Customer Experience for FinTech Companies

by | Jan 31, 2023 | Resources | 0 comments

Fintechs feel proud to be creative and they’ve upended banking, lending, wealth management, and other industries. They want to provide new, streamlined customer experiences, but there is frequently a considerable gap between the app experience and the experience customers receive when they seek to support.

Customer Experience for FinTech Companies

Customers, for example, can quickly learn how to use a finance app, search for products, and conduct transactions. When they have a question about a transaction, however, they wait far too long for an agent to respond. Or they have a simple question about how a transaction works, but the brand’s live chat agents are overwhelmed, so they have to wait.

Consumers and business users today expect instant, frictionless customer service. Live agents are ideal for expert advice and private conversations. On the other hand, customers frequently look for precise information and responses. If they can get those answers quickly, their overall perception of a brand will be better.

Making Excellent Customer Service Scalable and Affordable – Customer Experience for FinTech Companies

It can be challenging for startups, in specific, to scale up a highly personalized, entirely agent-driven customer service organization, as evidenced by the many legacy financial services providers who continue to rely on remote call centers staffed with hundreds, if not thousands, of people.

When it comes to legacy customer service systems, the math sometimes adds up. If you charge an individual user $15 per month or 3% per transaction to use your app, and that user spends one hour on the phone or through the live chat with customer service, you’ve already lost money. Thus according to simple unit economics, if the cost of providing a service exceeds the revenue received from the customer, you are losing money on that customer.

Leveraging automation in customer service is an excellent way to save money while providing a better experience. The average customer service call is roughly ten times the price of interacting with a bot. Investment decision in AI-powered bot interactions increases gross margins with each customer interaction. In addition, using automation and AI improves customer service — which is essential because being cheaper is not enough.

Ease of Implementation – Customer Experience for FinTech Companies

Bots are already being used at scale by prominent fintech startups. However, the same technology is available to early- and growth-stage fintech for less than one-tenth the annual cost of a single customer service representative.

The even positive news is that AI and automation are amazingly simple to implement. You do not require an IT team or outside consulting expertise. Many automation tools can be easily customized for your organization.

Final Words

Fintechs that use AI and automation to improve their customer service receive a double benefit: lower support costs and a better customer experience. Many companies have commercialized AI-driven bot interactions that provide superior customer experiences while saving you money with each customer service interaction.


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