Did you know that nearly 43% of customers are likely to switch banks due to poor digital customer service? This striking statistic is supported by a study conducted by Boston Consulting, underscoring the pivotal role that exceptional customer service plays in the fintech industry.
We've observed the positive impact of improved online services across various companies. Implementing user-friendly digital solutions has consistently led to enhanced brand reputation and a growing customer base, a trend not limited to any specific organization in the fintech sector.
But the benefits don’t stop there!
Effective customer support offers numerous advantages for both individuals and businesses. We'll outline these benefits based on our experience and also share valuable tips for improving customer experience.
Let's dive in!
Explore how our specialized customer support services for fintech companies drive efficiency, reduce costs, and elevate customer satisfaction to new heights.
Why is exceptional fintech customer support important?
Exceptional fintech customer support can potentially generate millions, if not billions, in revenue. As such, no business should underestimate its significance. Here's why it's vital:
Complexity of financial services
Online banking involves many complex elements, such as payment processing, cashback, and additional cards. Each of these elements is governed by different rules and regulations. Nowadays, advanced technologies like blockchain and AI have also become integral parts of the fintech industry.
This complexity can sometimes leave customers feeling confused and in need of assistance. In such cases, having access to dependable support is crucial. A well-equipped customer service team can effectively guide users, ensuring they are able to utilize the full spectrum of available services with confidence and ease.
Competitive advantage
You will ultimately emerge victorious if you provide top-notch customer support while your competitors do not. It's as straightforward as that. In today's saturated market, you must stand out to surpass the competition.
The best and simplest way to achieve this is by keeping your customers satisfied with your services. JD Power reported a significant lead for digital banks over traditional banks in 2021 due to their superior service quality. This is understandable because modern customers seek a "worry-free" experience.
This shift in customer expectations has compelled fintech companies to elevate their performance and outshine one another in the realm of customer support. Therefore, if you neglect this aspect, your company may become lost amidst the competition.
Customer retention
The cornerstone of a thriving business in today's world is customer retention. While it may appear straightforward, it remains one of the most challenging tasks in the fintech industry.
You might wonder, “How can you keep a person using your services?” The answer is simple: “By offering superior support compared to others.”
According to a Harvard Business Review study, increasing customer retention rates by just 5% can increase profits by 25% to 95%.
Let us also highlight this fact: retaining a customer is much more cost-effective than acquiring a new one. Companies often invest substantial sums, sometimes in the thousands or millions of dollars, in advertising to attract new customers. You might even be offering enticing discounts, cashback incentives, or other budget-draining promotions.
The good news is that you can preserve those who are already connected to your services simply by providing exceptional support.
Retained customers will consistently contribute to your revenue stream over time, a vital factor for any business's long-term survival.
Brand reputation
Another crucial reason why excellent fintech customer support is essential is your brand's reputation. A business cannot establish credibility if its services do not meet market standards.
Nowadays, there are online platforms and forums where people share their thoughts and user experiences. Some examples include Trustpilot, Reddit, Quora, and various consumer reports.
These review platforms receive millions of visitors daily. If the majority of them come across negative feedback about your business, it can quickly tarnish your reputation. Keep in mind that a company with a poor reputation can face financial difficulties and may even go out of business swiftly.
Therefore, no fintech business can afford to overlook the importance of top-notch customer service.
Scalability
Scalability is crucial for your fintech company's growth. It means expanding your customer base efficiently.
Instead of spending millions on ads, the best way is customer referrals – when your existing customers recommend your company to others. A study by Nielsen found that 92% of users trust recommendations from friends and family.
Remember, a positive first interaction boosts word-of-mouth, but a negative one harms your reputation. PayPal's success story emphasizes scalability. They invested in tech infrastructure to handle demand and grew substantially.
In the evolving fintech landscape, innovative offerings like cashback and bonus programs, cryptocurrency-related services alongside traditional fiat ones, and the option of issuing additional cards tied to a single account are instrumental in attracting new sign-ups.
At Simply Contact, we provide comprehensive outsourcing services specifically designed for fintech and neobank companies. We understand this dynamic industry's unique challenges and opportunities and are committed to delivering solutions that drive customer satisfaction and business growth.
Now, it’s time we share some tips for smoother customer support!
Proven tips for fintech customer support
Looking to elevate your customer service experience? Implement these proven strategies that have consistently delivered exceptional results.
First impressions are lasting: Prioritize them
Forbes highlights that customers' initial impressions of a brand or service are formed within the first 7 seconds of interaction.
The Edelman Trust Barometer survey supports this, revealing that 81% of customers need to trust a brand before they consider purchasing. A lack of trust can significantly hinder user engagement in the fintech sector.
Given the paramount importance of first impressions, they can profoundly influence conversion rates. It is essential to prioritize establishing trust from the outset.
To achieve this, showcase customer reviews and ratings prominently. Referrals can also be a powerful tool in building immediate trust. Additionally, pay close attention to the design and usability of your website and app. A user-friendly, aesthetically pleasing interface contributes significantly to a positive user experience, fostering trust and engagement from the first interaction.
Embrace multichannel support
Zendesk's Benchmark Report indicates that 49% of customers seek some form of customer support after purchasing. Additionally, a study by Microsoft revealed that individuals typically utilize three to four channels to convey their concerns. Offering only a single channel can lead to customer dissatisfaction and potential attrition.
Customers must be free to reach out to a fintech company on their own terms. At Simply Contact, we deeply understand the fintech industry and extensive experience in providing omnichannel customer support.
So we recommend incorporating at least the following channels:
Live chat: This real-time support channel lets customers immediately connect with support representatives. Many opt for live chat due to its instant assistance. In fact, a Kayako study found that 41% of customers favor live chat for its immediacy.
Chatbots and virtual assistants: Integrate AI-driven chatbots within your website and app to offer prompt answers to routine inquiries. Ensure these chatbots are equipped to address various issues and can smoothly transition complex queries to human representatives when necessary.
Email support: This channel remains a preferred option for customers with intricate or extensive inquiries. It's ideal for those who don't need immediate feedback but expect comprehensive responses.
Social media support: A report by The Social Habit states that roughly 47% of social media users rank customer service on these platforms among the top three determinants when selecting a brand. It's a channel that resonates with a vast audience.
Phone support: Conventional phone support continues to be vital, especially for intricate or confidential financial matters. Incorporating it alongside other channels ensures customers can choose their preferred mode of communication.
Offer self-service resources
Customers appreciate finding solutions on their own without reaching out to companies. Enhance this experience by providing easily accessible self-service resources, fostering trust and positive impressions.
These resources not only empower customers but also alleviate your support team's workload, leading to increased productivity and enhanced company reputation.
Consider implementing the following:
FAQs (frequently asked questions): Offer quick answers to common questions, streamlining the customer's search for information.
Tutorials and how-to guides: Provide clear, step-by-step instructions for tasks like account setup and transactions.
Video tutorials: These tutorials offer visual demonstrations of how to perform tasks within the fintech platform.
Knowledge bases: A comprehensive source of detailed information on various topics related to your service.
Troubleshooting wizards: Interactive tools to assist customers in identifying and resolving issues independently.
Community forums: A platform for users to share experiences and solutions, fostering a supportive community.
24/7 availability
Financial transactions and services operate continuously, day and night. Therefore, people might require assistance at any hour. This is why offering 24/7 availability is essential. It provides a significant advantage over fintech companies that only offer customer support for limited hours.
A Forrester study revealed that 77% of consumers feel that a company valuing their time is paramount for providing excellent online customer service.
In a similar vein, NewVoiceMedia reported that 67% of customers are more inclined to recommend a company that offers outstanding customer service, including 24/7 support.
Personalize interactions
In fintech, tailoring customer support to individual needs and preferences is crucial. McKinsey & Company highlights that such personalization can boost customer satisfaction by 10-20%. It fosters trust as customers feel valued when their sensitive financial data is handled carefully.
A customized approach enhances the user experience, promoting loyalty. It also facilitates cross-selling and upselling, as understanding customers’ financial behaviors enables the recommendation of relevant additional services.
Moreover, personalized support ensures quicker and more efficient issue resolution, as agents equipped with the customer’s history can offer tailored solutions.
Discover more about the importance of personalized customer support and how it can elevate your business in our detailed guide.
In the rapidly evolving fintech landscape, continuous employee training is crucial. A well-trained team possesses extensive product knowledge and ensures compliance with regulations, enhancing the company's credibility and efficiency in problem-solving.
Here are key areas to focus on for effective training:
Product training: Regularly update your team on new features and services to deepen their understanding.
Compliance training: Offer continuous education on relevant financial regulations to ensure adherence to standards like GDPR and HIPAA.
Soft skills development: Enhance communication, empathy, and conflict resolution skills to improve customer interactions.
Problem-solving workshops: Conduct sessions to equip your team with advanced problem-solving techniques.
Scenario training: Use role-playing to simulate challenging customer scenarios, allowing practice and refinement of responses.
Empower your support team to make decisions. If they always need higher-up approval, it slows service, potentially frustrating customers — a risk fintech companies can't take.
Gather as much data as you can
Effectively gathering and using data can significantly enhance your customer support, setting you apart from competitors.
Data enables predictive analytics, facilitating anticipation of customer needs and behaviors, leading to tailored services. It aids in swift issue resolution by offering insights into a customer's history and interactions. Moreover, it provides insights into customer satisfaction and preferences, informing service and product enhancements.
To collect data:
Utilize CRM systems for tracking customer interactions and feedback.
Employ data analytics tools for in-depth customer data analysis.
Use surveys and feedback forms for direct customer insights.
Monitor transactional data for personalized services.
Engage in social media listening for real-time feedback.
Track user behavior online for navigational insights.
Measure KPIs and metrics
Like in any other industry, optimizing customer support in fintech requires tracking key performance indicators (KPIs) to assess efficiency and customer satisfaction. Metrics such as First Response Time (FRT) and Resolution Time help gauge the speed of support, while Customer Satisfaction Score (CSAT) and Net Promoter Score (NPS) provide insights into customer sentiment. Additionally, monitoring Customer Effort Score (CES) can reveal friction points in the support journey. Analysis of these fintech KPIs allows companies to identify areas for improvement, enhance service quality, and build stronger customer relationships.
Conclusion
In the competitive landscape of fintech, delivering exceptional customer support is paramount to enhancing your company’s reputation and surpassing competitors. In this piece, we’ve shared insights and strategies rooted in our extensive experience, illustrating how to elevate your support level.
Let's achieve excellence together
Simply Contact offers professional support for the fintech and neobank sectors. We’re adept in handling customer inquiries, technical challenges, and administrative tasks, ensuring each client receives personalized, timely assistance.
