It was not too long ago that working from anywhere in the world, shopping for groceries at home, or using a phone to control your household appliances was a futuristic dream. Today, these technological advancements are common everyday experiences. Likewise, the way we use money to make payments has also undergone a technological revolution.
Cash is now digital and is accessible anywhere without a physical wallet. Money is mobile, and fintech companies are looking for more ways to develop customer-centric approaches to mobile payments.
There is increasing competition among fintech companies to provide better customer service to make them stand out among the crowd and expand their customer base. As a result, fintech companies are developing personalized services and precision-made personalized ads to meet the needs of every individual customer. In addition, these companies are using data to fuel their growth, and here is how they are making data work for them.
Smooth and Seamless User Experiences
Customer experiences no longer primarily happen in a bank. Instead, these experiences now involve digital interactions. Customers base their satisfaction with a financial institution on the quality of their digital experiences. Therefore, fintech institutions need to create seamless and responsive digital experiences for customers by developing applications that enable them to interact with their financial institutions through smartphones and tablets.
Customers judge their digital experiences by how easy and fast it is to use a website or app and how a platform can adapt to different screen sizes. In addition, evolving website designs and other digital media should improve user experiences because they have become more responsive and engaging.
Fintech companies play a crucial role in generating customer data to help financial institutions create smooth and seamless digital experiences for customers. This date includes the age, gender, income level, and marital status of a customer to create a clear profile for the financial institution. They can use this data to create customer centricity by using targeted marketing campaigns and product offerings related to the customer’s needs.
Omnichannel Customer Support
Seamless customer interaction across multiple channels is vital to improving customer experiences. They should be able to go from one channel to another without interruption or having to start from the beginning. For example, they should be able to go from their bank’s website to Instagram to a retailer’s website and then go back to where they left off without repeating any steps. Any breaks in continuity can be frustrating for customers. Therefore, fintech companies need to create seamless experiences across multiple platforms. In addition, they must evaluate customer interactions across various touchpoints to optimize the user’s journey.
Smart Segmentation Through Data Analysis
Financial institutions must change their approach to customer service as evolving market conditions are changing customer expectations in their digital interactions. Fintech companies need real-time information about evolving customer needs. They can get this information through customer data analysis that financial tools such as credit reports can generate.
Fintech’s role in data generation can provide the information financial institutions need for market segmentation to create a clear picture of various customer groups. Data will help financial institutions strengthen their strategic focus and provide their customers with the right marketing content and products.
Listening to Customers and Understanding Their Needs
Collecting customer feedback about a financial institution’s services is essential because it helps a fintech company understand what is essential to the customer. Surveys, customer reviews, cancellations, social media posts, and other data sources can give a fintech company the information to provide the services consumers want. Collecting this information and responding to customer concerns by taking corrective measures will make them feel heard and appreciated.
Never Underestimate the Effect of Human Touch
None of these measures will help fintech companies unless they can appreciate their customer’s identity, protect their data, and be transparent in their interactions. Customers want their information to be secure; otherwise, they will have a negative customer experience. In addition, fintech companies must have an in-house customer experience management team that can monitor customer experiences and immediately respond to their concerns to rectify any issues. Outsourcing this function will not work because it will give consumers the feeling that their concerns are unimportant.
How Can EMBank Help?
European Merchant Bank (EMBank) is a fintech-friendly challenger bank that can help fintech institutions expand their services in this expanding market. EMBank can advise fintech institutions on leveraging embedded finance technology to provide customer-centric financial solutions.
Established in Lithuania and licensed by the European Central Bank, EMBank provides a Banking as a Service offering, combined with Safeguarding Account, Business Account, and Accumulative Account types as well as payment options through SEPA, Swift, and Target2.
Please keep in mind that the above information has been prepared or assembled by the EMBank and is intended for informational purposes only. Some of the information may be dated and may not reflect the most current legal developments.
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