Trust is often the missing link between potential and success for fintech companies. This was the case for a SURA Asset Management fintech company in Mexico, which provides digital financial wellness services. Their app offers tools for financial self-awareness, expense management, and financial products, but they faced a key challenge: users were hesitant to link their bank accounts to the platform—a crucial step for accessing the app's full benefits.

The platform itself was technically robust. It was well-engineered, secure, and user-friendly. However, the missing piece was a behavioral science perspective—an understanding of the psychological and emotional factors that influence user decisions. This gap meant that even a well-designed product wasn’t achieving its full potential.

Working with a talented team, I led efforts to address this challenge. Funded by the Inter-American Development Bank (IDB) through a grant, our goal was to answer a critical question: How can we build trust and encourage users to take this step?

Understanding the barriers

The first step was to uncover why users were hesitant. This involved a systematic, multi-layered approach:

• Building a theoretical foundation: We conducted an extensive review of literature on the determinants of trust in organizations to ground our efforts in proven insights.

• Reviewing past research: The company’s existing data offered valuable context about past user research studies, previous efforts and results.

• Gathering direct user insights: Ad-hod surveys were deployed to understand current user concerns and perceptions firsthand.

From this comprehensive analysis, three primary barriers emerged:

• Concerns about data security.

• A lack of perceived control over personal information.

• Uncertainty about the linking process.

The experiment

To address these barriers, we designed and tested five different trust-building messages, each based on a specific behavioral science principle. Participants were randomly assigned to one of the five messages, while a control group received no intervention. This randomization allowed us to accurately measure the impact of each strategy:

1. Reducing risk perception: Reassuring users about the safety of their financial data.

2. Leveraging the messenger effect: Using trusted voices to convey credibility.

3. Reducing uncertainty: Clearly explaining what would happen after linking their accounts.

4. Enhancing reputation: Highlighting the parent company’s track record of reliability.

5. Boosting perceived control: Emphasizing the user’s ability to manage their own data and decisions.

These messages were delivered via pop-ups displayed just before users were prompted to link their bank accounts.

The results:

The intervention successfully increased the percentage of clients who linked their bank accounts to the app. Among the five messages, the one focusing on perceived control had the most significant impact, leading to:

• A 4-percentage-point increase in bank account linkages.

• A 26% relative improvement compared to the control group.

This approach resonated with users by empowering them and addressing their need for control over their decisions. While other strategies, like reducing risk perception and leveraging trusted messengers, also showed promise, the perceived control message had the greatest impact in this context.

Reflections:

This project reinforced the importance of meeting users where they are—not just with practical tools, but with messaging that speaks to their underlying concerns about trust. While the platform was technically sound, a small adjustment, such as integrating behavioral insights into the messaging, proved to be highly beneficial. By addressing psychological barriers, we were able to build trust and bridge the gap between a great product and its users. 

Key takeaways

1. Behavioral science is a powerful tool for bridging the gap between intention and action.

2. User concerns should be addressed holistically, combining technical robustness with psychological reassurance.

3. Empowering users with a sense of control is transformative in building trust, particularly in the digital world.