The inevitable role of FinTech in improving your financial systems and outcomes

The COVID-19 outbreak has affected every aspect of the economy including financial technology or FinTech. Postponed events and conferences mark missed opportunities for FinTech companies, which could have been a great time to build relationships and focus on new businesses. As investors and customers retreat to more cautious positions, FinTech companies may find fundraising a challenge. Those who seek consumer investments are hit harder. Consumers may be reluctant to invest during such volatile times. Even those consumers who are relatively insulated from economic fallout may choose to invest in safer options for the present. FinTech innovations can improve the efficiency of the financial system and financial outcomes for their customers. This article will discuss how FinTech can safeguard customers’ interest in the post-pandemic world. 

What is FinTech?

FinTech is a combination of Finance and Technology. It is used to describe new technology that can improve and automate the use and delivery of financial services. It also enables people to live upgraded lives through innovation. FinTech includes many sectors such as fundraising, education, retail banking, and more. It plays a major role in the development and usage of cryptocurrencies. FinTech also covers various day-to-day financial activities including money transfers, check deposits, and investment management.

Read more: FinTech Innovation: What Is In Store?    

Why protect customer interest?

Customers are the primary source of growth, so they must be handled with the respect they deserve. Any product or service which is customer-centric offers the potential to attract and retain customers. Since FinTech provides advantages of speed and convenience, customers are looking at FinTech as a viable alternative. People want streamlined services with applications that are easy to adapt to. Hence, FinTech companies are outlining measures to make their services less complex and more transparent. They are focusing on creating better digital processes that their customers can personalize easily.  

Customers’ convenience and requirements are paramount for FinTech start-ups. To that end, they are designing products and solutions to ensure customer satisfaction. Delivering a top-notch customer experience is the goal of FinTech companies globally.

Measures to protect customer interest 

Here are some cutting-edge technologies that are protecting customer interest now and into the future:

1. IT foundation for better customer experience

FinTech startups are usually smaller in size and have a technological edge. They have a fresh canvas, allowing them to migrate easily from legacy technologies. The younger digital-first audience is attracted to their services. Larger FinTech enterprises must adopt a new IT foundation with modern technologies. Currently, FinTech customers prefer startups over established brands because they can reap the rewards in the form of better digital experiences. Though startups have a technological advantage, they must continue to focus on their capital reserves to make it through these unprecedented times. 

2. Digital communication tools 

The FinTech sector is based on understanding the needs of their customers. It is crucial for these companies to strategize the manner in which service providers communicate with their customers. This gets customers locked onto their services with relative ease. Communication through online media or through the content on your site can draw in new leads and build customer trust. When customer interest is protected, they will most likely return to you. In turn, they will recommend the service to their relatives and friends. These parameters are crucial if you want to keep your business afloat. 

3. Embrace digital transformation

While your staff may be susceptible to coronavirus, technologies like ML and AI are immune. The financial services system must address customers’ demands swiftly and efficiently. Smart devices and the integration of artificial intelligence are a great way to achieve this. Virtual assistants and chatbots can deliver a customized experience to your customers. They perform all the activities that are usually done by customer service personnel and other executives. However, these digital solutions are faster and reflect sophistication. Digital transformation provides holistic 24/7 monitoring and automated remediation. 

Read more: Artificial Intelligence In Investment Management: What To Expect 

4. Digital banking 

Previously, a customer’s confidence in a financial company depended mostly on physical infrastructure. However, COVID has changed that momentously! The new generation banking system is going all-digital to reach mobile-first customers. Digital-only banks do not need sophisticated infrastructure or higher human resource management. Digital banks are able to deliver cost-effective, robust services that match the high standards set by traditional banks.

5. P2P Transactions

P2P digital payment is quickly gaining popularity. Customers are adopting such technologies for daily use. P2P eliminates the middle layer and drastically reduces transaction costs. Digital transactions help FinTech enterprises expand their footprints and customer base. 

6. Security and privacy

FinTech is an industry where the risk of financial crime is high. It is vital for FinTech companies to think over customer security while designing their consumer experience. Apparent security measures make customers feel comfortable. Customers expect rigid security from FinTech solutions along with reliability and FinTech is practicing stringent security measures to beat the competition. They are making visible efforts to handle customer data with care. To gain the attention of your customers you can make your privacy policies visible enough on your website or app. Remember, it can reflect on the confidence a company has in its security measures.

Read more: Artificial Intelligence and Machine Learning: The Cyber Security Heroes Of FinTech 

Changing for the better

It may be difficult to predict how the payments landscape will emerge in the next few years and what will be the long-term impacts on the FinTech industry. Nevertheless, it is likely to witness a transformation that can dwarf what has been achieved thus far. At such times, it is important to gain the confidence of your customers to retain them and enjoy their loyalty. 

Thus far, FinTech has only been in the shadows as it were, but now it has found a home in the innovation economy globally. Millennials are more reliant on their smart devices to accomplish their daily tasks. They want the world and its conveniences at their fingertips anywhere and anytime. Given that, perhaps the future might see more interesting innovations in customer experience. 

Let’s look at some opportunities for FinTech in the future:

• Companies with remote workforces are better positioned to thrive during and after this difficult period.
• FinTech gives an impetus for greater adoption of contactless money transactions.
• FinTech companies are well-positioned to find new ways to incorporate better digital solutions.

In order to capitalize on all these opportunities, you will need a technology partner to help guide you through the latest innovations. Give us a call and let’s discuss how Fingent can help you guide your business and customers to success in the post-pandemic world… 

Customers these days – they want to be sitting at their favourite cafes, and be able to reschedule their IPTV installation, their annual water well checkup routine, book another appointment at their regular spa place, and also order that dress that caught their attention when they went out last night. All this at the same and from their smartphone or tablet.

That is how much consumer habits and buying behaviours have changed over time and shifted towards a more mobile centric way of things. Consumers also expect businesses to understand and facilitate these new means of interaction and commerce.

In order to meet these expectations, businesses need to adopt a more personalized approach, in their marketing and general relationship with customers. They need to embrace mobility and make it easier for customers to access their brand. To make the most of mobility, here are a few techniques for starters:

Informative online presence through mobile

Considering the mobility driven buying habits of customers these days, it is obvious that the first thing they would do when they are looking for some information, is browse online on their mobiles. They browse about the products and services they want, as well as the companies they might be interested in. Hence, it is very important that you make your mobile presence effective.

69% of smartphone users are more likely to buy from companies whose mobile sites or apps help them easily find answers to their questions.

There’s nothing else that turns away a customer, than a site that lacks functionality, is not easy to find or lacks important information. You don’t want your prospects to leave your site and prefer your competitor’s brand do you?

Well, for that you need to make sure that your site;

• Shows exactly what products and services you have to offer
• Shows what kind of mobile tools are available to assist in customer experience
• Provides an intuitive experience for customers
• Has all information related to your products and services, like features and other details, at easy access
• Provides easy access to contact information about your company
• Has an FAQ page, to provide a resource for customers to clear common questions related to return policy, warranty etc.

Google actually prefers responsive websites for several reasons. As a matter of fact, it has almost become the standard now.
Apart from that, time spent by the customers on the site is actually lower when it’s on a mobile, which makes it all the more important for you pay more attention to site details. You need to make it possible for customers to call the company on one click.

The basic point is that, customers probably would not want to read through your entire site to get a little information, say your contact number for example. You have to give them any kind of information they are looking for and make things as transparent as possible.

Engagement

One of the most effective ways to increase brand recognition is customer engagement. It can happen through various ways like a customer call for a service booking, or a product installation call etc. For example, a live chat function can prove to be very effective in providing detailed information to customers.

You can also seek reviews and feedback through the different social media channels. That way, with the contagious nature of feedback and engagement, customers would be more inclined to respond and engage with companies that their peers have engaged with.

You need to also take feedback seriously, and address issues and questions in a timely manner, so that customers feel cared for and valued.

Management

Once you get an appointment from your customers, you need to be able to turn the request into an effective meeting. And for that, you need to do more than just send out meeting details through email.

People have this tendency to forget about meetings and appointments, if they are not all that important or if they were agreed on impulsively. In order to avoid such scenarios, you can make use of mobile reminders in the form of push notifications and SMSs. Whether it is just for a pick-up or a delivery, it would be good to send reminders a couple days or a few hours before the appointment.

Make sure you mention the date in the notifications or reminders you send, as most smartphones automatically detect dates in messages and emails, so as to integrate appointments into the phone’s calendar. Thus, the effectiveness of reminders is increased.

Personalization

Remember that simple thing you asked your customers to do when they first came across your site?
Registering their emails?

It is high time you made use of that. Make sure you send out personalized emails to them, depending on their likes and purchase patterns. It could be a special promotional offer for a particular customer or even a reward discount sent to their mobile.
You can also send them general information related to new promotions and offers. This makes them feel appreciated and hence improves loyalty.

Mobility can thus have a great impact on the profits of your business, as well as your customers’ satisfaction. In the long run, it will help you create a large customer base, which can be a massive support for market survival too.

Source: ThinkWithGoogle