Anyone working in the FinTech industry has been very optimistic about the future. With exciting developments, there is a great opportunity for short and long-term growth.
Eric Blue, the creator of Nevly, has already witnessed some changes and new trends in the two years he’s operated the company. Heading into 2023, he’s particularly intrigued by two FinTech trends making a significant impact and helping him as a businessman.
Two Exciting FinTech Trends to Monitor for Eric Blue
What two trends excite Eric Blue Nevly the most? One is related to technology, while the other is about social engagement. With so many trendings arising and evolving, these two excite Eric the most.
1. Open Finance Changing the Consumer Experience
Eric Blue views the consumer market as mimicking the shape of a pyramid. Wealthy consumers sit at the top, the middle class in the center, and everyone else is at the base. In this setup, the majority of the population will be at the pyramid’s base.
When looking at it through the eyes of the US banking industry, they always assumed the upper class would outlive the lower class, with the middle class expanding as time went on. However, if one or both of those assumptions aren’t true, how does that impact the financial world? This is where open finance can step in.
The FinTech revolution will start to make this consumer pyramid look more like a pear shape. The base of the pyramid grows at a faster rate, and that means they need a business model tailored to those facing financial challenges. Open finance makes more resources available to the bottom of the pyramid, helping them out like never before.
Nevly, in particular, is geared towards doing precisely that; helping improve financial health through a web-based application (as well as a mobile app) that provides consumers at the base of the pyramid with products and services tailored to their unique needs. Instead of struggling to manage money, repair credit, and plan for any type of future, all the tools are presented to them through new technology where that technology evolves with them as their circumstances change.
More people than ever have smartphones, and taking advantage of these devices makes a difference. Blue wants to build off the current trend and make easy-to-understand financial resources available.
Nevly has a chance to provide value in many different ways. Whether focusing on credit repair, saving money, landing the right loan, or anything else, personal finance doesn’t have to be complicated or restricted. Eric Blue wants to put the consumer first and provide a new way to make money.
2. Social Engagement
Social media growth has led to improved social engagement trends. People are getting more involved with issues and engaging in all areas, and finance is no different.
There’s a lot more transparency as far as money is concerned, and more financial resources are available online with just a few clicks. The best companies will leverage social engagement and community based movements to grow their business and market their product to their target audience. Being one of the first to offer a disruptive app or tool in the FinTech industry is vital to building something worth building but the need to develop a community within which to market that product into represents the future of how the technology companies of tomorrow will be built..
Companies with the proper social engagement will find ways to drive more and more people into their communities and by extension expand product usage. An example used by Blue pointed toward the growth of the Robinhood app during 2020. As people were quarantined at home, a greater percentage of them started to think about their tomorrows through the lens of to what extent they should be investing in stocks. Many of these consumers found themselves sitting at home focused on ways to trade easily through their mobile phones.
Robinhood leveraged this shift by pushing many of these new found investors into their online investing community by providing them access to better free, easy-to-understand tools and an environment where it was cheaper and easier for a new investor to start their investing journey overall.
Can Nevly be the company leading the base of the pyramid into the future by leveraging technology to improve financial health outcomes? Eric Blue believes that the combination of a suite of products tailored to the unique needs of consumers together with a community based social engagement strategy positions the company well to lead this innovation cycle and put pressure on more traditional companies to play catch up.
Monitoring Trends and Making Progress With Nevly
The development of Nevly moves on as Eric Blue continues to work on building the userbase for the company’s launch of its inaugural product – Nevly Money – and continuing to drive innovation into its mobile app as it prepares for its June 1st launch. In 2023, the company anticipates a busy year – having just announced the launch of its Nevly Money product and the closing of its pre-seed VC funding round and is laser focused on the launch of its mobile app MVP June 1.
Just like since the beginning of this innovation cycle, there are bound to be a number of different trends that pop up as Nevly continues to evolve as a technology company. While Blue plans to be as connected as possible to these trends, he is laser focused on sticking with what he knows, keeping customers at the center of everything the company does and leveraging technology to build innovative products that provide tangible changed outcomes for the base of the pyramid.
Hard work and dedication toward development remains a strong motivator for Blue. His story of growing up and wanting his mother to have more control over her finances is a big reason why Nevly exists today. He always knew that there was a need to put great financial tools in the hands of everyone, but the technology wasn’t there to follow through the way he wanted.
No one can predict how the next few years will play out with Nevly. Hopping on the two trends Eric Blue talks about in the interview will only strengthen the company. Blue already has social engagement strategies prepared to help evolve his company with ongoing trends.
Not only is Blue concentrated on upcoming trends, but he also has a team paying attention too. Open finance is on the verge of breaking through, and it takes the right companies and proper strategy to provide value.