The success of fintechs in the past decade can be attributed, in large part, to their ability to remove friction from user journeys. By delivering a more seamless experience, they have raised the bar in terms of consumer expectations, forcing traditional financial institutions to up their game in delivering a better user experience. From easier ways to pay each other, shopping for goods and services or efficient ways remit funds internationally, these fintech apps endeavor to make their solutions easier, faster, and cheaper than traditional options.

But friction-less experiences can come at a cost. There has been heavy commentary on how adding friction can lead to better outcomes in e-commerce. This could be related to managing fraud (entering a code texted to the registered phone), driving cost savings (lower cost for pick up versus delivery) or reducing errors (reviewing order before submitting) In e-commerce, its often said “One of the consequences of making it too easy for customers to purchase something is that your return rate is likely to increase.”

However, not much has been written about adding friction to instill a sense of confidence in the consumer’s mind by giving them more control over the overall experience.

At Akoya, we believe that adding ‘purposeful friction’ to this data sharing experience can go a long way in giving consumers control, leading to higher trust in the financial services industry.


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