The Behind Login Podcast: Episode 3
Building Subscription Models Within FinTech To Reach Profitability
In this month's podcast we explore the use of subscription models within FinTech and how FinTech's can take the step towards creating recurring revenues and profitability. We had the pleasure of hosting Lumio as our Case Study, and Lumio's Co-founder and CEO Charlie Richardson as our guest.
Charlie is perfectly positioned to discuss this topic as Lumio look to launch the "Lumio 2.0" subscription service later in the year and are currently undergoing a Beta testing phase.
It was great to discuss the variables and considerations that come into effect as you look to build a subscription platform and hear first hand the journey from conception to Beta that Lumio has been on as they evolve the proposition.
Lumio's approach to building the subscription platform (and the whole business) has particularly focused on evidence based decision making, focusing on real user problems and consistently building, testing and iterating throughout the product life cycle, which is great to see.
It was fascinating to hear some of the research outcomes and themes that Lumio established throughout discovery. I can certainly relate to the problem space Lumio has identified where users have a common financial portfolio and lack of ability to manage it. Lumio identified the average target market holds:
Traditional high street bank account
Neobank account
Credit card (typically Amex)
Savings account
DIY trading account
Digital investment/advice account
Crypto account
(Sadly, I tick all those boxes!)
Have a listen here or wherever you get your Podcasts. We’d love to hear your feedback and ideas for future topics. And don’t forget to leave a rating and review :)