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Fin-Tech And The Redefining Of Customer Experience

The innovations that have been adapted by the Fin-Tech Industry to improve customer experience were not specifically derived from the Financial Industry only, but FinTechs has been smart enough to accept global innovations in reshaping Customer Service

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Although it is a known fact that a greater focus on customer needs leads to a better business, but unconventional companies seem to be much better at making their customers satisfied. New entrants in the financial industry have identified the need of being increasingly customer oriented to make the competition tougher for conventional banks despite their age and market coverage. These new entrants are using design, technology and customized services to address the needs of consumers and providing them with highly welcoming solutions. Despite technology being available to all, traditional banks have not been able to take advantage of it and seem to be left behind in meeting the evolving needs of the customers.

According to a report published by PwC, the Financial Technology Sector commonly known as the Fin-Tech Industry is ahead of the consumer banking industry in knowing its customers and their needs. It is evident to the common man that a financial interaction with large bank is a grueling experience. Be it setting up of an account, trying to secure a loan or making an investment, all of them call for long waiting times, unexpected hold times, annoying formalities and even if you go online, you are going to face a complex un-telling web design. However, interestingly the startups in the Financial Technology Sector are equipped as well as focused to improve the frustrating customer experience and have taken great care in creating a new dimension for financial transactions.

The innovations that have been adapted by the Fin-Tech Industry to improve customer experience were not specifically derived from the Financial Industry only, but FinTechs has been smart enough to accept global innovations in reshaping Customer Service (CX). The technologies, the strategies and the tactics Fin-Tech companies are employing have changed the entire game of Customer Service and Customer Experience altogether. Some outstanding strategies that the Fin-Tech industry is using that are redefining CX are explained hereafter.

Seamless And Responsive UX
Every business has a website these days. The differentiator that determines the involvement of people with a website is the User Experience it provides. Also, it is not just a website that is required in building a great customer experience these days. Banking applications are now used a lot more frequently on smart-phones and tablets while on the go, so there is no shying away from investing in highly user friendly apps. Big banks have been struggling a lot to keep up with the trends that these small providers are capable of providing. These FinTechs are just using technology and its advancements to the fullest. A survey conducted by Accenture suggested that around half of the people questioned were interested in banking with a small Fin-Tech firm over a large bank. However, there was also a point of concern for Fin-Tech providers which was that most people only knew about the use of Fin-Tech to make financial transactions. Also, a growing trend suggests that people judge a company and its credibility by the quality of UX it provides. So, intelligent Fin-Tech providers are making sure that the designs are responsive, and optimized for all screen sizes and formats. They are strongly in vigil about latest developments in design and technology and don’t waste time in incorporating newer technologies in their mechanisms.

Help To Understand Financial Data
Is there a more boring document to read than one with pie charts and graphs? Let us accept it, they are monotonous and sometimes too dull. The Fin-Tech industry has mastered the art of creating interest around financial conversations and engaged more people around the same. Colorful reports, interactive dashboards devoid of numerical sheets are easier and faster to understand. They help customers to recognize their spending habits easily and be more proactive in managing their money better. Some companies even provide details that help the user to manage their travel and holiday expenses and this is something that the traditional banks have failed to provide. Fin-Techs are targeting niche segments, but they are targeting them really well. In any case, taking customer data, analyzing it and presenting it in an efficient manner is a powerful and insightful thing to do no matter what the industry.

Automated Suggestions Before Human Counseling
Human financial advice has been traditionally accepted but has always been expensive. To counter this problem, Fin-Techs have started automating financial advices. With the use of big data, and highly technological data analytics and automated systems or the so-called “robo-advisors”, an initial touch point for customers is created. They are able to suggest solutions according to the need of the customers based on the profile and personal goals. These robo-advisors can suggest a large number of customers simultaneously and also help in reducing the time lag in advising. Additionally, customers can seek advice at any given moment throughout the day as the computers do not rest and are available 24 by 7 unlike humans.

Humans are used at a further level when the clients get more interested.

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.


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FinTech customers banking opinion customer service

Siddharth Ravindran

The author is CEO of Rupeelend.com, Digital Finance Company, worked with India bulls and HSBC Bank in the initial stages of his career. From there he moved to Policybazaar.com in the senior management cadre and played a sublime role in setting up PaisaBazaar.com (Loans & Credit Card division of PolicyBazaar). The E-commerce bug bit him in 2015 and stimulated to kick-start Loanwalle.com.

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