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The financial landscape is evolving rapidly, with digital assets like cryptocurrencies redefining how businesses connect with their customers. Dmitrii Egorenkov, a global fintech leader with over 15 years of experience in banking, consumer finance, and other fintech sectors worldwide, believes that traditional fintech platforms can learn valuable lessons from crypto projects to create more engaging user experiences and expand their reach.

Innovating at the intersection of fintech and crypto

With a distinguished career spanning more than 15 years, Egorenkov has been a leading innovator in the fintech world. As a driving force behind B9, a dynamic fintech startup, he has leveraged AI-driven tools to enhance customer acquisition, streamline operations, and boost user loyalty. These efforts have significantly elevated the user experience while expanding financial access for underserved communities. His approach at B9 reflects a relentless commitment to innovation and agility, ensuring the company remains at the forefront of an ever-evolving market.

How fintech can learn from crypto: Fresh strategies for engagement

While traditional fintech platforms have mainly focused on convenience and security, the rise of digital assets offers new ways to engage users. By adopting some of the innovative mechanics used by crypto projects, fintech companies can make their services more dynamic and user-friendly.

1. Transforming loyalty programs with tokenization:

Tokenization, a core strategy in many crypto projects, offers a new way to revamp loyalty programs. Unlike traditional points that are often restricted to one platform, tokenized rewards can be traded, redeemed, or invested across various platforms, giving users more flexibility and value.

Egorenkov suggests that fintech platforms could leverage tokenization to create more engaging loyalty programs. Similar to how Brave Browser uses its Basic Attention Token (BAT) to reward users for their attention, fintech companies could develop their own digital tokens, providing real-world value that attracts and retains users.

2. Integrating DeFi elements for enhanced services:

Decentralized Finance (DeFi) eliminates intermediaries, allowing users to directly access financial products through smart contracts. There is great potential for fintech platforms to integrate elements of DeFi—such as increased transparency and reduced transaction costs—to offer more appealing services.

For example, fintech apps could use DeFi principles to offer alternative savings accounts with higher returns or more flexible lending options. By adopting these elements, fintech companies can give users greater control and build trust.

3. Using gamification to increase engagement:

Crypto projects often use gamification to create vibrant user communities. Games like Axie Infinity have successfully employed “play-to-earn” models, rewarding users for their participation and fostering a sense of community and loyalty.

Egorenkov believes fintech companies can adopt similar gamification strategies to boost engagement. By rewarding users for activities like voting on new features or completing educational tasks, apps can create a more interactive and enjoyable experience, encouraging users to stay engaged.

4. Encouraging positive actions with earn models:

Innovative crypto projects like STEPN and Hamster Combat reward users for specific activities, such as walking or interacting with the app. These “earn” models demonstrate how simple incentives can drive consistent user engagement.

He suggests that fintech apps adopt similar strategies to encourage healthy financial habits. For instance, a banking app could reward users with tokens for achieving savings milestones or actively participating in financial education programs. This approach fosters meaningful engagement and strengthens relationships with users.

The future of fintech: Blending crypto and traditional models

Egorenkov envisions a future where traditional fintech platforms increasingly incorporate crypto-inspired engagement models to stay competitive. Even if these platforms do not fully embrace cryptocurrencies, they can still benefit from strategies like tokenization, gamification, and DeFi elements to enhance the user experience.

By adopting these innovative tactics, fintech companies can create more engaging and user-centric environments, driving growth and fostering customer loyalty. This blend of fintech and crypto mechanics presents a unique opportunity to redefine how users interact with financial services.

Dmitrii Egorenkov’s vision for the next era of fintech

With extensive experience in fintech and AI, he is positioned at the forefront of redefining user engagement strategies in financial services. By adopting innovative mechanics from the cryptocurrency world, there is immense growth potential for fintech platforms. His vision points toward a future where technology, engagement, and inclusivity converge to deliver unparalleled value to users, paving the way for a new era in finance.