How to enhance the customer experience in the Fintech Industry


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Enhance customer experience in fintech industry

Source: Mohamed_hassan – Pixabay

Fintech or Financial technology is the industry that delivers traditional financial services in a technical manner. The industry has been there for a long time but made significant growth in the previous few years. New cryptocurrencies and payment solutions are surfacing, and the industry is projected to make significant growth of $309.98 billion at an annual growth rate of 24.8% through 2022.

All this growth is due to huge customer value from consumers around the world. As the competition of FinTech is with a decades-old industry the need to retain loyal customers is important. The banking industry has a huge customer base that cherishes to stick to the old ways of making transactions.

As customers are the primary source of profits, market value, and growth, they need to be handled with care. Before delivering the wants of the customers, the companies need to identify their needs as well. Fintech is the revamped version of banking but its customers are well aware of the pros and cons of banking, hence they are clear about what they want from Fintech. Delivering the product is just an initiative, it is your delivery mechanism and customer experience that’ll help you grab retainable growth.

Show them you care for their security and privacy

Banks are still in the game, as their customer value is way more than Fintech companies, it is because of well thought out financial services they provide. Banks have been through the growth period and have developed efficient security standards, that people actually trust. Fintech also needs to think over customer security while designing their customer experience.

Research found that customers feel more comfortable with businesses that have some sort of apparent security measures, so show some security concerns to your customers. Implement apparent security measures such as customer identity screening in real-time, secure payment service, biometric authentication at logins, etc. It will show to your customers that you care for their security and take necessary measures to ensure it.

Fintech deals in an industry where the risk of financial crimes is high. Lack of well-thought-out mechanisms in the industry has given leverage to business entities where they have a clear field to experiment with new solutions. On the other hand, it has increased the risk of financial frauds such as money laundering and terrorist financing. Not to mention the customers are aware of these frauds so they demand rigid security from Fintech solutions, along with fastness and reliability.

Face verification enabled login will be the next big thing, as it is convenient, and delivers better security to the customers. It helps fight fraud without long customer due diligence practices.

So practice rigid security measures to beat the competition. As big data is the primary asset of fintech solutions, invest time, effort and money in its security. Handle your customer data with the utmost care and make some visible efforts regarding it. For instance make your data protection and customer privacy policies visible enough on your website or app, to gain the attention of customers. Also, it depicts the confidence of a company in its security practices.

Go for total automation

Fintech solutions do provide the advanced version of financial services but often they keep their operations manual, which is a shortcoming. Customers demand swiftness and high efficiency from Fintech solutions.

Maintain complete automation in your operations, especially those that are customer touchpoints. A few areas to cover are customer care service, customer onboarding process, the customer login process, and payment process. A few useful technologies in this regard are VOIPs, fast payment solutions, AI chatbots and AI-based identity screening solutions.

VOIPs will enhance the communication experience as calling will enable you to develop a direct connection with your customers. VOIPs are fast, economical and reliable, so why not choose them. Especially if you’re tackling a global clientele.

Chatbots have the ability to deliver a customized experience to your customers, even 90% of traditional banks are expected to automate customer interaction by 2020. On the other hand, 60% of millennials – who are primary customers of Fintech- says to use chatbots regularly for online purchases. Chatbots is a future-oriented investment that enhances user experience and can reduce operational costs by 30%.

Identity verification solutions based on artificial intelligence will revamp your customer onboarding process as a customer can be verified within a few seconds. Fast and accurate identity screening will provide a seamless onboarding experience to customers increasing the customer retention rate.

Connect with your customers

The Fintech industry is based on the needs of customers that were unaddressed until now so understanding the customer needs well is significant. As the Fintech businesses primarily have digital relationships with customers, they need to make some effort in connecting with them. It will enhance customer trust in this industry.

The best way to enhance customer experience is to connect with them. One way to do this is to conduct customer surveys regarding what they feel about the brand. Later the survey results can be used to enhance the services as per the needs of customers. Conducting online webinars, and interactive sessions with customers also increase interaction with customers enabling you to understand their behavior towards your product/service.

Using customer data for analysis based on machine learning and artificial intelligence is also quite useful. AI-based customer experience solutions are a great way to understand their behavior by analyzing their transaction and search pattern.

To wrap up, customers are your assets and designing a great customer experience for them is vital. It is not that difficult, just put your customers first while planning the future and give value to their opinions and behavior. Gaining loyal customers is crucial because it will increase your profits, as 58% of consumers are willing to spend more on brands that deliver great customer experience.

Sarah Amundsson
As an expert in digital identity verification, Sarah helps businesses deploy solutions globally to solve their problems for Know Your Customer(KYC), Know Your Business (KYB), Anti-Money Laundering(AML) both for Individuals & Businesses, and fraud detection.


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