Revisiting the Fintech Playbook: Finding new ways to interact with customers to protect their financial security

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by Jacob Solomon Aug 11, 2022 News
Revisiting the Fintech Playbook: Finding new ways to interact with customers to protect their financial security

The number of brands in India has grown quickly. fintechs offer unique products and services with superior experience and are already making a mark The financial sector is going through a mini-renaissance because of the Covid-19 Pandemic. There are a lot of people in India who need better services in the financial sector. Digital and low attention spans are changing consumer behavior. It will push brands to innovate on consumer engagement to leave a lasting impression and reap long term benefits.

The approach is consumer-first.

Fintechs bring the experience to their mobile phones and homes instead of a customer going to the branch. Instead of relying on physical processes that cause delays in resolving customer issues, Fintechs offer automated chat flows and guided content to help resolve customer issues more quickly. The approach of banks used to be one size fits all. With their agility and better understanding of their customers, fintechs are turning the tide. In order to build brand equity, they are talking to customers in the language that connects.

Engagement is being boosted by uncovering hidden opportunities.

White spaces in customer experiences are being plugged by Fintechs, whether it is a financial transaction, insurance payments, expense reporting, investment review, or any other financial service. Whether it's setting up automated reminders for customers to pay their bills, giving them a monthly overview of their credit card spending, their investment growth, or credit score improvement, Fintechs deliver value by analyzing customer usage data and communicating these insights in easy to digest, visual/graphical reports

Engagement opportunities are being created by the tech companies.

The scale at which they experiment and analyze consumer behavior is amazing. Many Fintechs have figured out and implemented Gamification in their experience, and have used a tricky situation to their advantage. If the process takes longer than usual, you can show a mini-game or offer a relevant post. It's important to show user reviews that build trust on payment pages. The magic moments are when a user is most likely to rate the service, refer a friend or spread the word on social media.

Customers are being ensured that they see relevant messages.

eKYC, video-KYC, and custom chat-based customer onboarding flows are just a few of the ways in which fintechs have been at the forefront of delivering. Adoption of these for the average person is a challenge, and that is where Fintechs are helping a few large banks and institutions. By implementing automated marketing communication across channels and providing content tailored to a customer's financial history, Fintechs have excelled.

Customer anxiety is being solved with a content led approach.

Finance is intimidating to a lot of people. The customer has to go through a lot of information before they make a decision. Account managers or customer representatives have traditionally assisted customer journeys. Post Covid-19, brands are fighting this battle by creating simple yet powerful content such as short-story format videos, long-format explainer videos, and various 'How-to' videos/collateral. vernacular languages are supported by more and more Fintech brands

It's difficult to maintain trust for fintechs.

This is the most difficult challenge for them because of all the technology they bring to the table. Banks have a harder time delivering a trustworthy proposition and brand. Ensuring that robust systems are in place is one of the things that needs to be done. In order to generate awareness about how customers can stay safe and why their brand is worthy of their trust, Fintechs work on this front. Good service can help build loyalty, but until the standard of service is raised, it's not worth it.

The banking and finance industry in India is about to change as a result of Fintechs. Customers and the nation will be helped by this. The Indian banking industry can become customer-centered, at par with global leaders, if it embraces the changes and innovation that are being unleashed.

The views are of the author.

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