Fintechs were born out of a need to solve specific problems that traditional banking players have struggled to address. They attract customers with their new business models backed by strong digital platforms. The challenge is to make customers stick with them as they continue to scale. Fintechs are experiencing an exponential growth stage and can find it challenging to learn as they grow. While most fintechs are based on mobile apps that are easy to access, a great customer experience (CX) is dependent on several factors including back-office processing.
While there are many paths to delivering an exceptional CX, here are three components we believe are essential to any fintech’s CX strategy:
1. Use AI to Personalize and Deliver Transformative Customer Experiences
Artificial Intelligence (AI) can make a big difference to fintechs who look for more insights into how their products and services are perceived and accepted. AI provides fintechs the ability to quickly adapt and improve the overall customer experience, which can result in making their brand more appealing to end consumers. For example, neo banks with better insight can remove bottlenecks, streamline digital onboarding and improve the overall customer journey.
AI can help create truly personalized experiences across origination, servicing and collections. Origination needs a personalized and attractively packaged product portfolio that is accessible to customers. Servicing involves easily accessible customer dialogue for information and clarification, with the flexibility of speaking to a live expert at any time. Collections need a borrower-centric approach to mitigate losses and strengthen relationships. AI enables fintechs to map every step of their customer journey and deliver personalized and contextual engagements; this involves continuous analysis of customer data and interaction across all customer touchpoints.
2. Automate Operations for Speed and Accuracy
Automating back-office processes improves the speed and accuracy of customer services as well as the overall CX. Voluminous and repetitive processes are suitable opportunities for end-to-end automation, while digital data extraction automates document verification and validation. Customer notification, communication and information access are usually easy to automate. For example, account opening involves capturing and validating customer data based on several conditions, steps and involving multiple applications. This can be fully automated to decrease the burden on fintechs’ lean teams. Overall, automation enables a faster service, which is vital for customer loyalty that fuels top-line and bottom-line growth.
3. Manage Data Security and Comply With Regulations
Fintechs must comply with banking regulations that involve money laundering, fraud, privacy, and so forth. Some governments are also considering new fintech specific regulations. In this scenario, fintechs must deal with any future uncertainty with regards to compliance. Good data management, governance and security practices can help fintechs overcome regulatory challenges and allow them to stay up to date in compliance. For example, superior data management and AI-driven analytics can streamline processes such as anti-money laundering (AML) and know your customer (KYC).
While focused on growth, fintechs must have the confidence and peace of mind that their sensitive data, systems, networks and vital business assets are secure from the constant threat of sophisticated and persistent cyberattacks. They can either build this expertise in-house (which can sometimes be cost-prohibitive) or choose to collaborate with a partner.
Team to Succeed Every Step of the Way
An exceptional CX is undoubtedly critical to customer acquisition and retention. Fintechs must understand their CX challenges and then implement a solution that can scale and deliver the best results. Working with an experienced, capable and proven partner enables fintechs to commit their precious time and resources to core business objectives.
By leveraging deep domain knowledge and AI-enabled digital solutions that transform banking operations for a customer-centric world, Sutherland helps fintechs create exceptional banking experiences while improving operations and driving down costs. Sutherland offers a one-stop shop for solutions that enable fintechs to focus on their key business while staying lean. Sutherland empowers fintechs with technology solutions, process expertise and personnel necessary for business operations without curbing the speed of growth.
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