In this episode of Accrued, hosts Tedd Huff and Colton Pond engage with Ben Boyer, a leader in new product development at World Finance, to discuss evolving strategies in the Lending sector. With a focus on customer needs, installment loans, and creditworthiness, the conversation reveals key insights into building strong customer relationships while adapting to a rapidly changing market. The discussion is packed with practical advice for businesses looking to enhance their offerings and retain customers in an increasingly competitive environment.

Amid shifting economic conditions, the conversation pivots to how financial institutions can remain relevant by keeping their focus firmly on customer needs and adaptability.

Ben highlights how World Finance has navigated economic highs and lows since its founding in 1962. By staying committed to their mission of serving customers’ financial needs, they’ve maintained relevance and success. The organization prioritizes meeting customers where they are, a principle that ensures their services remain accessible and helpful regardless of market fluctuations.

A significant theme is the shift from single-product models to a broader range of financial offerings. Expanding these options allows businesses to better serve their customers, fostering loyalty and retention. Ben underscores that this approach is not about creating flashy or overly complex products but about genuinely understanding and addressing customer pain points.

This naturally raises the question of how entry-level financial products can set the stage for deeper customer engagement while maintaining realistic expectations.

A central topic of the episode is credit builder products. These are designed for customers with limited or no credit history, serving as a first step toward financial independence. Ben stresses the importance of managing expectations, noting that companies must be transparent about what these products can achieve. Overpromising on outcomes, such as rapid credit improvement, can erode trust. Instead, these products should act as an entry point into a suite of services, creating opportunities for customers to grow with the company.

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Beyond product offerings, the discussion circles back to what truly keeps customers loyal: empathetic, solutions-oriented service that addresses real-life challenges.

A recurring point in the discussion is the critical role of customer service in retaining clients. Ben shares examples of how empathetic service can transform a financial relationship. For instance, offering supportive solutions during times of hardship—such as job loss—can build long-term trust. This approach contrasts with transactional models that prioritize immediate profits over enduring relationships.

Tedd and Colton also touch on how personalized interactions create stronger connections. Customers are more likely to stay loyal when they feel valued and understood. Businesses that invest in understanding their clients’ unique financial situations can better tailor their offerings, making them more effective and relevant.

In an era where traditional metrics fall short, the dialogue shifts to how alternative data is revolutionizing the way companies understand and serve their clients.

Another fascinating element is the use of alternative data to assess creditworthiness. Traditional credit scores, while reliable, may overlook individuals who don’t fit conventional profiles. Ben explains how leveraging data from platforms like Plaid or Finicity can provide a more nuanced understanding of customer behavior. This not only helps identify underserved populations but also opens the door to designing low-risk financial products that align with customers’ needs.

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Looking ahead, the importance of empowering customers with accessible tools to manage their finances takes center stage, showing how education can enhance long-term loyalty.

Ben also discusses the lack of effective budgeting tools that offer real-time, user-friendly insights. He envisions applications that could predict cash flow issues, helping users manage expenses before they become problems. Such tools would empower customers, fostering a sense of control over their finances while deepening their relationship with the service provider.

Tying it all together is the enduring theme of trust—earned through transparency, thoughtful innovation, and a relentless commitment to meeting customer needs.

The conversation wraps up with a reflection on building trust and providing value. For businesses, this means being honest about product capabilities, offering empathetic service, and using data intelligently to meet customer needs. By doing so, companies can ensure they remain not just relevant but indispensable to their clients.

This episode is a must-listen for anyone interested in understanding the strategies that drive long-term success in financial services. From expanding product lines to leveraging alternative data, the insights shared by Ben Boyer provide a roadmap for meeting customer needs in a thoughtful and impactful way.

TLDR:

In this episode of Accrued, Tedd Huff and Colton Pond talk with Ben Boyer of World Finance about evolving financial strategies. They discuss how Lenders can build lasting customer relationships by focusing on customer needs, expanding product offerings, and leveraging alternative data. Ben highlights the importance of realistic credit-building products, empathetic customer service, and accessible financial tools. The conversation emphasizes trust, transparency, and tailoring services to meet client needs while adapting to economic changes. A must-listen for businesses aiming to stay competitive and customer-focused in the lending sector.

Stay tuned for more episodes as Tedd Huff and Colton Pond continue to explore the world of fintech.

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Key Highlights

The Key to Retaining Customers You Might Be Overlooking

Customer retention isn’t just about having the right products—it’s about relationships. In this episode, Ben Boyer shares how businesses can use empathy and reliability to build connections that stand the test of time. He explains why being there for customers during tough times often matters more than the services you provide. This practical perspective highlights the true value of being customer-focused.

Why One-Size-Fits-All Credit Scores Could Be Holding You Back

Are credit scores enough? Ben dives into why traditional credit evaluations miss the mark for many potential customers. He discusses how alternative data can create a better understanding of financial behaviors, helping businesses serve customers overlooked by larger institutions. Learn how rethinking creditworthiness opens doors to new opportunities.

The Secret to Offering Financial Products Customers Actually Want

Businesses often brainstorm ideas in meeting rooms, but are they solving real problems? Ben emphasizes putting yourself in the customer’s shoes to develop products that meet their needs. Forget flashy features—success lies in understanding what customers value and delivering it with clarity and simplicity.

How Expanding Your Offerings Can Keep Customers Coming Back

Providing a single service is no longer enough. Ben explains how businesses can stay competitive by expanding their product ranges to better serve customers at every stage of their financial lives. Offering more doesn’t mean complicating things; it’s about finding practical ways to meet evolving expectations.

What Makes a Great First Financial Product

The first financial product is more than just a service—it’s a stepping stone. Ben discusses why these products must be thoughtfully designed to build trust and introduce customers to your brand. They should balance accessibility with long-term benefits, ensuring that customers keep coming back for more.

The Key to Retaining Customers You Might Be Overlooking

Customer retention isn’t just about having the right products—it’s about relationships. In this episode, Ben Boyer shares how businesses can use empathy and reliability to build connections that stand the test of time. He explains why being there for customers during tough times often matters more than the services you provide. This practical perspective highlights the true value of being customer-focused.

Why One-Size-Fits-All Credit Scores Could Be Holding You Back

Are credit scores enough? Ben dives into why traditional credit evaluations miss the mark for many potential customers. He discusses how alternative data can create a better understanding of financial behaviors, helping businesses serve customers overlooked by larger institutions. Learn how rethinking creditworthiness opens doors to new opportunities.

The Secret to Offering Financial Products Customers Actually Want

Businesses often brainstorm ideas in meeting rooms, but are they solving real problems? Ben emphasizes putting yourself in the customer’s shoes to develop products that meet their needs. Forget flashy features—success lies in understanding what customers value and delivering it with clarity and simplicity.

How Expanding Your Offerings Can Keep Customers Coming Back

Providing a single service is no longer enough. Ben explains how businesses can stay competitive by expanding their product ranges to better serve customers at every stage of their financial lives. Offering more doesn’t mean complicating things; it’s about finding practical ways to meet evolving expectations.

What Makes a Great First Financial Product

The first financial product is more than just a service—it’s a stepping stone. Ben discusses why these products must be thoughtfully designed to build trust and introduce customers to your brand. They should balance accessibility with long-term benefits, ensuring that customers keep coming back for more.

Why Data-Driven Decisions Beat Gut Instinct Every Time

Instead of guessing what customers need, Ben shares how data can guide smarter business decisions. By analyzing spending habits and financial patterns, companies can create personalized solutions that truly resonate. This approach not only improves customer satisfaction but also enhances loyalty.

Breaking Down Barriers to Financial Success

Many customers feel overwhelmed by finances, but simple tools can change that. Ben highlights the need for budgeting apps that actually make sense. By offering clear insights into spending and saving, businesses can empower customers and strengthen their financial confidence.

How to Balance Profitability and Customer Care

Balancing revenue goals with customer care can be tricky. Ben explains why entry-level products don’t need to generate massive profits. Instead, their purpose is to establish trust, break even, and lead to more profitable services. This thoughtful strategy ensures long-term relationships.

What Most Financial Companies Get Wrong About Credit Building

Over-promising on credit building can backfire. Ben discusses how some companies fall into the trap of exaggerating results, leading to customer disappointment. He shares why setting realistic expectations and delivering consistent value is the smarter approach to building lasting trust.

Why Lifelong Customers Start with Exceptional Service

It’s not just about the products—it’s about how you treat your customers. Ben and the hosts talk about why empathy, support, and personalized service are the foundation of lasting financial relationships. Businesses that focus on these elements are the ones customers stick with for years.

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Takeaways

1️⃣ Set Clear Expectations to Earn Trust

Avoid overpromising with your financial products, especially credit-related ones. Focus on transparent communication about what your services can realistically achieve. This builds trust and keeps customers coming back.

2️⃣ Simplify Financial Tools for Better Engagement

Create user-friendly budgeting tools or resources that simplify complex financial concepts. Keep your interface and messaging straightforward to make money management less intimidating for your audience.

3️⃣ Prioritize Trust Over Immediate Profits

Design entry-level products with long-term relationships in mind. Instead of chasing quick revenue, aim to provide value and reliability that encourage customers to explore higher-tier services with your brand.

4️⃣ Stay Ahead by Analyzing Market Trends

Continuously monitor changes in customer needs and market behaviors. Use these insights to adapt your product offerings and ensure your business stays relevant, even in fluctuating economic conditions.

5️⃣ Be Proactive in Reaching Customers

Don’t wait for customers to come to you. Whether through digital platforms or in-person touchpoints, ensure your services are accessible. Meet customers where they are to show you value their time and needs.

Links:

World Finance:

Website: https://www.loansbyworld.com/about

LinkedIn: https://www.linkedin.com/company/worldfinance/

Ben Boyer

Linkedin: https://www.linkedin.com/in/ben-boyer-535a272/

Fintech Confidential

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Time Stamps:

00:00 Episode Highlight reel

01:41 Welcome to Accrued

02:17 At the Salt Flats

02:35 Introducing Ben Boyer of World Finance

02:45 Market Trends and Business Strategy

04:03 Customer-Centric Approach

04:55 Expanding Customer Relationships

07:15 Credit Builder Products

09:31 Customer Service and Retention

11:01 Financial Education and Budgeting

11:54 Personalized Financial Products

12:24 Evaluating Creditworthiness

This is a Production of Diamond D3, Media

About the Guest:

Ben Boyer: Ben Boyer is a finance executive in Product Development at World Finance, previously serving as COO at Simpliphy and VP of FP&A at Newrez. He has extensive experience in portfolio management and a proven track record of enhancing client implementations and financial forecasting. Ben’s expertise reflects a commitment to creating flexible, customer-centric financial products and improving the overall customer experience.

World Finance: With over 60 years of experience and branches across 16 states, World Finance offers the stability of a large financial company and the trust of a neighborhood lender. Through personal loans, tax services, and unbeatable customer service, they help customers unlock their financial good. World Finance stands out from competitors by offering inclusive, transparent, and flexible lending solutions, with a strong focus on credit building, customer support, and comprehensive financial services, including tax preparation.

About the Hosts:

Tedd Huff is the Co-Founder of Voalyre and the President & Founder of Diamond D3, a consultancy renowned for its expertise in global payments and marketing. With over two decades of experience in FinTech, Huff has played a pivotal role in shaping the industry through his contributions to various startups and established companies, focusing on growth, innovation, process improvements, and enhancing user experience in the complexity of payments.

Colton Pond: Colton Pond is a seasoned marketing executive with a strong fintech and financial services background. In his latest role, Colton is the CMO for LoanPro's API-first lending platform, aiming to meet the increasing market demands. His track record includes a significant tenure at Truv, where he led the marketing team to achieve a 300% growth in year-over-year revenue. Colton has also held key marketing and sales positions at MX, Lucid, and HealthEquity, demonstrating his ability to drive success and innovation within the fintech sector.

Diamond D3, Media: A media creation, management, and production company delivering engaging content globally

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