How FinTech Is Changing the Comparison Shopping Experience

Often new technology scares people. They stay with what they know because they feel secure and safe and don’t want the risk that comes with change. There is logic here (as making the wrong choice can damage your credit and life) but refusing to explore what new technology offers means you end up missing out on incredible opportunities that will improve your livelihood.

For example: Are you still clipping coupons? Are you spending hours comparison shopping and researching your options before you make any purchases to ensure you get the best deal? Or have you thought about saving money this way but have been unable to go through the effort?

You’re not alone. As prices rise and wages stagnate, more and more people show interest in the concept of deal-hunting, but the act itself often seems much too time-consuming. Luckily, with new technology comes new possibilities. Yes, one of the positive outcomes of the FinTech wave is it makes comparison shopping a much easier process.

Imagine: Instead of looking at every flyer or ad that comes to your house (or calling each company to do background research) you just go to a single website and punch in your details. In an instant you are shown multiple options from various businesses angling to get your patronage. Yes, FinTech companies are making it this easy.

For example: Have you ever stopped to wonder if you’re paying too much in auto insurance or mortgage rates? One quick stop to LowestRates could help you uncover how solid your current plan is and (if you don’t like the results) what your alternatives are. And if you are just entering into the insurance field, LowestRates can help you find the best deal and lay out your choices so you better understand your insurance/mortgage agreement.

This is a fantastic use of technology and great news for consumers, but companies offering insurance are going to have to learn to step up their game to survive in the new marketplace. When customers can check in advance to see if your prices are worth their attention, overshooting your value will cause a lot of damage to your company while undershooting to get their business will eat into your profits.

Startups looking to thrive in this marketplace will need to know how to push themselves as the ideal option. Use the presence of these comparison sites to your advantage, as they provide a new opportunity to bring in new customers. A good price will lead potential customers to your site, but quality products and excellent customer service is what will sell them on the deal and keep them coming back.