Fintech customer experience: your guide to the best CX tactics and tools.

Time zones, translation issues, office hours, and PC troubles are just some of the speedbumps standing in the way of a smooth, speedy fintech customer experience. And when a card thief is on a spending spree or a utilities transfer goes awry, the disasters caused by the lags they bring are obvious for both customers and the financial institutions they’re poised to abandon. But for fast-paced fintechs like digital payment platforms, insurtechs streamlining claims, and real-time trading hubs, delays don’t just threaten crisis resolution - they’re a critical fault in your service itself. 

When seamless, remote, and digital are your selling points, CX that keeps up is integral. Those 24/7 virtual assistants shine here again, crushing increasingly complex enquiries round-the-clock while freeing up experts to handle the most sensitive cases. Incorporated into our Omnichannel suite, they meet customers across all their favourite platforms and devices, facilitating interactions that flow flawlessly from socials to chat to email and back with all context intact. And while our chatbots are multilingual by design, our AI-powered Automated Translation allows leading live agents to connect with customers in their mother tongue. Whether a phone gets stolen alongside a wallet or a stock shoots up in the early hours, your customers get instant responsiveness that meets them where they’re at, fully enjoying the digitization that sets winning fintechs apart. 

Success Metrics:

• Customer effort score: how easily your CX setup solves customers’ issues.
• Bot resolution rate: % of interactions handled entirely by bots. 
• Average resolution time: the average time taken to resolve customer queries.

Disruption - it sounds destructive, but it’s all about discovery. Finding new niches and untapped profits comes down to uncovering clients’ unmet needs and wants. But when your base is made up of busy customers and businesses who know that time is money, you can’t expect them to spend it on a lengthy satisfaction survey. Get fintech customer experience right, however, and it will provide all the data you need - as well as the systems in place that make upgrades efficient.

Every exchange with a real-life client provides powerful primary evidence. To turn this info actionable, you’ll need tools that can decipher vast databases continuously. Our Conversational Analytics do just that, analyzing 100% of customer interactions to reveal preferences, predict churn, and identify at-risk customers, alongside other golden intel. Transcom’s AI Insight suite uncovers the patterns, sentiments, friction points, and themes hidden in chat logs, emails, calls, and more, empowering your brand to spot service gaps, forecast trends, and crack the code on customer loyalty. From tailoring investment advice and loans to individuals and businesses’ financial profiles to being the first to address market-wide opportunities with new offerings, your business gains a secret weapon for strategic optimization with clever CX. 

Success metrics:

• Net promoter score: measures the willingness of customers to recommend your brand to others. 
• Feature adoption rate: % of customers using a new product. 
• Cross-sell and upsell revenue: indicates revenue earned through optimized sales to existing customers.

Think all this digitization puts the finance sector on the road to zero live agents? Think again. Studies show that nearly half of fintech customers are frustrated by a lack of human support. It’s true that virtual agents and automation can tackle record volumes of tasks, saving financial institutions millions while putting the ‘tech’ in fintech. But that doesn’t shut top talent out - it provides the resources, space, and favourable working conditions for brands to secure their most specialized representatives yet. 

With fintech customer experience roles becoming more complex and fulfilling, winning brands prioritize training and retaining the best in the game, from communication skills and empathy to financial expertise. Smartshoring makes world-leading agents more affordable than ever, translation bridges communication gaps in milliseconds, and our AI Agent Trainer rapidly gets staff up to speed on your brand’s unique voice, processes, and needs for superb support that scales as quickly as you do. And while our AI IVR routes high-touch cases straight to humans, our AI Agent Assist ensures a pristine handoff, providing everything from client histories to real-time insights. In a sea of faceless fintechs, this combination of empathy and efficiency gives your brand a superpower: connection.

Success metrics:

• Average handle time: how long it takes live agents to satisfy customers’ requests.
• Agent retention rate: % of agents retained over time.
• Transfer rate: % of requests transferred across agents, expected to decrease with widespread expertise.

Escaping the slog of bureaucracy is enough to entice many customers to pay top dollar. But no amount of digitization can eliminate the need for robust screening processes and watertight compliance. Finance runs on fidelity, placing an onus on institutions to not only prove their integrity to clients and authorities, but to vet and monitor their customers on a perpetual basis. Nothing sours a customer faster than having their card blocked by inaccurate fraud detection or being made to prove their identity endlessly. This introduces a sensitive dimension to the competition for the best fintech customer experience.

To win, you’ll need CX that scores trust on all fronts. First of all, ensure that your KYC (Know Your Customer) and AML (Anti-Money Laundering) operations are as non-invasive and undisruptive as possible. From our chatbots’ multi-factor authentication or our AI IVR’s voice biometrics, we incorporate verification techniques as naturally and unobtrusively as possible. At the same time, we go beyond full compliance with privacy and security standards like GDPR and PCI DSS, ensuring encryption across all channels and harnessing pattern recognition to detect and flag suspicious activity. Add real-time product and process clarification and updates from virtual assistants for high user transparency, and it’s a high-tech combo befitting fintech’s high stakes. 

Success metrics:

• KYC dropoff rate: % of customers abandoning sign-up during the identity verification stage.
• First-attempt authentication success rate: % of times a customer successfully verifies themselves on their first attempt.
• Brand trust: a measure of customers’ feelings of confidence and security in your brand.