The world of fintech is constantly changing. The Journal of Theoretical and Applied Electronic Commerce Research put it best: “Fintech is a dynamic and innovative field that fully benefits from advances in information and communication technology.” As our technologies continue to evolve, so too must the fintech sector.
So what does this mean for customer experience in fintech or fintech customer experience management? How can fintech brands keep up with these changes and provide their customers with exceptional experiences?
Fintech startup organizations have more than doubled in the past few years, up from 12,000startups in 2019 to over 26,000 today. It’s become far more common for consumers and businesses to purchase financial services, loans, and other financial products from fintech companies, sometimes without even knowing the are - as the services are embedded into the platforms and apps they use daily.
In addition, financial institutions are partnering in increasing numbers with fintechs to bring new offerings and capabilities to market more quickly. In 2021, 51% of financials reported existing partnerships with fintechs. In 2023, that number jumped to 60% with another 19% saying they planned to add fintech collaboration in the next year.
All of this has led to greater competition in the fintech industry for these coveted clients with ever-expanding expectations. So how can fintech companies set themselves apart and meet expectations?
Why the Customer Experience in Fintech Matters
There’s no real arguing that having a great customer experience (CX) is essential in the B2Bmarketplace. After all, 77 percent of companies cite exceptional CX as a key differentiator, and B2B brands that customize their eCommerce experience as part of a CX strategy outsell their competition by 30 percent.
But why is CX such an essential factor for the fintech sector? When it comes to fintech,customer experience is really the only experience. It’s so vital because financial service companies in particular, but really any organization, puts it’s brand credibility and trust in fintechs to extend their advantage - and if they are difficult to work with or the journey with a fintech is confusing, incomplete, full of friction and pain points, it breaks trust and confidence,even if their solution is well designed. As shared by Payments Journal:
“The fact of the matter is that CX is the most important aspect of any digital-only financial service provider.”
Fintech brands have to create positive, meaningful, efficient customer experiences that exceed client expectations. This instills confidence that they are the right service to handle the complex capabilities needed to set a financial institution apart from the competition.
The bottom line? CX in fintech is about much more than a smooth user experience. It’s about showing the companies that do business with your organization that your brand is reliable,trustworthy, and there to support organizational goals. The first step to creating a great fintech CX is understanding where customers come from and what they want to feel.
Using Big Data to Shake Up CX Within the Fintech Industry
Recent advances in big data have enabled fintech brands to connect with their customers and provide improved customer experience management. This includes tools like:
● Algorithms
● Artificial intelligence
● Machine learning
Organizations and the people that power them provide large amounts of data as they interact with their fintech services—and all of this data can (and should) be analyzed to provide even better customer experiences. With the right customer experience management platform, this data can even be used to predict their behaviors. In turn, fintech brands can use the data to personalize their product and service recommendations and find even better ways to help their customers strengthen their financial futures. Here are some of the ways data analytics is shaping the fintech customer experience:
Segmentation and Personalization: Big data can empower fintech companies to create profiles for each organization and their key decision-makers to understand their operational wants and needs better, analyze their behavior, and provide product and service recommendations more tailored to their organizational goals.
Segmentation can include factors like industry, profitability, asset size, number of employees,and online behavior to recommend targeted products, like organizational planning tools for C-suite professionals.
This is especially important because today’s businesses and the professionals that run them have come to expect personalized experiences—just like modern consumers. One study found that 86 percent of B2B customers expect the companies they interact with to be “well-informed”regarding their personal information when seeking customer service.
Customer Journey Insights: When it comes to B2B fintech customer experiences, financial brands should be aware of the entire customer journey. This includes factors like:
● How many customers from an organization are navigating the customer journey
● A brand’s progress through the customer journey
● Where friction exists and how to address it
● The kinds of journeys that are most likely to stall or slow
● Which touchpoints throughout the journey require added support or guidance
Opportunities for Increased Revenue: The right customer experience tools can help fintech brands leverage big data to locate opportunities to serve their partner organizations better—and increase revenue across the fintech customer journey. These tools can help identify gaps in service to cross-sell the right products, track the customer lifecycle to anticipate their needs, and even offer organizations financial education on additional products to support financial wellness.
Chatbots, AI, and Improved Fintech Customer Service: Customer experience management for fintech isn’t just about supporting the customers; fintech customer support is also about helping internal teams and freeing them up to be an integral part of the customer-facing experience. Chatbots, AI, and robotic process automation (RPA) can all help do this.
AI-fueled chatbots empower customers to get answers to questions and resolve problems 24/7. They also free up customer service teams to tackle larger, more complex issues. RPA can also be part of the customer experience in the same way; it can free up teams from the time it would take to complete simple, repetitive tasks so they can focus on enhancing the overall customer experience.
It’s also essential for fintech brands to offer their B2B customers a robust and proven infrastructure; one that’s equipped with “guard rails” to create a fail safe for AI and machine learning-based tools and large language models like GPT-3 and others. Especially in a financial setting, brands need to harness these technologies’ benefits while removing the risk of in corrector inappropriate interactions that could compromise the customer experience.
Providing self-serve options also affords customers near-instant resolutions to their issues while giving customer service representatives more time to address pressing issues.
Take Charge of the Fintech Customer Experience
OvationCXM has the power to address and improve customer experience—not just based on actual customer journeys and experiences but also in real time. From designing customer journeys where fintech brands can guide every customer interaction to conversational AI tools that give customers the tools they need to get their questions answered in moments, OvationCXM is changing the way customer experience management in fintech happens.
One way OvationCXM is perfect for on-the-go customers in the fintech world is omnichannel support. Ovation CXM’s platform gives your team the tools to communicate with customers on any channel, including chat, SMS, video, email, and phone interactions, all from the same screen.
This information is aggregated and shared with all internal teams and third-party partners so that no matter who is helping your customers improve their financial futures, they all are operating from a single source of truth.Are you ready to see OvationCXM in action? Request a demo today!
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