Customer experience is now an integral
part of most industries. With Fintechs coming in and challenging the
traditional methods of addressing the customers, they are also
redefining customer experience.
Upstarts, i.e., Fintechs are taking it
upon themselves to change a number of old age methods and many of
these may not even associate with the financial industry. Most
importantly, upstarts have recognized and therefore attributed great
significance to Customer Experience (CX) and are working towards
enhancing the overall customer journey.
Subscription to graphs, pie-charts, dashboards and reports alone are
trivial instruments. Today, Fintechs are getting customers involved in
their own personal finances by empathizing with them over their
challenges, creating simplified and consistent processes and building
trust therein. Fintechs are therefore exhibiting that by automating
upfront one can scale CX personalization without a significant
increase in cost. For instance, firms are setting up auto-chatbots who
act as first point of contact when a customer approaches for
assistance. Apart from the fact that these chatbots are available
24x7, they also help resolving basic grievances or queries or even
sharing base level information giving businesses a personalized effect.
give personalized service to a large number of customers that
otherwise cannot afford traditional advising.|
Through ‘platformification’ and open Application Programming
Interfaces (APIs), Fintechs are enabling operational advancements
offered by Robotic Process Automation (RPA), chatbots and Distributed
Ledger Technology (DLT) with great accuracy.
At present, Fintechs are focusing on key areas of agility,
digitalization, personalization, artificial intelligence and
operational excellence to achieve effective customer experience within
competition and rising customer-centricity.
instance, earlier where customers had to involve third party advisors
to manage and grow their wealth, today, with the help of scientific
algorithms that compute customer preference against their investment
amount, customers are able to invest and manage their own wealth. This
technology has offered customers the ease of availing all services on
the same platform while eliminating additional costs.
Since customer expectations and preferences are ever evolving,
especially of the Gen Z, they demand quick, stable, secure,
omni-channel, to-order and individualized interactions – and they have
little patience for those that fail to deliver.
At present, while technology is at the forefront, firms need to align
their strategy and objectives with innovation to grow and sustain
within a highly competitive market that emphasizes on a seamless and
consistent customer journey.