How to Keep Flexibility and the “Human Factor” Alive in FinTech

The ever-changing technological landscape has transformed the way we interact with financial services. People no longer have to drive to their local bank to deposit a physical check or open […]
The ever-changing technological landscape has transformed the way we interact with financial services. People no longer have to drive to their local bank to deposit a physical check or open a new account. They can do both, and plenty more, right from their smartphones thanks to frictionless omnichannel communication. But while financial technology (FinTech) has made our lives easier, it doesn’t guarantee complete customer satisfaction. The driving force behind happy customers is a stellar experience. All the platforms, apps, and chatbots in the world won’t make up for a sub-par customer experience. So, how can companies ensure they’re delivering exceptional CX? The answer is enhanced flexibility and more human-to-human experiences.  Omnichannel communications can enhance FinTech solutions by creating delightful experiences for customers.  

Why omnichannel is a win for FinTech

  About 75% of consumers regularly use online banking. Others rely on FinTech organizations for real estate, payroll and benefits, and investment solutions. Thus, brands need to provide them with a fantastic omnichannel experience.  Omnichannel communications ensure consistent interactions between customers and financial institutions across multiple channels. Banks can provide valuable and relevant information to customers via cohesive conversations without disruption or monotony. Or, if a customer is interacting with a cryptocurrency platform support team on Messenger or SMS, they can quickly and efficiently resolve their inquiries.  With omnichannel, financial service companies won’t suffer from customer amnesia. They can provide a frictionless communication method for their user base. This keeps the conversation going, no matter what platform the customer is using. Financial institutions can use omnichannel can provide swift support and seamless interactions from the customer’s channel of choice. As a result, they will increase customer satisfaction, retention, and profits.  

Asynchronous support

  Managing finances is complicated, and problems can happen. Customers might get locked out of their accounts or need to remember the supporting documents they need for loan applications. Financial institutions that proactively communicate with customers can stay one step ahead of their frustrations. Banks can send customers SMS messages to help them gain instant access to their accounts. SMS notifications are also helpful for reminding loan applicants what materials they need to provide, like tax returns or pay stubs. Omnichannel doesn’t just enhance FinTech for banks. Retailers can magnify their FinTech solutions by providing consumers with flexible payment options and humanized interactions through omnichannel messaging on their platforms of choice, including Facebook, Instagram, WhatsApp, or Viber.   

Let them pay their way with flexible payment options

  Almost 80% of American consumers report speed and convenience are among the top components of a fantastic customer experience. Customers want to get things done quickly and do it their way. By allowing them to complete a transaction right in the chat of their preferred platform, shoppers will be more satisfied and more likely to make the purchase. Brands that enhance their FinTech solutions with a conversational commerce approach can benefit in many ways, including:
  • Retaining existing customers
  • Attracting new ones from untapped markets, including younger consumers
  • Boosting sale size and frequency
Flexible and straightforward payment options will elate customers while spurring sales.  

Empathetic, humanized interactions

  Automation and AI have significantly reduced human-to-human customer experiences. And while speed and convenience still matter to consumers, they crave human connection. Above all else, customers want to be valued. While chatbots can swiftly resolve concerns, the human factor can provide more personalized interaction. Using a conversational commerce strategy paired with omnichannel, brands can exhibit empathy and provide impactful, personalized experiences that make consumers feel cared for. Companies can refine their FinTech solutions by talking to a customer in a natural, conversational way that makes them feel like they’re talking to a real person. Using data from previous browsing activity, brands can glean insights into a customer’s needs and pain points and tailor messaging that resonates with them. If your brand uses chatbots, give the bot a personality. Not only will this help with branding, but it will make the customer feel like they’re talking to a human. If the bot cannot answer a complex question, the customer can be seamlessly transitioned into a call with a human customer support representative. This doesn’t allow for any disruption in their experience.  

Enhance your FinTech solutions with Mitto

  To deliver unforgettable customer experiences, merge omnichannel with your FinTech solutions. Flexible payment options and humanized interactions via omnichannel will increase customer satisfaction and profit. Join us at Fintech Nexus in NY on May 10-11 to innovate the industry together! Book a meeting today!