Finance Industry

3 Ways to Improve Your Fintech Customer Experience

The finance sector today cannot be viewed without thinking of technological intervention first. Such is its promise and untapped potential that BCG predicts the FinTech sector will reach $1.5 trillion by 2030.

In this guide, we will explore the key issues that plague the FinTech customer experience and understand how to use communication tools to boost Fintech customer retention. Let’s jump right in.

3 Pain Points of FinTech User Experience (+ Tips for Improving FinTech Customer Satisfaction)

Pain-Point #1: Rising Customer Queries, Lower Agent Head Count

The average live chat wait time for customers in the Finance sector is 64.9 seconds–not a great benchmark by any standards:

With 82% of customers wanting immediate service and a lower agent head count, customer satisfaction rates can plummet drastically.

Solution: It’s time to embrace the AI revolution. So, instead of making customers wait, you can leverage automation tools with Call Forwarding and Distribution functionalities to:

  • Accelerate the call resolution time
  • Distribute the call loads evenly so that no agent is overworked or underworked

Pain-Point #2: More Low-Value Interactions, More Agent Stress

If your call lines are clogged up with the same repetitive queries, your agents are bound to stress out. If your agents are frustrated, your customers will drop out, leading to low retention rates.

You know the drill. With only 1 in five consumers forgiving a bad experience at a company with a “very poor” customer service rating, reducing the quality of customer interactions is not a feasible solution at all.

Solution: Any kind of basic and low-value questions can and must be addressed by leveraging self-service options. Customers prefer knowledge bases over all other self-service channels.

Pain-Point #3: Greater Ticket Volume, Greater Customer Frustration

We’ve spoken about the issues agents face when things go South but what about the customers?

Not surprisingly, customers are resorting to newer channels, such as social media, to raise their issues: 75% use Twitter, 59% use Facebook, and 34% use Instagram to engage with brands:

Interestingly, almost half of these consumers engaging with brands on social media reach out to express their customer care concerns.

Solution: If you want to scale your customer service efforts without letting customers bear the brunt, it is critical to invest in AI tools that can:

  • Keep track of all the pending ticket volumes
  • Address repetitive customer issues 24×7 and with lightning speed
  • Route calls to the right agent so that the issues are resolved in a shorter time period

Useful FinTech Customer Service Tips When Investing in an Innovative Tool

In today’s dynamic FinTech landscape, choosing the right tool can impact your business in more ways than one. However, when you’re investing in these technologies, it’s crucial to think about how you can deliver the best customer service possible.

So, let’s dive into some useful tips for you to consider:

  • When selecting the technology partner, ensure there’s no vendor lock-in period to keep your budget in check.
  • Go for a provider with a proven track record of offering successful and reliable products as well as customer service.
  • Think about tools that can help you get one step closer to personalizing Fintech services instead of offering a generalized service.
  • Aim to free up your agent’s time so that they can focus on more high-value interactions.

A robust call forwarding and distribution platform can enable you to deliver a seamless Fintech customer service experience:

Features Benefits 
1. Automated Routing
  • Customer inquiries can be directed to the right departments/agents promptly
  • Reduced response time
  • Improved accuracy in handling financial inquiries
2. Intelligent Prioritization
  • The tool can:
    • Prioritize high-value and urgent customer requests and drive faster resolution
    • Manage workloads efficiently and optimize resource allocation
3. Secure Data Handling
  • Most tools are compliant with data protection regulations such as GDPR, CCPA, etc., and can securely handle customer data while building trust
4. Analytics and Reporting
  • The automation tool can also gather real-time data on customer interactions and performance metrics so that the experience can be engaging and personalized from start to finish
5. Integration with CRM and ERP
  • By integrating with your customer relationship management (CRM) and enterprise resource planning (ERP) systems, agents can access customer history at their fingers and personalize the interactions
6. Workflow Automation
  • Whether it is automating routine tasks and processes or reducing the risk of errors, the tool can do both and help the agents focus on complex customer inquiries as well as strategic initiatives.
7. 24x7x365 Availability
  • The tool ensures round-the-clock support and accommodates customers in different time zones

Drive Unparalleled Growth (& Customer Loyalty) with Automation  

Every fintech company aspires to scale its operations without compromising on the customer experience. However, it is nearly impossible to achieve this Holy Grail without using AI and human assets together.

You want to answer customer queries quickly and accurately. You want to provide instant support with context and relevance. You want the customer experience to be friction-free and without delay.

Achieve all this with JustCall’s Forwarding and Distribution functionalities, which allow you to forward all your incoming calls to any number of your choice–be it your personal mobile or even landline number. You can benefit from a superior customer experience by always staying connected with the customer.

Saya Augustin serves as the Associate Director of Marketing at SaaS Labs, bringing over a decade of expertise in diverse marketing disciplines. Her career encompasses successful Go-to-Market launches, Customer Engagement strategies, Account-Based Marketing, Demand Generation, and streamlined Marketing Operations. Shaped by the fast-paced and innovative environment of start-ups, Saya has honed her skills through practical experience with cutting-edge marketing technologies and platforms.

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