In the pursuit of innovation, don’t forget customer service27 February, 2018 / Articles
Financial technology businesses have disrupted banking — a traditional industry once considered impervious to change — for the better. By innovating and improving accessibility for customers and businesses through online and mobile applications, fintechs have created a dynamic environment that puts power in the hands of consumers. We are moving towards a banking future in which consumers and businesses have more choice in deciding when and how to access financial products and services. Technology is transforming the finance industry inch by inch into a place where markets that have been previously disengaged and underserved have competitive and secure banking alternatives.
Open banking will shape the future of how we bank. Banks are partnering with fintechs with the potential to provide value to their customers. Fintechs, which are often software companies first, make the mistake of underestimating the role of customer service in facilitating successful adoption of the software. In the complex finance industry, fintechs that limit themselves to being simply software developers won’t succeed in the long run. Fintechs that educate and support customers during their journey to execute payments will. Fintechs can give a fishing rod to their customers but that won’t be useful if the customers don’t know how to fish successfully. Sending and receiving payments overseas, whether it’s for payroll, imports or patents, is a painful cost of doing business, due in part to manual cheque processes but also accurately the requirement to navigate different countries’ requirements regarding beneficiary information.
For these reasons, customer service is a crucial component of fintech success. To be a trusted partner, there are a few things to keep in mind to keep an eye on the end goal.
In the age of innovation, both the CEO and Head of Product must see eye to eye when it comes to product development. Lack of direct communication between them about product strategy and the direction and growth of the business can lead to major headaches down the road. CEOs should create opportunities to share their vision to product managers in order to empower them to focus on retaining customers.
At AscendantFX, we encourage employees to meet clients, even if it means travel costs, because we have a customer-centric culture that stems from our hiring practices. It is important to hire employees who understand the value of being in front of the customer. Gaining an intimate understanding of customer wants and needs is vital, as this knowledge ultimately feeds back into product development. Technology can help fill in the gaps, especially when it comes to simple and elegant solutions to processes that are not efficient or cost-effective. This customer-centric mindset of looking externally and internally has allowed us to be sticky with our customers.
In order to remain relevant, businesses must constantly keep in mind new methods of differentiating and best serving customers to ensure they are not only supplying the solutions but are closing the gap on awareness and encouraging successful implementation.