How are Fintechs Redefining Customer Journey

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 24×7, they also help resolving basic grievances or queries or even sharing base level information giving businesses a personalized effect.

Robo-Advisors 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.

For 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.

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