5 ways in which FinTech is reshaping traditional consumer services

9 out of 10 customers want an Omni-channel experience which has seamless service between communication methods.

73% of consumers use more than one channel during their shopping journey.

Hence it’s extremely important to provide consistent CX on all of them be it call, chat, web or social media.

1. Need for Real-time Response (convenience): 43% of Millennials contact customer service from a mobile device. Out of these, 90% expect companies to have an online portal to address their needs. Instant messaging & chat services serve exactly this demand. It not only helps in addressing the pain points in the customer journey in real time, but also helps to increase the conversion of abandoned carts and provide tailored financial recommendations.

2. Automation & Chat bots: Availing financial outsourcing services is an integral and complex decision. Hence Top Fintechs must use Chabots for instant assistance, to automate repetitive tasks and save costs. Chabots can also guide the customers through products and help them make informed decisions. Since 63% of Millennials start their customer service interactions online, initial guidance is integral as an uncertain customer might soon convert into a lost customer.

3. Seasonally Scalable platforms: In festive and wedding seasons, the demand of fintech services rise exponentially. Hence there has to be an ability to scale-up rapidly to match the peak pressures, especially in lending. Such scaling should not compromise the Customers’ Satisfaction Levels (CSAT). There has to be an accurate forecast of demand and efficient hiring using workforce management.

4. Customer service on social media: Customers, especially Millennials are increasingly turning to social media to discuss their grievances and queries. Studies show that 84% of these consumers expect companies to respond within 24 hours. Since global Millennial spending power will overtake Gen X, having a dedicated social media team is extremely important.

5. Use of digital data for insights: Companies need to keep abreast with performance and track the real-time operations, using BI. This gives a 360˚ view which helps in taking proactive decisions by transforming customer feedback into valuable insights and propositions.