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. 

Fintech, mobile user

That said, as legacy banks have demonstrated, it’s not possible to staff for immediate help for everyone, and nobody wants to listen to elevator hold music while they’re panicking. That’s why fintech companies should look to the future and invest in integrating phone and messaging support so that urgent issues can be immediately escalated to phone, while non-urgent issues can be de-escalated to messaging. Fintechs can do this through a simple call button in the messaging interface, and through an IVR option for customers with non-urgent issues to “dial 1” and open a messaging thread. 

3. Leverage automation for rapid responses

Fintech users expect immediacy, and future fintech users will demand this even more so. They are using fintech precisely so that they don’t have to wait in a 30 minute line for a teller, on hold for an hour to speak with a representative, or days for a credit check, etc. To meet this expectation in customer service, companies need to offer instantaneous support at scale. 

The best way to do this is through bots and automation. AI can classify and route tickets to agents or to bots based on the nature of the ticket. Using simple decision-tree workflows, companies can then leverage bots for information collection. Customers receive instantaneous responses, and agents save time by having information already populated when they enter the conversation. 

Build Future Trust In Your Fintech Company Through Digitally-Driven Customer Support 

Your technology doesn’t begin and end with your product offerings; it extends to every touchpoint in the customer journey. Customer service is one of the most sensitive of these touchpoints, so doing it right is of the utmost importance. Appeal to your tech-savvy fintech customers with technology-powered customer service in order to promote loyalty and retention, even when customers encounter an issue. 

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