understanding your customer’s motivating factors

Maslow’s Hierarchy of Needs is a graphic model that is widely used to understand the motivational forces of an individual. It depicts hierarchical levels within a pyramid, and the theory is based on the premise that needs lower down in the hierarchy (basic needs) must be met before higher-order needs (psychological and self-fulfilment needs) can be satisfied. Naturally, as these lower order needs are met, customers are motivated to move up to the next set of needs that they have yet to fulfil.