Three things fintech gets wrong about customer support

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Fintech customer support- Fintech products are gaining popularity and pose real competition to traditional banking. According to the 2019 FIS PACE study, 73% of consumer banking interactions are digital. Fintech startups have already raised a record $100M in Q2 2020 and, apparently, have cracked the secret to success — better CX and personalized customer service.

Direct-to-consumer banks have the highest consumer satisfaction outpacing credit unions. Digital banks also have the lowest rate of customer churn.

While only half of the customers from the banking sector believe they received consumer-centric service, the same indicator reaches over 80% for fintech.

Yet good can always be better.

There are three mistakes most fintech companies make while setting customer support service. By avoiding them, businesses can stand out in both the traditional and digital banking sectors.

1. Investing in tech rather than people

Tech solutions made banking accessible and drove consumers to fintech products in the first place.  However, when it comes to communicating with customers the rule of thumb is not to overdo with tech. Retaining “a human touch” is one of the biggest challenges fintech companies face, but they keep investing in tech-enhanced solutions rather than people.

Recently, Robinhood’s customers were unable to reach a representative over the phone to report that their accounts had been hacked. They were left waiting for emails from support that would take days to arrive. Such a basic customer service channel as a phone line was not considered important for one of the biggest fintech companies in the US. This situation demonstrates that people still need to talk to a real person when it comes to handling financial issues. It doesn’t matter how small or big the business, or how tech-savvy the customers — talking to humans is still important.

Tip: If you plan to shut down your phone lines and switch completely to online customer support channels, think again. Fintech companies deal with a lot of sensitive information. The level of anxiety among customers is higher than usual. Our data indicate that during COVID-19 people started calling more regarding issues that could have been handled online — just to make sure their problems were definitely resolved.

In order to excel in customer support, don’t leave your customers in a state of uncertainty. Provide them with an option to talk to a person. Not a chatbot, not a virtual assistant, and not an email. A person.

2. Relying only on in-house support

Outsourcing is not new for fintech: as many as 20% of startups outsource their technology needs while another 65% are considering outsourcing in the near future. However, most of it is focused on programming and development, while outsourced customer support is still considered a compromise on quality and a higher security risk.

No doubt, building an in-house customer support department gives businesses greater control over the process and direct access to customers’ insights. It’s especially important when your product is still in development.

Read more at Finextra