The Importance of Great CX to a Successful Fintech
As much as many business leaders and individuals may hate to hear it, we’re entering uncertain economic times. With inflation still hitting consumers hard and rising operational costs encouraging cost-cutting throughout enterprises, everyone is worried about how they’ll continue to make ends meet should these pressures continue.
In this challenging environment, fintechs may find themselves particularly concerned about their future as customers have less money on hand and more concerns about the business practices of the organizations to whom they entrust their finances. As such, it’s more important than ever that fintechs prioritize their customer experience (CX) strategy to instill confidence among their customers.
Here are the key considerations they should keep in mind:
1. Customization is key.
Good customer experiences are built on a deep understanding of your customers’ wants, needs, and concerns. At the most basic level, that means tailoring your processes to meet the expectations of your core customer base. What those expectations are will vary based on the services you provide and the groups you serve. For example, fintechs targeting Millennials may benefit from offering more digital touchpoints than those that primarily work with Baby Boomers.
That said, customization in today’s market must go deeper than persona-building and demographic research. Most consumers expect providers—especially ones that are primarily mobile- or internet-based—to have access to data about their hobbies, preferences, location, and habits. Investing in robust and thoughtful data collection and analysis programs can help fintechs tailor their offerings to better meet customers’ needs no matter where they are in their journey.
2. Customers appreciate options.
Customers today have seemingly infinite choices for their financial needs. They may be hesitant to engage with companies that don’t offer the full range of support channels to which they are accustomed. While customization to your customer base is key, so are accessibility and transparency. As such, fintechs must offer a wide range of communication and support options—like chatbots, FAQ pages, email contact forms, social media channels, and more—to ensure that customers can access the information they need in ways that work for them.
3. A human touch goes a long way.
Although digital channels, particularly those that leverage AI, are becoming more common and advanced, many people still like the peace of mind that comes with knowing they can access a human representative if they need it. More so, they don’t want to struggle to get in touch with live help should they need it. Investing in language analysis programs that can direct calls or chats to a live representative can help fintechs get the best of both worlds: streamlined experiences and satisfied customers.
4. Partnership is the name of the game.
With digital options becoming ubiquitous in CX programs, customers speaking to a live representative are often seeking help for complex or emotionally charged issues. As such, it’s important that representatives feel like partners, not adversaries, to customers.
All CX training should center on collaboration and empathy, but highlighting these qualities is especially important for digital-first businesses at which customer service representatives may be the only human with whom customers ever interact. This is even more important for fintechs, where customers’ financial futures may be on the line.
Despite its importance to success, CX is not a core function of a fintech’s business. Leaders at these companies may not be well-versed in the nuances of good support services, and they may not know how to scale their CX operations alongside the business—and that’s OK. That’s what experts are for.
Just as fintechs ask their customers to trust them with their money, experienced management partners, like Majorel, can help fintechs design and manage their customer journeys to curate exceptional experiences. Doing so can make all the difference for fintechs looking to succeed in a competitive and rapidly changing market.
