"Consumers expect a seamless, consistent experience across all touchpoints and devices. Companies that can provide this will have a distinct competitive advantage."
In the digital age, the customer experience (CX) has become a make-or-break factor for all companies. Great CX can set you apart from the competition and help you thrive, while a poor one can lead to a loss of customers. Providing a seamless, personalised, and convenient experience is more important than ever. Customers are willing to pay more for a great experience. They expect a consistent experience across all channels and a strong CX can help retain customers and keep them coming back. In this article, we'll dive into the crucial role of CX in the fintech industry and how it can help cater to the needs of digital-savvy customers.
A recent study by Qualtrics shows that companies with exceptional customer experience outperform their peers by nearly 80%. The same study also found that 32% of all customers would stop doing business with a brand they loved after one bad experience.
Another survey by Forrester Research found that customers are willing to pay a premium of up to 16% for a better customer experience, and Salesforce reports that 83% of consumers say that a seamless experience across all channels is important to winning their business.
Furthermore, again according to Forrester, a great CX can affect the most important of our statistics, retained customers. A direct corelation between customer experience and retention rates has been shown with customers who have a high-quality experience being 2.7 times more likely to keep doing business with a brand than customers who have a low-quality experience.
The Covid impact
The rise of digital and mobile technologies, particularly since Covid, has made it easier for customers to access financial services and, as a result, the expectations of customers have also risen. Today's customers expect a seamless, personalised, and convenient experience, and fintech companies that can meet these expectations will be the ones that thrive.
One of the major challenges that fintech companies face when it comes to CX is the need to integrate multiple channels and devices. With customers accessing financial services through a variety of channels, such as mobile apps, websites, and physical branches, it's essential for fintech companies to ensure that the experience is consistent across all of them. This means that fintech companies must be able to provide a consistent experience regardless of the channel that the customer uses.
Consumers expect a seamless, consistent experience across all touchpoints and devices. Companies that can provide this will have a distinct competitive advantage.
Personalisation
Personalisation is another important aspect of CX in the fintech industry. Today's customers expect financial services that are tailored to their specific needs, and fintech companies must be able to deliver this level of personalisation if they want to retain customers.
A study by Epsilon found that personalisation gives a much higher chance of leading to a sale, with 80% of consumers more likely to make a purchase when brands offer personalised experiences in their emails. This highlights the importance of personalisation in building customer loyalty and can easily be carried across all mediums to similar effect.
Convenience
In addition to personalisation, convenience is also a key aspect of CX in the fintech industry. With customers becoming increasingly used to being able to access financial services at any time and from any location, fintech companies must be able to provide a convenient experience if they want to retain customers.
A study by the Financial Brand found that in 2021, 70% of banking interactions will take place on mobile devices, up from 66% in 2019. This statistic shows the significant rise in mobile adoption in financial services over the past few years, highlighting the importance of a mobile-first approach that ensures the transitions a customer takes on their user journey with your business, are all considered.
In conclusion, CX has become a crucial aspect of success in the fintech industry. With customers expecting a seamless, personalized, and convenient experience, fintech companies must be able to deliver this level of CX if they want to retain customers.
Providing a consistent experience across all channels, personalizing financial services to meet the specific needs of customers, and making the experience as convenient as possible are all essential to providing a positive CX. Fintech companies that can meet these expectations will be the ones that thrive in today's digital landscape.
The lessons for broker businesses
Brokers can start to invest in improving in their CX with a number of small steps, starting by simply conducting a comprehensive review of the customer experience across all touch-points.
The first step is to identify those touch-points where a customer interacts with the brokerage, such as its website, mobile app, social media channels, call centre, and physical branches. Gathering data on how customers interact with these touchpoints, evaluating the data and identifying opportunities for improvement is crucial. An action plan with specific goals, timelines, and responsibilities should be created to address the issues and implemented. Regularly reviewing the results and making necessary adjustments is essential to keep the CX at its best.
