Consumer experience has become the most important factor while designing a new product. The new-age fintech startups are designing products and solutions keeping customer requirement and convenience at the centre. Delivering top-notch customer experiences is fast becoming a key strategy and virtue for all fintech companies and this approach is being increasingly adopted by most of them.
Whether using a smartphone or availing financial services digitally, customers’ decisions are mostly based on the ease and convenience of using a certain product. People usually judge a company’s credibility and trustworthiness by the quality of the interface they design and the user experience it provides. Thus, today’s digital customer is seeking a quick and frictionless purchasing experience. Traditional institutions and banks must be aware of the growing needs of the new-age consumer, as they are much more tech-savvy and keen to capitalize on fintech innovations taking place across the world.
Role Of Fintechs
New products and services must be customer-driven, which are user-friendly, and have a higher probability to attract and retain customers. As they are the primary source of profits, market value, and growth, they need to be handled with the utmost respect. It is evident that upstarts in the fintech sector are taking it upon themselves to improve customer experience and provide higher quality services.
Customers are now looking at fintech as an alternative, as it provides the advantage of speed and convenience. People want streamlined services, as they expect tech disruptions to allow seamless functionality, with applications that are easy to adapt to. Therefore, the fintech sector is chalking out measures to make financial services a lot less complex and transparent for customers. The focus is on creating better digital processes that consumers can personalize. Let’s have a look at some cutting-edge technologies that are creating more positive consumer experiences.
Chatbots And Virtual Assistants For Consumers
Smart devices, advanced network connectivity, and integration of artificial intelligence in the financial services system has helped in addressing consumers’ demand swiftly with efficiency. Chatbots and virtual assistants have the ability to deliver a customized experience to consumers.
Financial institutions have started to use these solutions effectively to improve their customer service. Chatbots and virtual assistants perform the same activity as done by customer service personnel and other executives, however, the speed with which the digital solutions are delivered reflects their sophistication.
Digital Communication Tools
The fintech industry is based on understanding the needs of customers that were unaddressed until the sector saw changes take place. Therefore, it is an important step to strategize the manner in which service providers communicate with the customers, as it could get the crowd locked onto the services with relative ease.
Communicating with them via email, online media, point of arrival, or through the content on your site, could draw in new leads and create the perfect ground for building customer trust. If the service consistently delivers on meeting consumer requirements when he/she searches online, they will most likely return to avail it. In addition to this advantage, they are also likely to recommend the service to their relatives and friends, based on their positive experience. All these parameters are critical for maintaining a moderate-sized business.
In earlier times, consumer confidence in financial institutions depended largely on physical infrastructure. However, this seems to be changing momentously, as we are experiencing a new generation of banking systems, which are going all-digital to reach mobile-first consumers. Digital-only banks are the most profound example of fintech technologies today, as it requires lower infrastructure and human resource costs. They are delivering cheaper but robust services that are akin to the high standards set by traditional banks. Hence, it is expected for fintech to evolve everyday into a next-gen version of banking.
Peer-To-Peer (P2P) Transactions
With P2P digital payment growing, many consider it a sign that consumers are adopting such fintech technologies for daily use. The adoption is prominent across the age groups. The reason being that the P2P payment method eliminates middle layer and reduces the transaction costs drastically. The Govt is also promoting digital transactions which is helping fintech companies to expand the footprints and customer base.
It is difficult to predict the exact nature and system of the payments landscape that shall emerge in the next few years. Nevertheless, we can be sure that it is likely to witness a transformation, which could dwarf what has been achieved so far. In such an evolving marketplace, gaining consumer confidence is always important. Thus, financial institutions who can integrate the new-age solutions that have been discussed above, will be better equipped to retain consumers and enjoy their loyalty.
The millennial generation have become more reliant on smartphones and devices to accomplish daily tasks on-the-go. They seek to fulfil all financial transaction through a mobile device, anywhere and anytime. We may see some more interesting innovations in consumer experience in coming years by the fintech companies.