Targeting Customer Experience in Fintech
Fintech is an increasingly competitive sector, where the level of dynamism is almost incomparable to most. One of the underlying reasons for fintech’s immense expansion in recent years has been its innovative capabilities. The pace at which technological developments are taking place is inspiring. Countless startups are continually emerging across different countries, gradually diluting the concept of fintech hubs. Such rapid evolution and developments have spiked the competition rates alarmingly.
Apart from innovation, companies are taking refuge under the umbrella of customer experience and services to tackle the turbulence of competition. Customer experience has gained importance enough to become a guiding light for fintechs. By basing their novelty and ideations on customer experience, companies can find their edge to compete in the global market.
From mobile payments, online banking, and embedded finance to the blockchain, asset management, and investment analysis, fintech has evolved magnificently. The pandemic has acted as the catalyst, promoting fintech’s dynamism and development further.
Here are some of the methods widely applied by fintechs to up their customer experience game:
The Role of Millenials
Millennials, also sometimes referred to as the digital generation, have tremendously influenced the topography of technological industries. Millennials have immense control over the crystallization of new ideas and innovations that eventually form the underlying structure of the fintech industry. Fintech companies are targeting the methodology of customizing their business missions to suit the needs of millennials, whose influence would eventually guide the innovation to either success or improvements.
Personalized Offers and Prompts
To tackle the growing competition companies have devised plans to incentivize their consumers by offering personalized offers and prompts. By implementing gamification to serve customers, both fintech companies and financial institutions have immensely succeeded in attracting large customer bases to their services and products.
The Power of Social Media
One of the strongest selling points for companies competing in the technological sector is their control and influence on social media. Social media has become one of the leading strategies that have helped numberless individuals and companies gain an audience, goodwill, customer loyalty, and more importantly, a platform that helps establish their brand. By establishing a prominent presence on social media, companies can connect with their customers on deeper levels, promote their products, missions, and beliefs through informal channels, and establish better communication and relationships with their past and potential customers.
Enhancing Customer Control
By leveraging digitalization in their services and products, companies can give more power and control to the hands of their customers. Online banking, digital remittances, online trading, eKYC, and countless other services allow consumers to operate and transact from anywhere in the world.
Financial Education
With fintech gaining traction, the need for better and more efficient financial education has become vital. The fintech jargon is ever-growing, implying that users need to stay up-to-date to get the most benefit. Fintech companies are employing different methods to educate their customers to keep them well informed. Chatbots and embedded fintech education have transformed how consumers gain information about different products and services.
Intuitive Designs and Language
One of the central ideas for enhancing customer experience in fintech is to design applications, products, and services websites with an intuitive user interface. The user interface has become an essential part of the marketing process, where applications are designed keeping the end-user in mind. The language and the interface are interactive and informal in most applications, allowing users to interact with chatbots to attain a better understanding. Such intuitive designs have proven very beneficial for top-performing fintechs.
Customer Behavior and History
With the presence of the online sector rapidly growing, consumers now have various portals and platforms that allow them to interact directly with applications, transact, and perform other activities. Fintech companies gain leverage by collecting data about their customers, which gives them key insights into user behavior, expectations, and history. By employing technologies like artificial intelligence, fintechs can offer customized offers and prompts that otherwise would not be available.
AI & Big Data
Technological advancements have led to the development of technology like artificial intelligence, cloud computing, and big data. Such futuristic technologies allow fintech companies to offer improved platforms and services to their customers. AI has been instrumental in advanced data analysis, enabling customer-focused decisions. Dedicated and customizable chatbots have become essential parts of websites and online processes owing to technologies like AI and Big Data.
POS Services
Fintechs have established innovative channels to provide services to their customers. Providing embedded financial services like e-payments or BNPL (Buy Now, Pay Later) has become very popular across websites and applications.
Novel Technologies like Robo Advisers and Blockchain
Apart from technologies that have become a part of mainstream fintech, new technologies like blockchain, cryptocurrencies, robot assistants and advisers, etc., are rapidly gaining ground. Customers nowadays perpetually seek new and better ways to carry out their financial transactions. Blockchain technologies are ingenious, decentralized ledgers that provide very secure gateways to conduct large transactions using cryptocurrencies. Fintechs are also increasingly automating and digitizing several processes and core functions, like trading advice, investment and asset management, etc. New technologies such as Robo advisers assist users with investment and financial management decisions, which otherwise would be very cumbersome for most.
Closing Words
New technologies are leading the innovation spectrum across different industries. Fintech has been the offspring of innovation and technology, making way for practical solutions. By automating several processes, making services available online 24*7, reducing lengthy paperwork, and more, technology is paving the way for happy customers. International remittances, large transactions, insurance plan comparisons, etc., are all possible now because of the technological competencies of fintech. Customer satisfaction has been the key driving factor for the growth of fintech, and it continues to guide fintech companies in their advancements.
