The financial technology industry is going stronger than ever, with the number of fintech unicorns—private startups valued at over US$1 billion—soaring from just 39 in 2018 to more than 272 currently, at a total valuation of approximately US$936B, an exponential rate of growth in just over five years.
Fintech moves fast. By the very nature of the industry, it’s always been at the forefront of innovation, deploying technology such as artificial intelligence (AI) and machine learning (ML) to revolutionize banking processes, including payments, investments, risk management, and fraud detection.
So why, you might ask, would such a tech-savvy industry need outside support for tech and analytics? It’s precisely because fintech moves fast – and must move fast to keep pace in such a rapidly evolving business environment. The necessary focus on financial and technical capabilities and advancement can leave customer experience (CX) by the wayside, which can be a disastrous mistake.
At the end of the day, practically every business still relies on customers – and however fantastic your processes, products, and services might be, they don’t do anything for your
company unless consumers are informed about and engaged with them. Any kind of banking must be able to engender and sustain trust, nurturing customer loyalty, to survive and thrive beyond the industry boom.
That’s where CX comes in. Even when it comes to AI and ML—areas where, as discussed, most fintech companies excel—there’s no match for the experience, concentration, and resources a professional CX provider brings to the table in deploying tech specifically for CX. Let’s take a look at some examples:
AI-driven chatbots, CRM systems, and the like can streamline customer support on the front lines, offering 24/7 answers. However, balancing this convenience and immediacy with human comprehension and empathy is critical for making customers feel heard and valued. CX professionals know how to do this and already have the ideal tools, processes, and personnel to ensure that equilibrium.
Omnichannel support is all but a requirement in today’s marketplace, with consumers expecting multiple access points for support, including phone, email, chat, and self-service portals. CX providers have all the expertise, equipment, and manpower to get a synergistic system up and running in no time and keep it agile and updated, adjusting as needed to company, market, and regulatory changes.
Analytics, naturally, aren’t new to fintech organizations—they’re a core component of modern fraud detection—but CX experts can do far more with analytics beyond identity verification and other security measures. Through analytics, CX agents turn consumers’ habits and preferences into personalized service, making the customer feel understood and valued while predicting and preventing potential problems. They can also segment consumers into smaller groups, enabling more targeted and relevant marketing efforts and customer interactions. Internally, analytics help CX companies train customer champions more effectively, leading to even quicker, better resolutions.
As fintech companies leverage technology to redefine banking, they can likewise leverage a strong CX partnership, ensuring intuitive, responsive, and personalized customer relationships that can last and grow, accelerating their wins amid the industry’s rapid growth.
