The wave of digital transformation has hit the finance sector in a dramatic manner, making FinTech companies rise greatly. But if your FinTech company does not deliver a highly positive customer experience, you stand to lose any advantage that you have gained so far.
Can your FinTech company deliver a customer-centric experience?
Yes, Fintech (and finance in general) doesn’t need to be completely boring, dull, and transactional. To be fair, the very fact that most other fintech companies deliver a rather unremarkable customer experience means that there is immense potential for your company to stand out from the pack and become the go-to fintech company in your region (or even the world) if you create and deliver a customer-centric experience.
But you’ve got to move fast and put the changes needed into motion because customers aren’t happy with mediocre experiences anymore, and other fintech companies are taking notice of the dissatisfaction in the air, the very fact that you’re here reading this means that you’re aware of this in some way.
Wait too long and your competitors will step up their game and work on improving their customer experience holistically, attracting your clients like a magnet. If you don’t want to be left eating their dust, your need to change gears and race ahead towards better delivering better, more customer-centric approaches right now!
How to improve your FinTech customer experience?
Collect feedback from your customers about your services. You want to know how they feel, understand the issues that they are facing, and get an idea of what their priorities are. Go beyond simply looking at surveys and feedback forms (though using an AI chatbot will make it much easier for you to run your surveys and collect feedback in a conversational format).
You want to look at customer reviews, conversations that your customers have with your sales, support, and customer success teams, support ticket trends, cancellations, social media posts talking about your brand, and whatever else you can look at to understand what your customers are looking for. You might also want to run a sentiment analysis on this data.
But you can’t just collect this data and do nothing with it. Collecting it will make your customers feel heard, but if you don’t take any action on it and make the kind of changes that they are looking for, your customers will feel like you just don’t care about their thoughts and opinions. As far as possible, you need to take action on the feedback you collect from your customers (within reason).
Let’s say that one of your clients runs into an issue at 4:00 in the morning and can’t figure out a way to work around it. Are you going to leave them waiting for you to respond to an email or for your customer service agents to come online at 9:30? The client might very well end up having a panic attack if they’re left stuck in that situation.
You want to be able to answer all your customer queries 24/7, whether your customer service agents are awake or not. That’s where your artificially intelligent agents come into the picture. These chatbots can answer about 80% of your customer queries without needing human intervention. That means all your repetitive financial queries get answered instantly, without your clients needing to wait (or having to deal with that panic attack).
Only the most complex queries need to be transferred to live chat agents, and these get transferred within the same chat window, so your customers don’t need to switch to an email or a phone call if the bot can’t handle their issue. This means that you don’t need to hire a whole bunch of agents for every shift. A few of them are all that you need to scale up your support and answer those complex queries while your bot handles all the repetitive ones.
A huge part of the fintech customer experience is all about how easy it is for your customers to use your platform and how intuitive your platform or app is. The whole idea is to reduce customer effort and create a seamless experience that does not break down at any point. You also want to make sure that your app or platform is optimized for various screens sies, so that your clients don’t have to get frustrated because they’re using your app on anything other than the latest iPhone.
Customers expect you to understand their needs. If you don’t, they’ll just think that you don’t care enough about them. The good news is that you have a lot of customer data lying around, generated from credit and debit card transactions, ATM withdrawals, etc. It’s too much for you to crunch manually, but AI and Big Data tools can help you use this data to get into your customer's heads and serve them the right way.
It also allows you to personalize your offers and your pitches to your customers, making them twice as likely to care about your offers.
If you’re just sending notifications over email or SMS, there’s a high chance that your customers won’t see them (at least not as soon as you’d like them to). And if it’s an important notification, like something about their account activity, that’s a problem, they need to see these notifications quickly.
That’s your cue to use a WhatsApp chatbot. Your WhatsApp chatbot can send notifications out to your clients on the app they open and use 23 times and spend 28 minutes using on a daily basis. And with WhatsApp’s rather overt notifications, you know that there’s barely any chance that your clients won’t see those notifications on time.
There’s literally no way you can deliver your customers a positive customer experience program if they don’t trust you. As a FinTech company, data security should be one of your primary concerns. In addition to ensuring the privacy and security of financial transactions and operations, you should also make sure that customer support data is well protected.
Ensure that you are PCI DSS compliant and have your certification. You will have to fulfill the requirements defined by the PCI DSS standards to get your certification.
You should also make sure that you are ISO/IEC 27001:2013 compliant. This is an international standard for data security.
Your customers want to be able to reach you over whichever channel they are using at the time. You shouldn’t be forcing them to hop across channels to get in touch with you. But if they do decide to get in touch with you and then hop across to another channel, you should make it possible for them to continue their interaction seamlessly across those channels without needing to start from scratch.
Let’s say that one of your customers is chatting with you on WhatsApp. If they later decide to move to Facebook Messenger, Instagram, or your website, they should be able to continue the conversation from wherever they left off instead of needing to repeat their issues all over again.
A break in this continuity can be very annoying for your customers. In fact, studies have shown that 89% of customers get very frustrated when they need to repeat their questions or issues to multiple customer service agents.
Your chatbot and your agents should have context from previous conversations that are carried across all touch-points, making your experience truly omnichannel.
Artificial intelligence and machine learning can be used to analyze the spending habits of your customers, detect purchases or locations that deviate from the profile and the patterns, and then flag them to be reviewed before the transactions can be completed, thus reducing the risk of fraud to a substantial degree.
AI and ML can also detect patterns that can help them figure out where financial irregularities are most likely to happen. Your FinTech company can use these technologies to take the right precautions so that the problems don’t spin out of control and are instead nipped in the bud, thus helping you avoid compliance issues and bad customer experiences.
You need to make your customers feel comfortable doing business with you. And interacting with them is a huge part of that. If you don’t localize, you run the risk of alienating a huge chunk of your customer base, especially since less than a quarter of the world’s internet users understand English in the first place.
Even if they do understand a little English, if you don’t localize your marketing content and your customer service conversations, you might find your customers treating you like an outsider instead of seeing you as one of their own and trusting you.
That’s where Engati’s chatbots come in. You don’t need to hire a bunch of representatives for every language in every region that you operate in. Your AI-powered Engati chatbot can engage your customers and answer their questions in 50+ languages in real-time.
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