Customer experience has become one of the most significant factors affecting business competition, and according to statistics, 89% of companies compete in it. Customers with good impressions will more likely spread the word about your brand and attract new customers. As a result, good CX drives business growth and opens new possibilities for future development.
Let’s review the nuances of fintech customer experience and the approaches that can elevate it. We have prepared a guide about the main challenges of CX within the industry and strategies for CX improvement. It describes ways to ensure robust security, optimize speed and efficiency, personalize customer journeys, and provide many other approaches to high-quality CX.
Before making changes, start with a key question: What is the customer experience like right now? Evaluating interactions with your company isn’t always easy, but understanding where you stand is crucial. So how can you tell if you're on the right track? Here are some key ways to measure fintech customer experience.
Feedback is the best way to see if your services meet customers’ requirements. You can trigger the surveys after events like the first transaction, landing on the platform, adding new features, etc., to study the reactions and understand if you need any changes. So you will have a clearer picture of what customers expect.
You can apply automated feedback requests after interactions with your customer service or specific application features. For example, CES (customer effort score) surveys will help you to understand how much effort the customer had to apply to reach the desired goal and if it was successful.
Funnel analysis helps determine where exactly the customers have difficulties during transactions. For example, you can see if many users stop at a specific step of the procedure. You can track users’ drop-offs and understand what stops customers and how to fix them, making the CX simpler and more pleasant.
Often, users who get very positive or extremely negative impressions of the brand start sharing it on their social media pages. By applying social media analysis, you can control the situation and adjust your services before more unhappy customers arrive.
The fintech industry comes with challenges—but do you know which frustrate customers the most? Some issues are just minor bumps, while others can seriously damage trust. Spotting these pain points early helps you fix them faster and keep customers on your side. Let’s dive into the toughest ones.
Fintech companies often deal with customer queries associated with transactions, security issues, account management, etc. The number of requests fluctuates up and down, unexpectedly making companies struggle to adjust their in-house teams. A sudden rise in the volume can lead to overloaded agents, a longer response time, and, as a result, a bunch of frustrated customers.
Sometimes, companies try too hard to impress their customers and, as a result, create complicated user interfaces where customers get lost more often than they reach their goals. Technical issues can make even simple tasks extremely overwhelming. However, most users struggle with complicated multi-step verification and issues with fund transfers or bill payments. Unclear instructions and unreachable human assistance make the entire experience rather painful than pleasant.
Fintech is closely connected with sensitive customer information, so it is no wonder customers are worried about fraud, identity theft, or hacking. The feeling of protection is essential for service and product use, but sometimes, multi-level security measures also cause much inconvenience for users. You need to balance a safe area and the simplicity of services, which sometimes can be quite a challenge.
When you choose us as your customer support provider, we do more than just check the compliance boxes—we take extra steps to prevent fraud and keep data safe.
Privacy and security
Our experience in fintech customer service support allowed us to find working solutions for the abovementioned challenges. Here, you can see a detailed guide on overcoming the main problems and achieving a higher quality of support within the fintech industry.
Quality of customer support should be the priority, but to make services available, you should scale your possibilities according to changing conditions and workload.
We recommend automation as one of the must-have implementations within fintech strategies.
Solutions for automated responses like AI-powered chatbots can help to handle high-volume inquiries, taking away a part of requests from human agents. Users can get responses to basic questions automatically, allowing agents to focus on more complex cases. Advanced AI chatbots with natural language processing can provide human-like assistance. The request can be transferred to humans if AI sentiment analysis detects frustration or emotional escalation.
Self-service options like dynamic FAQs and virtual assistants can reduce the agent's workload, providing customers with instant information. They can serve both sides, agents and users, by streamlining request processing.
AI-powered ticket triaging is a fast and effective method to prioritize urgent cases and route them to the right and available specialists.
Users have to deal with many financial processes, and if they feel overwhelmed, they may abandon transactions or switch to a provider that offers ease. You can make your customers feel comfortable and relaxed if the app has a simple, intuitive UX design with effortless navigation.
Automated pre-filled form suggestions based on previous interactions and past inputs can significantly reduce manual effort and speed up the entry process. You can also add a visual guide for new users through account settings to make the adjustments easier. Visual progress bars can be helpful for users if they also show how many steps are left to provide the transaction or verify an account.
Step-by-step guidance, including video materials, can help users complete transactions without confusion. You can also offer instant live chat or phone call support to talk customers through the process if they need assistance.
The real challenge is keeping security tight without making life harder for users. Security measures can add extra steps and frustration, so it’s important to find a balance that keeps users protected and doesn’t come at the cost of a smooth experience. We recommend the combination of real-time monitoring, round-the-clock support, and automation.
Real-time automated fraud detection can send alerts if the system detects any suspicious activity and can offer immediate actions to protect the account. A one-tap account freeze can block compromised cards and accounts to avoid losing money. 24/7 emergency support with access to security specialists via chat or phone will ensure better protection and instant reaction and assistance.
Consider biometric authentication, including fingerprints, facial recognition, or voice ID, as simple but strong security methods to log in or provide costly transactions. Two-factor authentication will serve as an even more reliable protection approach but can also add time and effort to pass. You can educate your users to keep them informed about the best multi-factor authentication method and encourage them to reach a safe fintech customer experience.
According to banking customer experience trends, personalization is essential for high customer satisfaction. So, you must find the best way to tailor the experience based on customers' needs and preferences.
Through customer experience analytics, you can study customer reactions to support interaction, preferences, everyday activities, and frequent issues. You can analyze the behavior with the help of artificial intelligence and tailor product recommendations according to the results. Having all the information about previous requests, you can provide more personalized and proactive assistance.
Dynamic FAQs and chatbots can also adapt to user activity and preference to help match current customers' needs. Also, we recommend using multilingual and region-specific support to cover a broader range of global customers. Seamless translation programs will allow agents to help without using additional solutions or language knowledge.
Multichannel support is also a great approach that helps cover more users and allows customers to choose the most comfortable channel for communication and help.
You can also personalize the user interface with convenient adjustable dashboards that users can organize according to their wishes and needs.
Customers show deeper trust and loyalty to the brands that keep them informed of any possible changes.
The best way to build communication with customers is to provide real-time updates on vital matters like transaction statuses, fraud alerts, and security issues. Information about account changes will reduce customers' uncertainty and raise their comfort level.
Instant push notifications serve when you need to attract attention quickly, so relying on them is better than email. But keep in mind that warnings should not appear at every unnecessary step. If you allow customers to adjust notification settings, they can choose what information is vital.
Proactive customer education will also help to build transparent communication. You can arrange various tutorials, webinars, and knowledge hubs to introduce a system and products to them. Education will show all the strong sides of your website or fintech application and let users apply the tools in the most efficient ways. Through blogs, articles, and simple tips, you can provide financial advice, inform about market trends, and offer other useful information.
You can achieve greater transparency in communication if you also let customers know how their data is handled. Clear data usage policy and compliance with regional regulations such as GDPR will show that you prioritize their safety and respect privacy rights.
Customer experience fintech success strongly relies on customer support speed and efficiency. 71% of customers believe that quick responses improve the CX. If you ensure customers' access to fast, clear, and helpful assistance, they will not have to look for other fintech service providers. Let's see how you can achieve it with minimum effort.
Once again, ticket routing makes the magic by reducing the time you may need to process many orders and requests. Through AI-powered sorting, you will be sure that all urgent requests will receive priority and get to the specialists first. Machine learning helps to categorize tickets by urgency and complexity, and auto-assigning the agents will speed up the process. You can also enable automated follow-ups to inform users that their requests are being handled.
Not all customers want to communicate only with AI, and not all cases can be handled by artificial intelligence, so we strongly recommend simple access to a human support team. If your chatbots allow you to hand over the case smoothly, human agents will receive all the context, and customers will not have to repeat themselves. According to our experience, users feel more confident about service when they see the obvious "request a human agent" button and estimated waiting time.
AI-powered real-time analytics can help track and optimize resolution times. By studying the reports, you will be able to detect bottlenecks and inefficiencies in the process and fix them, lowering the potential frustration of your customers. Also, you can pay attention to customer feedback to see their concerns.
You can make the first step in fintech CX transformation using these simple tips. Secure and personalized customer experience builds trust and loyalty to your company. Investing in automation and proactive support will boost the efficiency of your teams and raise overall customer satisfaction. Create a well-optimized CX strategy and see how your customers will turn into long-term advocates and loyal supporters of your brand, attracting others.
If you are looking for a professional outsourcing service provider that can raise the quality of your CX, Simply Contact is here for you. Book the consultation, and let’s start the journey.
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