Why Fintech Needs Customer Service

The average person experiences at least one moment of terrible customer service during their life. Whether that’s trying to get a phone fixed, ordering from a poorly trained waiter, or dealing with an incompetent chatbot, customer service is currently in an interesting era. In-person customer service issues are not a thing of the past. However, the advent of technology has given rise to a new type of customer service issue — digital communication and technical support for the online age.

Financial technology, or Fintech, is the nexus of the past and present of customer service. However, fintech companies have a lot on their plates to usher in a golden era of customer service.

Defining Fintech Customer Service

Fintech refers to any app, service, SMS platform, or another digital platform whose goal is to automate financial services, often with the intent to streamline those services. Fintech AI is designed to solve problems on all levels, including customer experience and beyond. Incorporating fintech into regular banking and transactions is appealing to financial companies, as it holds the potential to cut operational costs and increase sales at the same time, according to a prediction by Autonomous research. The problem for the time being is how to make cutting operational costs and increasing customer satisfaction work together.

It’s clear not only from the numbers but also from the prevalence of fintech apps that automated customer service is catching on. Customers are looking for ways to ditch lines at the bank or purchase and exchange stocks on their own time. A recent survey conducted by omnichannel solutions group Mitto, shows that many banking customers would rather take a trip to the dentist than visit their local banking branch. Technology like banking apps mitigates in-person pains, but not without setbacks. Communication entrepreneurs, like Mitto CEO Andrea Giacomini and COO Ilja Gorelik, are aiming to alleviate these setbacks as they appear.

Common Financial Technology Issues

Currently, one of the most pressing issues fintech companies deal with is fraud. This type of crime impacts customers and companies alike. Customers are faced with delayed or refused transactions on top of asset loss. And fintech companies in the United States lose as much as $51M in fraud every year, according to a PYMNTS and INGO report.  Protection against fraud is one area where consumers feel slightlyless safe when compared to in-personal financial transactions.

Instances of fraud also point out another shortcoming that fintech brands seek to eradicate. When consumers deal with bank fraud, they are typically redirected to a human, rather than a chatbot, to handle their case. This instills a sense of empathy, trust, and connection between the customer and the company.

Omnichannel messaging companies like Mitto see this as the company “getting it right” — not only for themselves but for their customer. In an interview with Martechcube, Mitto founder Ilja Gorelik states, “For brands today, ensuring they’re “getting it right” with their digital customer communications is vital: it’s more or less the only way in which the two interact these days and, as recent research we conducted shows, nearly ¾ of Americans will stop patronizing a brand if they receive as little as three poor support experiences.”

But how do fintech companies “get it right?” Good financial tech should not only streamline the needs of the company, but they should be as if a person were shaking hands with the best bank manager in the business in a way that works for them. For many, walking into a branch just doesn’t cut it, nor does making a phone call. Adapting messaging platforms to meet the emotional and physical needs of a banking customer is how fintech will come to the forefront of the financial customer experience.

Unfortunately, it’s not as easy as creating one tech-based way for people to get a hold of a company in a pinch. A Mitto study showed that nearly 90% of customers surveyed said that the right communication platform makes a difference. Ergo, truly game-changing fintech companies will find a way to take assistive technology and make it work in a variety of customer situations.

Do Customers Prefer Flexible Communication?

There is plenty of data showing omnichannel customer service solutions can work. Implementing this type of messaging on a grand scale can seem like a risk, but as Mitto found in its State of Customer Experience report, brands that implement a robust omnichannel strategy are 3x more likely to report revenue growth and 4x more likely to deepen customer loyalty. Fintech companies should take note and aim to achieve the same results.

A starting point is prioritizing customer support. A recent survey from Mitto showed that when a bank made customer support a priority, it ensured that at least two-thirds of their surveyed consumers would remember their interaction as a positive or neutral experience. In the same survey, customers mentioned that poor customer support would make the difference between a good or bad experience, followed by poor customer communication.

In an interview with Mitto’s CEO Andrea Giacomini, he said the following about evolving communication,

“Brands need to continue to evolve how they communicate with their customers to ensure a positive experience. By partnering with the right solutions provider, financial institutions can access technology that enables them to interact with customers on their preferred channels, support real-time interactions and ensure quick response times, which our survey indicated to be top consumer preferences in delivering a positive customer experience.”

The most important piece to the puzzle, according to the available data? Financial platforms must be able to meet customers in the middle. Consumers overseas won’t always have access to international phone call capabilities. Older customers may not be able to navigate social media chat. And younger consumers will prefer to work on a trusted platform. And, as it has been in the past, the speed and accuracy of the problem’s completion will make all the difference. Surveys have shown that SMS interactions have been one of the most favored ways of interacting with a banking platform.

But if there’s one takeaway from all the current conversation surrounding omnichannel solutions for Fintech, it’s this — communication will always need to remain fluid, friendly, and flexible to meet customer needs. It’s the anchor between the consumer and the company, and without a stable method of communication, there’s no way to establish customer trust. So, for Fintech, finding a way to continue communicating with their customers in a way that works for them will be the way they continue to thrive.

About Mitto

Mitto brings communication to companies who need it. Founded in 2013 by communications entrepreneurs Andrea Giacomini and Ilja Gorelik, Mitto’s omnichannel communication platform transforms the ways customers and companies interact. As digital technology rapidly advanced in the early 2010s, the founders  noticed a correlation between the rise of Fintech tools and shifts in customer satisfaction. Understanding communication aimed to help both businesses and customers, Mitto strove to fill in the gaps. Now, Mitto’s conversation partner technology allows companies to seamlessly help customers on their preferred apps, wherever they may be in the world.

FAQs about Fintech Customer Care

Fintech customer care is an important part of the financial technology industry, as it helps bridge the gap between customers and companies when it comes to understanding financial products and services. As such, many people have questions when it comes to customer care in the fintech industry. Here are some of the most frequently asked questions about fintech customer care.