Customer Experience Tips for FinTech Industry
Customer experience is at the heart of every modern-day FinTech business today, and this is a trend that will likely continue in the years to come. Convenience is the number one way you can encourage your prospects to buy your new FinTech products or services.
The more convenient the users find the customer experience of your FinTech product or service, the easier it will be for you to attract and retain customers.
Therefore, it makes perfect sense to make customer experience a priority for your FinTech business.
Perhaps the most significant aspect that decides the fate of a financial institution, including FinTech companies. Finance is a sensitive sector, and we don’t just trust anyone with our hard-earned money; therefore, earning the customer’s trust is the inevitable step before anyone buys a FinTech product or service.
Once you have earned their trust, not only can you sell your products and services to them but also make them advocates of your brand. User experience is inexplicably connected to trust, and hence the role played by user experience in FinTech is never to be underestimated.
Why You Should Prioritize FinTech Customer Experience
The problem with the approach taken by many FinTech companies is that they focus all their effort on the design and functionality of the FinTech products and services. This often overshadows the significance of other aspects such as easy and convenient browsing/purchase process, robust payment methods, and overall customer experience.
Many FinTech companies often end up chasing after the most advanced features for their FinTech products, and they forget about their customers and their experience on the platform.
As we have hinted above, consumer decisions are, for the most part, based on the ease and convenience of using a FinTech product or service. In fact, the statement is true for pretty much any product or service accessible for the user. A major part of all FinTech solutions is often created for eCommerce purposes.
In such cases, providing a user-friendly purchasing process with a streamlined checkout is quintessential because the customer will always prefer such a payment method over a lengthy 5 or 6 step checkout.
Below we discuss the significance of customer experience in FinTech and how it enables you to put your FinTech product/service in a tight light to the target audience. We also take you through the various aspects that influence the FinTech customer experience and dive into the details of how each of the aspects plays a role in customer experience.
We take a look at the needs of millennials from a FinTech product or service, and the importance of selecting a payment provider, and the importance of taking feedback from your customers.
Identify And Adapt to The Needs of Millennials
Finance is a tough market to strive in, and most of the time, the customers, especially millennials, are not very trusting of financial institutions. And the truth is that the customers, in general, put more trust in traditional banks than they do in FinTech companies.
Banks are easier for a regular customer to trust because they have been around for ages now, whereas the FinTech industry is relatively new, and not everyone understands what it does. But, this situation is quickly changing along with the entire landscape of finance, and FinTech companies can make the most out of these new changes.
Why Millennials Are Looking For Personalized Experiences
Recent reports suggest that millennials are not satisfied with the limited banking services offered by traditional banks while also being less faithful to the banks. Millennials crave convenience in everything they do, and the same holds true for their banking needs, and for this, they are more than willing to use new digital technologies.
Most traditional banks are struggling to keep up with the demands of their younger customers when it comes to financial services. The truth is that traditional banking companies aren’t fully equipped to handle a technological revolution just yet.
Identify & Solve
When banks fail to satisfy the requirements of the younger customers, they turn to an alternative which in this case could be your FinTech product/service. It is up to you to identify the unique needs and expectations of your millennial customers and present a convenient solution to them.
The success of FinTech companies depends on how well you can identify the limitations of traditional banks in offering advanced and convenient financial services or products. Once you identify these limitations, you can develop an appropriate solution and effectively become the alternative for your customers.
For example, one thing the traditional banks are really bad at is providing their customers with timely customer support. Many traditional banks still require you to physically go to the bank for many of their services, usually for processes that involve identity verification of the customer. Even such operations can be digitized using the right technologies for your FinTech services and products.
But remember that by the end of the day, it’s all about earning your customer’s trust. Your FinTech company can only reach its true potential when your customers trust you as much as they trust their bank.
Quality Customer Support Your Customers Can Rely on
Customer support for any FinTech solution is crucial, and it’s not enough that you simply have a customer care number or chat support for the financial products and services you provide.
Quality customer support for FinTech companies means that customer support must be available instantaneously to your customers, and it should be available across multiple channels. Ensure that your customers can reach out to you at any given time on their preferred channel; this could be via email, chat support, phone line, and so on.
It does not matter whether your FinTech company uses an in-house team or outsources your customer support to an external firm as long as you provide quality support service to your customers. The customer should not have to wait around to get help or get their questions answered. What you should keep in mind is that it is likely most of the questions are regarding the money they have spent, and it is understandable that many of these are already frustrated because they think they may lose their money. This is one of the major reasons why customer support is so vital for FinTech companies.
Understanding The Significance of Quality Customer Support
To understand this better, consider this: A customer makes a payment for an eCommerce transaction using your FinTech product (maybe a mobile wallet), but the payment doesn’t go through, and the amount gets debited from the customer account.
In such a situation, the customer is bound to feel a little frustrated, and this frustration may be significantly high if the purchase made is a high-value one. The customer will naturally want reassurance that his/her money is safe, and to do that immediately, they will try contacting you.
As you can imagine, if their call for help goes unanswered in a situation like this, it can only end up making the customer even more frustrated and feeling helpless. Such experience may even cause your customer to abandon your FinTech product or service altogether. This could happen even if you are just late to provide a reply to your customers.
Again, it’s the trust factor that is put to the test in situations like this, and it is a test you must pass by all means. Therefore, customer support you must invest your time, effort, and resources into if you hope to have a successful FinTech product or service.
Streamlining Your Fintech Customer Support to Improve Customer Experience
The simplest way to ensure that your FinTech company has streamlined customer support is to look at it with a customer-first approach. You need to make sure that your customers get a quick response from the support team, particularly for issues concerning payments. Make sure that you leave no scope for error and unresponsiveness in your communication.
Once again, remember it’s all about trust, and you need to uphold the trust your customers place in your FinTech product/service by providing easy access to your support team, ready to serve them 24/7.
Effective Communication With Your Customers
Communication is a significant part of enhancing the customer experience. Effective communication strategy can make a ton of difference for your relationship with the customers and encourage engagement with your business. You can choose multiple channels to communicate with your target audience, including direct mail, social media, emails, landing pages, website content, FAQs, and more.
Effective communication establishes trust by enhancing the user experience. The more streamlined your communication is, the more effectively you can pitch your new FinTech products/service to prospects.
Showing that you really care about your FinTech customers should be a priority in your touchpoints. For achieving this, it is best to take an approach that can cause an emotional effect on the customer. Sending out birthday wishes on their birthdays via postcards, text messages, email, etc., is a good tactic that you can apply.
However, to really enhance the experience, it is best to send out a postcard to your customers on special occasions because they are tangible and are proven to be more effective than any other method.
Advanced Direct Mail
Although there are multiple communication channels available at your disposal, the most effective FinTech marketing strategy even today is direct mail. The only difference is that it is equipped with advanced capabilities now. FinTech companies now make use of fully automated direct mails to generate leads with the help of advanced systems like PostGrid.
They allow you to verify addresses, print mail, including personalized postcards to your customers and have those letters delivered to their destination. Personalized postcards on special occasions such as the customer’s birthday can have an emotional effect on the customers and show that your FinTech company cares about them. Using an advanced system like PostGrid, you can easily implement such capabilities with minimal effort.
Segmentation for Better Targeting And Communication
Try segmenting your customers and prospective customers into respective groups or categories based on various aspects. These aspects can include demographic data such as age, gender, education, location, etc., or you can use other criteria like family size, employment, financial background, online buying behavior, and more. The more targeted your communication, the more like it will be for you to get the desired results.
Furthermore, segmentation allows you to check credit scores as well as other credit variables for better targeting. Once you have a clear picture of your customer groups or categories, you can then focus your effort on personalizing the content you use to pitch a new product or service to the customers and new prospects. It helps you understand the customer’s needs and requirements to come up with personalized offers.
In this article, we have discussed how customer experience FinTech works and how it plays a vital role in ensuring the success of your FinTech business. Establishing trust is the biggest challenge that FinTech companies face, and customer experience is a major influencing factor in establishing trust.
With quality customer experience, you can ensure that the customers grow to trust your brand. You can enhance the FinTech customer experience by adapting to your customers’ needs, especially millennials, providing them with quality customer service through effective communication. For best results, you can even segment the customers into relevant groups or categories.
The best way you can communicate with your customers in such a way that it generates an emotional response from them is to use personalized postcards. You can send out postcards to wish them on their birthday or other special occasions. This can deepen your relationship with the customers and thereby establish trust. You can also make use of fully automated advanced direct mail solutions like PostGrid to automate the entire process. You can even verify the addresses using PostGrid and ensure the deliverability of your mail and ensure the optimal result.