CX in the fintech era: Meeting the needs of digital-first customers
“Consumers expect a seamless, consistent experience across all touchpoints and devices. Companies that can provide this will have a distinct competitive advantage.”
In the digital age, customer experience (CX) has become a make-or-break factor for all businesses. Great CX can set you apart from the competition and help you thrive, while a bad one can lead to the loss of customers. Providing a seamless, personalized and convenient experience is more important than ever. Customers are willing to pay more for a good experience. They expect a consistent experience across all channels, and a strong CX can help retain customers and keep them coming back. In this article, we’ll delve into the crucial role of CX in the fintech industry and how it can help you meet the needs of digitally savvy customers.
A recent study by Qualtrics shows that companies with exceptional customer experience outperform their peers by nearly 80%. The same study also found that 32% of all customers would stop doing business with a brand they loved after a bad experience.
Another survey by Forrester Research found that customers are willing to pay a premium of up to 16% for a better customer experience, and Salesforce reports that 83% of consumers say a seamless experience across all channels is important to winning their business .
Furthermore, again according to Forrester, a great CX can influence the most important of our statistics, retained customers. A direct correlation between customer experience and retention rates has been shown with customers who have a high quality experience being 2.7 times more likely to continue doing business with a brand than customers who have a low quality experience.
The Covid effect
The rise of digital and mobile technologies, especially since Covid, has made it easier for customers to access financial services and, as a result, customer expectations have also increased. Today’s customers expect a seamless, personalized and convenient experience, and fintech companies that can meet these expectations will be the ones that thrive.
One of the major challenges fintech companies face when it comes to CX is the need to integrate multiple channels and devices. With customers accessing financial services through a variety of channels, such as mobile apps, websites and brick-and-mortar branches, it is important for fintech companies to ensure that the experience is consistent across all of them. This means that fintech companies must be able to provide a consistent experience regardless of which channel the customer uses.
Consumers expect a seamless, consistent experience across all touchpoints and devices. Companies that can offer this will have a clear competitive advantage.
Personalization
Personalization is another important aspect of CX in the fintech industry. Today’s customers expect financial services that are tailored to their specific needs, and fintech companies must be able to deliver this level of personalization if they want to retain customers.
A study by Epsilon found that personalization has a much higher chance of leading to a sale, with 80% of consumers more likely to make a purchase when brands offer personalized experiences in their emails. This highlights the importance of personalization in building customer loyalty and can easily be carried across all mediums with similar impact.
Convenience
In addition to personalization, convenience is also a key aspect of CX in the fintech industry. With customers becoming increasingly accustomed to being able to access financial services anytime and from anywhere, fintech companies need to be able to offer a convenient experience if they want to retain customers.
A study by Financial Brand found that by 2021, 70% of banking interactions will take place on mobile devices, up from 66% in 2019. This statistic shows the significant increase in mobile adoption in financial services in recent years, highlighting the importance of a mobile-first -approach that ensures the transitions a customer takes on their user journey with your business are all considered.
In conclusion, CX has become a crucial aspect for success in the fintech industry. With customers expecting a seamless, personalized and convenient experience, fintech companies must be able to deliver this level of CX if they want to retain customers.
Providing a consistent experience across all channels, customizing financial services to meet the specific needs of customers, and making the experience as convenient as possible are all critical to delivering a positive CX. Fintech companies that can meet these expectations will be the ones that thrive in today’s digital landscape.
The lessons for brokerage firms
Brokers can start investing in improving their CX with a series of small steps, starting by simply conducting a comprehensive review of the customer experience across all touchpoints.
The first step is to identify the touchpoints where a customer interacts with the brokerage, such as the website, mobile app, social media channels, call center and brick-and-mortar branches. It is critical to collect data on how customers interact with these touchpoints, evaluate the data and identify opportunities for improvement. An action plan with specific goals, timelines and responsibilities should be created to address the issues and implemented. Regular review of the results and necessary adjustments are essential to keep CX at its best.
