![\"FinTech](\"https:\/\/codeandpepper.com\/wp-content\/uploads\/2020\/10\/Fintech-innovations-improving-the-customer-experience_02.jpg\")
<\/figure><\/div>\n\n\n\nFinTech customer experience shows you care<\/h2>\n\n\n\n
Sounds cheesy but hear me out \u2013 if the customer can trust the brand, you get stable revenue for years to come. It\u2019s not easy to do, though. According to the Edelman 2020 Trust Barometer report<\/a>, there are multiple sources of the subjective feeling of distrust in governments and businesses, currently circling the society. 64% of all consumers are now belief-driven buyers, voting with their wallets and creating a new \u201ccompetence vs ethics\u201d era. 51% believe business is an engine for innovation, which can drive economic prosperity. Generating and managing personal and company income becomes vital and needs sufficient tools. FinTech apps can do just that.<\/p>\n\n\n\n The FinTech customer experience<\/strong> (CX) goes beyond the in-app user experience (UX) and user interface (UI). It requires a holistic approach to what the customer needs and wants to achieve by using the app. Today, even a payment service provider must think outside the box.<\/p>\n\n\n\n According to a 2019 study<\/a> of the Center for International Governance Innovation, less than 15% of the population in Europe and North America is familiar with blockchain technologies. At the same time, this number reaches 35% for Brazil, Russia, India, China, and South Africa (BRICS). Why the difference? The second group has an underdeveloped banking infrastructure but people\u2019s needs are often similar to the rest of the world. Combined with answers to local challenges, blockchain payment solutions win the market. What can you do to enhance the FinTech customer experience?<\/p>\n\n\n\n People use FinTech tools every day, many times in 24 hours, in multiple locations, for different products, with multiple devices. They need convenience, security, and total management of personal finance. To help them, design your product around these problem-solving features and techniques:<\/p>\n\n\n\n Customer onboarding helps new users find themselves in the financial services ecosystem.<\/b> Automation first, human second \u2013 that\u2019s the rule for customer help. If you can avoid answering simple questions by implementing an efficient FAQ, do it. If you can automate the process of getting to know the app, do it. If you can turn a skeptic or a beginner into an advanced user\u2026 well, you get the idea. Most people are not technologically or financially savvy. They just want to manage their money on-the-go. Let them.<\/p>\n\n\n\n Global public deficit of trust also translates to financial institutions. People form their opinions on FinTech applications based on how easy, intuitive and fast they can make their operations \u2013 transfer or count money. App\u2019s design has to be optimized for most devices and screen sizes but that\u2019s just one aspect of it. In fact, there\u2019s an entire roadmap for the UX product design<\/a>.<\/p>\n\n\n\n Millennials and other digital native groups (not necessarily linked with certain demographics) want everything now and in high quality. They expect service, contact, and immediate implementation of their suggestions. But social media do not replace traditional \u2013 contact and conversation. That\u2019s why it\u2019s important to engage with customers (soft approach) and have software tools to give them what they want (hard approach). Missing out on customer\u2019s feedback can generate extra software development costs and limit the chances for true<\/b> FinTech innovation<\/strong>.<\/p>\n\n\n\n Know Your Customer (KYC) process<\/a> is getting traction, and rightfully so. But it\u2019s not only about basics: who this person is, where\u2019s the address, how money lands on the account each month, what\u2019s the money flow. Data is useless if it\u2019s static. Animate it by driving numbers to give you a fuller picture of spending preferences or transaction behaviour. Then you will be able to personalize the experience. Predictive analytics can be used to offer a credit just before the customer thinks about it on his own. A good example of personalized experience approach is NoMo<\/a>: the company boosts user engagement with in-app communication (analytics on spending habits and three assistant personalities with different communication styles). It creates a personalized experience that make people engage with their finances.<\/p>\n\n\n\n Personalization is the core of the modern approach to user experience. PoS software gives you the necessary tools to collect and make sense of the stockpiling data<\/a>. You can use the gathered information to create upselling campaigns, at the same time creating more opportunities for customers interested in the wide range of services.<\/p>\n\n\n\n Cloud adoption<\/a> accelerates and stimulates businesses. It gives them the means to deliver services faster and reduce infrastructure costs. According to the 2020 PwC report<\/a>, financial outlays on cloud infrastructure reached more than $33 billion in the US alone, making it one-third of all IT spending. And that was 2015. In 2019, IDC has estimated<\/a> that global investments in cloud reached $210 billion.<\/p>\n\n\n\n Companies like Venmo<\/a> or Zelle<\/a> have grown exponentially. That\u2019s because the P2P technology<\/a> reduces transaction costs and people don\u2019t have to pay for transaction fees. It\u2019s important to everyone, not only the younger crowd. Multiply payments for multiple purchases and you have customers saving multiple euros or dollars.<\/p>\n\n\n\n Customers can be unpredictable but that doesn\u2019t mean they don\u2019t know their personal finance needs. FinTech customer experience<\/strong> is based on an assumption that customers are partners in a business relation, not cogs in the machine.<\/b> And if, for some reason, we want to call them that, then it\u2019s a living and breathing mechanism, full of backdoors which can be used to leave the app. Faulty UX\/UI? Bye. No onboarding processes? Not for me. Flat communication instead of a personalized experience? No, thank you. Financial services are all about creating a safe environment and that means putting people first.<\/p>\n\n\n\n\n\nFinTech innovation starts with seven takes on a daily routine<\/h2>\n\n\n\n
People first…<\/h3>\n\n\n\n
1. Chatbots and virtual assistants for consumer education<\/b><\/h4>\n\n\n\n
2. Implementation of seamless and responsive UX<\/b><\/h4>\n\n\n\n
3. Listen to customers and respond to their needs<\/b><\/h4>\n\n\n\n
…Technology second<\/h3>\n\n\n\n
4. Artificial intelligence for predictive analytics and making sense of financial data<\/b><\/h4>\n\n\n\n
5. Point-of-sale (PoS) implementation for data generation and management<\/b><\/h4>\n\n\n\n
6. Wide cloud adoption for increased security and access<\/b><\/h4>\n\n\n\n
7. Peer-to-peer (P2P) implementation for seamless transaction processing<\/b><\/h4>\n\n\n\n
A living, breathing machine<\/h2>\n\n\n\n