Customer Service in Fintech and Digital World (Kartik Swaminathan)

In digital world we live in, FinTech’s offers enhanced convenience, experience, transparency & choice to customers. Customer expects better price, faster processing, better access, service and a peace of mind.

New technologies like Chatbots, AI / ML, Social Media have somewhat enhanced the experience for customers too. In past IVR’s, call centre, Digital & Mobile Banking platforms also added to the convenience.

But in this digital age, just by applying technology or giving some benefits to clients is not enough. For. E.g. we all have our experiences with IVR’s, Call Centres & Chatbots, and needless to say, they all leave a lot to be desired w.r.t the way in which these solutions are operated, implemented.

Financial Services Organisations need to thereby have an all-round readiness and capabilities to make these technologies effective.

Current approach to customer service thereby leads to high level of dissatisfaction, not just for customers, but also for front end service & sales staff, who bear the brunt.

Financial Services is all about trust and in the faceless Digital world. So, we need better efficiencies and mechanisms to ensure trust.

Addressing some of the following aspects will ensure better results and experience for all: –

  1. A Self Healing or a Self Service approach for every product and solution helps in an Automated & Do It Yourself world.
  2. Need to address exceptions manually too.
  3. Use of remote screen share technology & remote access tools.
  4. Education and Awareness of staff, including access to relevant info for servicing.
  5. Go Omnichannel – Most financial services firms have been aspiring for this for so many years. But all they have done is, added new channels. True Omnichannel needs to provide unbroken experience and continuity. API and new age open tech, allows us to create these.
  6. Technologies like AI & ML can be applied to many use cases to improve customer servicing.
  7. Bring a level of connect with customer. This can be done by having transparent processes and feeling of being taken care of.
  8. Clearly articulated and updated content incl. FAQ’s, IVR & Site Menus, Service Categories etc.
  9. Use of Multilingual capabilities
  10. Using tech for Updates, Alerts & Reminders.

Remember it is Service, Engagement & Relationships that will help organisations differentiate and compete effectively.