Why the ‘Tech’ in Fintech Needs to Extend to Customer Service
The fintech market is highly skewed toward young, digital-natives. Roughly one in four consumers between the ages of 25 and 34 has used at least two fintech products in the last six months, while 23 percent of non-fintech users plan to try fintech products in the future. Past the age of 44, however, fintech usage declines steeply — indicating a clear correlation between digital-native consumers and fintech adoption.
This correlation has profound implications for the future of any fintech brand looking to get an edge on its competitors: in order to target digital-natives who are most interested in using fintech products, you must offer experiences driven by modern technology that are simple, intuitive, and seamless.
This goes beyond simply offering a useful product; it means having onboarding and support that are as simple to use as the product itself. Young demographics have the highest expectations for responsiveness and digital mediums. And in an industry dealing with something as sensitive as personal finances, meeting these expectations is paramount.
That’s why present and future fintech companies need to formulate their customer service strategies with the same customer-centric mindset that disrupted traditional consumer finance to begin with.
How to Meet Digitally Native Consumer Expectations for Fintech CX
Seventy percent of millennials believe that how we pay for things will change over the next five years. In order for this change to occur, though, consumers will need support along the way — and brands that offer support in simple, effective, intuitive manners will gain a significant competitive advantage.
These are the top three ways in which fintechs can leverage the best of today’s technology to build a scalable customer support program:
1. Offering in-app support
Any fintech’s value proposition is rooted in the company’s technology. So when customers have an issue, you don’t want to send them outside of your platform, be that an app or a website. Instead, offer messaging and knowledge base articles that live in-app or on the brand’s web page. That way, customers can receive the support they need without searching for it, and minimize the time it takes to get help.
2. Enable escalation and de-escalation that is simple and scalable
People are sensitive about their finances (and rightly so). If a customer has an urgent issue with their account (fraud, missing funds, etc.) you want to make sure that they will have immediate access to someone to resolve their issue.