Talking about financial products and services that are accessible on a cell phone or computer (fintech products) with your customer might feel a little overwhelming at first. There are so many options it can be hard to know where to start. But using apps or online portals to manage finances can provide convenience, flexibility and more affordable options for customers. Fintech, used wisely, can be a great aid in achieving financial goals. Below, you’ll find some of the common questions you may hear and guidance on how you can address them with your customer.


Starting the Conversation

It’s very possible that your customers are already using technology to make financial transactions and not even know it! Get the conversation going by gauging how your customer currently manages their money. To do this, you might say:

  • Do you know if your bank or credit union has a mobile app that you can download and use to check your balance any time?

  • Have you ever used Paypal, Venmo or CashApp to send money or pay for things?

You might also want to get a sense of how comfortable they are with accessing and using technology.

  • Do you use any apps on your phone regularly?

  • Do you prefer to look things up on the internet on your phone or on a computer?


Connecting With Existing Goals

A coaching best practice is to align all action steps or financial behaviors with the customer’s goal -- and it is helpful to use the same practice when discussing fintech products and services. After you have discussed financial goals with your customer, you could say something like:

Since building credit is a step you are taking in reaching your goal, there are tools or products you can access from your phone or computer that could support you to do that. Would you be open to discussing some fintech product options?


Common Questions and Concerns

While each customer’s financial situation and goals are unique, you may hear similar questions and concerns. Remember, your job is not to be an expert in every single fintech product, but to be a partner with your customer in learning while providing direction and resources. Below are some suggestions for how you might respond and where you and your customer can go for more specific answers.

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What is Fintech?

Fintech is financial technology--the products, companies, or services that use technology to provide financial services to customers. You’ve probably already used fintech! Apps on your phone to transfer money to friends and family, mobile banking for your bank or credit union, the systems banks and credit unions use to review loan applications--all of these are different types of fintech.

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I already have a bank account, I don’t need another.

Not all fintech products are bank accounts! Some work with your current accounts to support you in achieving a specific goal. For example, you said a goal is to make more room in your monthly spending plan to save. Linking your accounts to a spending tracker fintech product could do some of the work for you in analyzing your spending!

If you have an account that works well for you, that’s great! And I understand what a pain it could be to change up your financial life. But it’s a good idea to occasionally review the products you use to make sure they’re still working for you and that there isn’t a better fit or a better deal out there for you. Can we talk about your current bank account? What do you like? What don’t you like?

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I’ve had bad experiences with banks in the past, how is this different?

It’s a hard fact that the financial services industry has not always been good to--and in many cases has actively harmed--people and communities. Some fintech products have been specifically designed with certain communities in mind, like the Black or Latinx community, to provide alternatives to mainstream financial services or to provide culturally specific services. We can work together to find a product that meets your values. Would you share more about your past experience?

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What does the product do?

Let’s review this product information page together, and then we can look at the product’s website to answer specific questions!

Resources for a specific answer:

Product Information Pages found in the Recommendation Engine, the fintech product’s website.

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How much does it cost?

Let’s review this product information page together, and then we can look at the product’s website to answer specific questions!

Resources for a specific answer:

Product Information Pages found in the Recommendation Engine, the fintech product’s website.

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Will my personal information be secure?

Let’s review the product’s privacy policy together. It’ll be important to understand what data the product collects, what it does with that information, and how it keeps the information secure.

Resource for a specific answer:

The product’s privacy policy found on their website.

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Will my money be safe?

That’s such an important question. Many fintech products partner with FDIC-insured financial institutions to hold your account and your money. Let’s take a look at the product’s website to find out, and then we can do some research on the financial institution as well.

Resources for a specific answer:

The product’s website (check the disclosures or frequently asked questions).

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How can I contact customer support?

That’s a great question! It’s so important to be able to ask questions and get support. Let’s look at the product’s website to find out.

Resources for a specific answer:

the product’s website (check the contact us link or frequently asked questions).


Following-Up Over Time

The conversation is not over if your customer does choose and start using a fintech product. You can integrate fintech product discussions into your coaching by asking follow-up questions about your customer’s experience with the product, such as:

After they’ve enrolled in or opened the product

  • How was the set-up or enrollment process?

  • What challenges did you encounter?

As they use the product

  • How do you use the product? How frequently?

  • How do you feel about the product?

  • What features do you like? What features do you not like?

  • Is it meeting your needs?

After they’ve been using the product for some time

  • How has the product been supporting you in achieving your financial goals?

  • Have your values, goals, or needs changed? A different product might be more appropriate.

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