Whatever part of the banking industry you fall into, there’s no denying the relevance of – and ongoing conversation around – fintech startups. Definitions of fintech can vary, but what all fintech share is that they’re “businesses that aim at providing financial services by making use of software and modern technology.” These rapidly emerging companies compete directly with banks and credit unions, and in 2017 received $13.7 billion in funding – showing just how much belief there is in their staying power.
So whether you lead a traditional bank, or run a fintech, the status quo is quickly changing. Here are some of the trends we’ve seen since fintechs have come on the scene.
The Common Denominator is Customer Experience
Part of the draw of fintech, compared to traditional banks, is the convenience that their financial technology offers to customers. They offer instant gratification and ease that many of the younger generations in particular are seeking. But in order to be successful, they’re also expected to deliver a premium customer experience.
Since fintechs don’t have anyone in the role of a traditional bank teller as their representatives, call center agents have become the face of their companies. And without individuals working the front lines (at physical banking branches) who can report back about customer satisfaction, fintech startups would be wise to collect customer satisfaction feedback, through surveys like Net Promoter Score (NPS). Another way they can work to improve customer care since it primarily takes place on the phone is through a focus on the First Call Resolution (FCR).
The lack of brick-and-mortar locations also necessitates that fintech considers multichannel customer service approaches so customers can still be adequately and quickly served when there are no physical banks to walk into. Additional channels like chat, SMS, and email often work well for fintech as part of a strong, multichannel approach.
Paving the Way to Scale
Without physical branches or clerks working at them, it’d be easy to assume that fintech would have an easy time scaling. But this isn’t always the case. Scaling the financial technology quickly (and even internationally) can pose funding and resource-based challenges, and scaling the organization means a need for more customer service agents and IT personnel.
This is where a business process outsourcing (BPO) partner can really help. For instance, at Conectys we’re highly specialized in helping companies scale. We make sure our customers are properly staffed with trained team members who are the best fit for the brand, in terms of both knowledge and culture. This can go a long way with enabling seamless growth for banks and fintech alike.
Security is Critical
When we talk about any company in the financial industry, there’s a high likelihood we’re dealing almost exclusively with sensitive data. So whether you work at a brick-and-mortar banking branch, or are steering a fintech through a fully digital landscape, there are security standards that must be in place. For example, we ensure our customers in the financial industry are all certified with necessary standards like PCI, GDPR, and SOC2 and we are a Personal Data Processing registered entity. All of our sites are PCI DSS compliant and we are ISO 9001:2018 certified. Additionally, we are COPC CX aligned, ITIL Compliant, and practice ISO 37500 Outsourcing Framework. If you’re not already locked into these measures, we can help you get there.
When you’re looking to grow your fintech startup or your traditional bank, customer experience should remain a top priority. Beyond this key ingredient, your ability to scale will largely rest in what partnership(s) you’re engaged in and how they can help you go global, meet compliance and security requirements and establish the right processes. If you’d like to learn how we can help you do all this, please contact us.
