Fintech and Home Improvement: How Easy Financing is Driving the Demand for Bathroom Refinishing Near Me (2024)

Financial Technology (“Fintech” in short) has been one of the most exciting and talked-about sectors in recent years.

From standalone services like Klarna and Cash App to integrated solutions offered by larger brands like Apple (Apple Pay) and Google (GPay), fintech has grown into an industry of its own, sparking major innovation and attracting billions in funding.

However, as you would expect, the success of fintech is based on its ability to reach out to a whole range of consumers – from traditional, banked consumers to non-traditional, unbanked consumers – and make both access to financing and actually making payments, a breeze.

As we shall see, this has proved essential to driving demand for a wide variety of goods and services.

Among the latter has been bathroom refinishing services, which has seen a major uptick over the last few years. You can see it for yourself if you research search trends for phrases like “bathroom refinishing near me” and check the YoY growth in search volume.

Furthermore, as we shall see, a major part of this growth in demand is due to fintech payment and financing solutions, instead of being an inevitable result of a growing population.

Making payments uber-convenient – a closer look at the fintech revolution

There are many features and benefits associated with fintech – from unlocking exciting innovation in the hitherto boring world of consumer finance to being the next springboard for next-generation startups.

However, at the root of it all lies one word – convenience.

Traditional loan processes involve daunting paperwork, long wait times, and sometimes a not entirely objective assessment of the prospective borrower’s creditworthiness.

Fintech has completely revamped the process, replacing bank visits and interviews with interactive & easily operative digital platforms and quick and easy online processes, leading to fast disbursem*nt of funds.

But what does that have to do with bathroom refinishing?

As it turns out, a lot.

We’ve been around catering to bathroom refinishing customers in the Greater Boston area since 2011, and you can take it from us that access to financing was a key barrier in dampening consumer sentiment and depressing demand.

Substantial home improvement services like bathroom refinishing do tend to be priced on the higher side for many consumers to pay cash. Moreover, there is often a high upfront payment required.

Traditional loans were too rigid and had to be originated through a tough process, which put many folks off. In other words, bathroom refinishing and other such services was viewed as a luxury.

Fintech filled this crucial gap, offering easy, affordable and flexible financing and payment methods to homeowners.

They can now unlock credit even if they don’t have a sufficient credit history and can spread out the payments over a sufficient time period so as to make repaying the loan manageable.

Trading affordability for quality?

It’s a natural concern – is fintech leading to a dilution of quality?

Not at all.

While fintech financing would be described as small-ticket debt in the grand scheme of things, at the operational level, fintech offers appropriate levels of credit for homeowners to get high-quality and professional refinishing services without experiencing the sticker shock that was routine in earlier times.

Bay State Refinishing – riding the fintech wave

As we mentioned, we’ve been around since 2011, and we’ve experienced the boom in demand – riding on the fintech wave – firsthand.

Quickly and easily accessible credit and convenient payments systems have enabled homeowners to invest in upgrading their properties,

Our team of experienced professionals has completed hundreds of projects and earned a reputation for exceptional execution and customer service.

Bay State Refinishing, a leading bathroom refinishing service provider in Boston, has been at the forefront of this transformation. Since 2011, their team of experienced professionals has completed hundreds of projects, earning an exceptional reputation along the way.

We’ve even brought out new and innovative services like “Bay State Refresh” which offers a quick 7-day refresh of your washroom for a fraction of the price of more traditional refinishing projects.

With the convenience brought about by Fintech, Bay State Refinishing has seen an increased demand for its services.

And as we mentioned earlier, this has not been entirely due to population growth but also the unlocking of new consumer demographics through fintech.

More homeowners are able to invest in premium services like bathroom refinishing, tile refinishing, and sink refinishing – which in turn boosts the valuation of their properties, which has a knock-on effect on the state of the local economy.

Looking ahead

As you have seen, fintech has had a very real positive impact on the demand for premium bathroom refinishing as Bay State Refinishing offers – and this is just the beginning.

With corporations and conglomerates like Apple and Alphabet (Google) getting into the game and even Wall Street Banks looking to gain footholds in the bulging consumer finance industry, the fintech revolution is sure to go on for decades.

Innovative financing options can bring more and more non-traditional customer groups into play, which creates a positive feedback loop of more homeowners investing into upgrading their homes, which in turn boosts house and real estate values, improving the local economy, and spurring investment and job creation – the virtuous cycle of the American Dream.

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