Contributed by redk
The fintech industry is entering a new era, but the fundamental disruptive forces behind its success (or failure) remain the same. In fact, this industry has emerged from the COVID-19 pandemic stronger than ever. According to a recent Forrester report, fintech’s cumulative scale and influence are predicted to grow exponentially as a wave of new organisations target unique, niche needs for an ever-growing pool of tech-savvy customers.
How can fintechs keep up with this new digital world?
Post-pandemic, fintech organisations must focus on operational efficiency and customer service in order to be successful. They cannot rely only on bigger and better tech in areas like cloud services, business intelligence, or security. Companies must develop new skills and keep the customer in the centre.
Here are three key customer service mega-trends highlighted by Forrester that can help ensure successful adaptation to the new reality for fintechs.
Organisations must “future-proof” their customer service tools and processes.
First of all, customer service technology must be flexible and modular in order to keep up with consumer needs. It is important to choose service vendors like redk that have flexible APIs easily adaptable to changing business needs and market conditions.
This is especially important in an industry as volatile as fintech. Remember, the world has gone asynchronous. Restructuring digital experiences to support text-based channels will be key.
People are accustomed to text-based communication not only in social channels (Facebook, Instagram, Whatsapp), but also in professional channels (thanks to the rise of hybrid working). They will expect the same convenience of easy access and quick replies on accessible messaging platforms when engaging with their financial service providers.
“Dark” unstructured data will be key to delivering CX innovation
“Dark” data refers to the treasure trove of data that organisations collect but do not effectively use. The companies that come out on top of the next wave of business transformation will be able to use AI and big data to create differentiated experiences for customers and employees. How can they achieve this?
One strategy is to enable cross-departmental and cross-stakeholder collaboration on AI initiatives. Many AI applications are limited to single business units and are not well integrated with company goals, so they do not provide value for the organisation or the customer.
However, imagine a primary bank with a transversal AI system. This organisation could analyse data across touchpoints (the physical branch, a contact centre, mobile app, web, social media) and deliver personalised and relevant assistance to the consumer based on all of their interactions with the company.
Also, AI systems must encourage human-machine collaboration. Although self-service options like chatbots have improved greatly over the years and are helpful in certain situations for rapid problem-solving, many consumers still prefer human contact. At the same time, they don’t want to lose the efficiency of automated responses. Companies also rely on the data collected by these bots. Therefore, contact centres must focus on agent-assisted AI.
Personalisation maximises impact
Being a customer service agent has become much more difficult in the digital era. Since bots can often take on the simpler concerns, employees are left with the trickier problems. In order to take care of your customers, you must first take care of your customer care agents.
Instead of measuring agents with only time-based metrics, such as the number of cases solved in a given period, it is better to incentivise customer satisfaction. Let intelligent chatbots take on the easy problems that are quickly solved. Make sure your staff are motivated to dedicate time and attention to solve more complex problems.
Fintech organisations are growing, and that means there will always be new roles to fill. Don’t lose your top team members as you expand. These are the people you will need to train the new hires. Foster career development for customer service agents. Contact centres often fail employees by neglecting career and skill development beyond the day-to-day of the job.
At redk, we help companies design and implement service operations that turn clients into engaged humans. Our expertise in customer service allows organisations to boost customer satisfaction and loyalty by establishing enduring models of service excellence.
We work with partners like Salesforce and Zendesk to help your organisation create and deliver an omnichannel strategy that applies AI technology to automate processes, reduce service friction, and create meaningful customer interactions.
Our Salesforce Cloud Services support the most demanding customer service needs by integrating data into business ecosystems. It is perfect for organisations ready to grow their cloud capabilities. With Zendesk, clients are empowered to solve problems quickly and independently thanks to an operational design focused on excellence in customer service and innovative technology ahead of the competition.
Thanks to our 15+ years of experience in innovation and customer service, we at redk can provide the expert digital consulting capabilities to implement the tech that works for your fintech business. Reach out to us to learn more about the impact we could have on your organisation.
