How Fintech Companies Upgrade Their Customer Experience

[“How Fintech Companies Upgrade Their Customer Experience” originally appeared in CHIPIN and is written by Daniel.]

The leaders in the financial technology realm are all but exhaustive in their customer experience strategies. This is because they recognize the gravity of treating people with a high level of respect while building business relationships. Industry players are not just your competition – they set the standards. 80% of financial institutions believe their business is at risk to innovations. If you can meet or beat best practices, your annual reports will thank you.

If you want to improve your rapport with customers to see a skyrocket in your own fintech business, find out what the authorities are doing to upgrade the experience they provide.

They Prioritize Security

One of the most notable services fintech companies offer is first-rate information security. You cannot overestimate the magnitude of keeping customers’ financial information safe and preventing hacks and data breaches. Know what the necessary steps for a quality security experience are so that you can implement them.

What do you need to include in your customers’ online interactions?

  • Announce the existence of data encryption
  • Provide security checks
  • Include multiple verification processes

As the customer moves through your website or mobile app, the above signals prove to show them two valuable things. The first one – You prioritize and protect their data. Customers are ready to enter PINs and answer security questions, they even appreciate that you ask them to provide such confirmations because they value their financial data security.

The second one – You confirm your ability to provide a safe environment to share sensitive information and build customer trust.

Not only should you provide trust signals, but you should also outline your processes in one place that is easy to spot for customers to learn more. This is an invaluable piece of a trusted security strategy for fintech companies.

In addition to offering real-time security signals, Stripe clearly outlines their security processes on a public website page that anyone can access. In addition, they invite the reader to ask questions if anything about their security operations is confusing. Give your customers as many chances as possible to see that you prioritize information safety.

They Understand the Value of Transparency

One of the main prerequisites of trusting relationships with a fintech service provider is transparent operations. Why? When financial services are leveraged, customers must be confident in their chosen solution. They need to know what you’re doing with their money and their information. And sharing your security data is part of transparency.

So, completely avoid hidden tricks, vagueness, and unclear processes. Outline your operations publically and in detail; this is demanded by anyone willing to leverage financial services, especially competition is tough and your rivals are just a few clicks away.

Yapstone hosts company news on an easy-to-find page on their main website separate from their blog. This way, they can provide readers with important company information without distracting from the tips and tricks on the blog. Share your truth with prospects and customers to allow them the opportunity to learn more about you.

They Provide the Highest Flexibility Possible

If any industry is competitive, it’s financial technology – over 1,000 fintech companies exist as of September, 2016. The leading brands know they must continually adjust their product and service offerings to satisfy ever-evolving customer needs. They make alterations to their business strategies that keep them on the cutting edge of those needs.

The top fintech companies are probably working on modifications to their operations at this very moment; they’re moving to omnichannel transactions, testing new features, and polishing UX to provide a more convenient customer experience. Seamless transition between mobile and computer is provided. Glitches in the system are ironed out. The little things like button color and website copy are optimized.

Takeaway: You need to invest your time and efforts to facilitate the best possible customer journey.

Undoubtedly, mobile devices are already an extremely popular communication tool and experts predict they will gain momentum across many areas of business: mobile payments, lifestyle apps, marketing automation, Internet of Things to name a few.

You should leverage apps, SMS, mobile browsing, and all aspects of the omnichannel transaction process to interact with customers. Be safe and assume that everyone who lands on your website is viewing from a PC and a mobile device.

Braintree offers diverse options like Apple Pay for iOS, Paypal, Android Pay, Visa Checkout, and more. In this way, they appeal to mobile and PC customers, enticing companies to get in where technology allows, rather than start with basic options where they have to utilize half a dozen tools to satisfy their market.

They Know Personalization Leads to Conversion

All customers are real people; they need to be treated as such. With the rapid development of artificial intelligence (AI), top fintech companies are taking automation to the next level. Through automated personalization to the customer experience, you can up your game.

Many companies offer customized product and service recommendations on how to optimize their customers’ finance. Sometimes this advice bypasses the need for a customer inquiry, simply showing consumers the next best step to financial health. Recommendations can include anything from promotional partner offers and new products and services to articles to read and social media pages to follow. Start offering recommendations to your customers based on what would help them the most.

Credit Karma provides registered users with personalized recommendations, based on current accounts and credit score, to improve their financial health through offers from partners. While the company surely earns a profit from these conversions, they also provide the type of value the customer is already looking for. When launching a personalization strategy, keep your operations relevant and helpful.

Building upon the application of personalization, artificial intelligence is no longer a futuristic dream. Worldwide, financial service companies employ AI technologies to reduce costs and improve their services. Machine learning systems have officially disrupted the fintech industry.

Wealthfront has launched AI capabilities that track account activities on its own system and in other, integrated services. They believe that the next decade will reign in an era where software will interact directly with consumers to deliver more personalized, relevant advice than ever before possible.

Conclusion

Making your way through the world of fintech is challenging. Luckily, looking at the leaders you can derive powerful insights – they know what customers want, which is why they’re so successful. Explore what approaches the best in your industry are applying, study your customers carefully, and implement the latest technologies in your own operations.