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Restoring lost customer trust: An insider’s guide to fintech industry rehabilitation

By Benjamin Tan, Chief Investment Officer, Chocolate Finance | Tuesday, July 22, 2025, 5:24 PM Asia/Singapore

Restoring lost customer trust: An insider’s guide to fintech industry rehabilitation

A fintech firm’s bittersweet experience with a trust debacle is the best source of advice to the industry.

Digital financial services  have fundamentally transformed how people manage and move money, offering unprecedented speed and accessibility. As technology continues to evolve, the pressing question is how the industry can then instill confidence and ensure consumers feel their money and information are safe every step of the way?

Despite massive investments and rapid uptake of digital finance products, the perceived complexity of fintech solutions and services can alienate some potential customers. Many fintech platforms often shroud their offerings and solutions in technical jargon or vague terms, making it hard for users to fully understand the risks or realistic performance expectations. This can result in a paradoxical situation whereby fintech adoption grows, but consumer trust lags behind, with many questioning if these platforms truly have their best interests at heart.

While far from perfect, traditional financial institutions operate under strict regulations that have instilled a culture of disclosure and accountability. Should this gap continue to grow, it will undermine the long-term credibility and growth of the industry.

Restoring consumer trust in fintechs

Going forward, fintechs need to blend innovation with transparency, compliance and human touch points, to establish a strong foundation of credibility amid innovation. This includes:

  • Prioritizing clear communication: Explain products, risks, and fees in plain language without any ambiguity. Customers should never be left guessing or questioning how a product works, or what it costs them at every stage of an investment.
  • Committing to regulatory rigor: Embrace compliance and strong risk controls early on. Meeting high oversight standards not only protects customers but also signals a long-term commitment to ethics and stability.
  • Maintaining human touchpoints: Even in a digital-first model, providing access to real human support, builds confidence with customers that the company stands behind its product, and truly cares about addressing its customers’ concerns.

Embedding accountability and moving beyond hype
Restoring trust in the fintech industry also requires moving beyond hype to genuine substance. In practice, fintechs will need to weave accountability into every step of the user journey, turning lofty promises into demonstrable actions such as:

  • Transparency by design: Build openness into products from Day One. Every feature should clearly communicate how it works, what data it uses, and why. Transparency cannot be an afterthought, and needs to be baked into onboarding and ongoing user communications.
  • Continuous customer education: Keep users informed through ongoing education and guidance. In-app tutorials, timely alerts, and interactive tools can help customers make informed financial decisions. An informed user is more likely to feel in control and trust the platform.
  • Active listening: Constantly seek out user feedback, and act on it. Whether through surveys, forums, or support chats, fintechs should actively address customer concerns. Trust grows when people feel heard and see their input lead to real improvements.
  • Ethical data stewardship: Treat users’ personal data with the utmost care. Audit data practices, adhere to privacy laws, and give users control over their information (clear privacy settings, easy opt-outs). When people know their data is safe and respected, their confidence in the platform rises.

The future of the industry will belong to players that champion transparency, accountability, education, and ethical practices. Embracing substance over hype not only helps a fintech stand out, but also ensures the sector’s long-term credibility.

A call for collective action
Trust is the currency of digital finance. Rebuilding it requires humility, openness, and a collective commitment to put users’ interests first.

The industry’s next chapter will need to prioritize clarity, empathy, and ethics concurrently with growth.

By focusing on clarity, education, and ethical stewardship, fintech providers can fulfil their potential of expanding financial inclusion while building lasting customer relationships.

Ultimately, trust is not built by technology alone: it is earned through transparency, empathy, and accountability.

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