Hi all, Julie here.
I just got my credit card bills today after moving...talk about a downer. But after tweeting about it, a couple of folks said that fintech companies should be thinking about ways to alleviate the financial stress of this process. Yes please!
But what would this look like? A few things come to mind.
- Letting customers use rewards points for discounts on moving companies.
- Using data on customers to offer great personal loans or BNPL options for moving costs.
- Someone like an HM Bradley letting customers use one “rewind” on their checking account to keep getting a great interest rate despite moving costs (this idea might be from personal experience lol).
- A BNPL option for all moving costs in general.
- A step to step guide to transferring your car registration and car insurance to a new state, while also being notified of the best local deals (Jordan says that this has been a real pain in the ass).
- Using AI to help customers decide how much they can really afford when moving and how to allocate those funds.
- With so many people looking to buy homes rather than rent, a service to help people monitor the real estate market in real time, put money away and connect them to a good broker would also be a great add on service.
Some of these have easier revenue models than others.
- BNPL would have a similar revenue model to what pure BNPL players already employ, where the provider gets a cut from the merchant.
- Rewards systems and using a rewind on HM Bradley would be less about revenue and more about customer satisfaction.
- Alerting customers to better rates would be a mix of both, since this would both appease customers but could also generate revenues from referrals.
- And the data to provide better loans would be structured just like many other lenders we have in our space.
- Are there other things that you can think of? I don't know that there would ever be enough to have a stand alone business dedicated to these services, but maybe it could be like The Knot is for weddings...a big database with all the advice you need for this pivotal life event. Even if it’s not a stand-alone company, there certainly seems to be a lot of room for fintech to improve the moving process. I think the most enticing one to me based on my cross country move would simply be a way to bundle my costs together and pay for it on an installment basis. Would love to hear your thoughts and hear about any companies already working on this!