Introduction: Customer Support Tips for Finance
Technosunil – Customer Support Tips for Finance. Did you know that bad digital customer service makes 43% of users likely to switch banks? An interesting study by Boston Consulting backs up this shocking number. It shows how important great customer service is in the fintech business.
Better online services have had a positive effect on a number of businesses. Using digital solutions that are easy for customers to understand has always led to better brand image and more customers. This is a trend that isn’t just happening at fintech companies.
The good things don’t end there, though!
Customer service that works well has many benefits for both people and businesses. Based on our own experience, we’ll list these perks and also give you useful tips for making the customer experience better.
Why is it important to have great Customer Support Tips for Finance
Fintech companies that have great customer service could make millions or even billions of dollars. Because of this, no business should undervalue how important it is. This is why it’s important:
Customer Support Tips for Finance
There are a lot of complicated parts to online banking, like making payments, getting cash back, getting extra cards, and more.
Customers may feel lost and need help because of how complicated things are. In these situations, it’s very important to be able to get reliable help. A customer service team that is well-equipped can help users and make sure they can use all of the services offered with confidence and ease.
An edge over the competition
Your company will win in the end if you offer great customer service while your competitors don’t. That is as simple as it gets. To beat the competition in today’s crowded market, you need to stand out.
The easiest and best way to do this is to make sure your customers are happy with the services you provide. JD Power said that in 2021, digital banks had a big advantage over regular banks because their service was better. It makes sense, since today’s customers want a “worry-free” experience.
Because of this change in what customers expect, fintech companies have had to step up their customer service and beat each other at it. So, if you don’t pay attention to this, your business could get lost in the crowd.
What to Do to Keep Customers
These days, the most important thing for a business is to keep its customers. There aren’t many easy things in the fintech business, even if it looks simple.
People may ask, “How do you keep them coming back for more?” It’s easy to answer: “By giving better support than others.”
The Harvard Business Review did a study that showed that keeping 5% more people can bring in 25% to 95% more money.
Last but not least, let’s stress this: having an old customer is much cheaper than getting a new one. Brands spend a lot of money on ads to get new customers. Sometimes they spend thousands or millions of dollars. You might even be offering deals that are too good to pass up, like savings, cashback, or deals that cost a lot of money.
The good news is that great customer service is all it takes to keep people who are already using your services.
Customers you keep will keep bringing in money over time, which is important for any business’s long-term success.
Image of a Brand
Your brand’s image is another important reason why you need to have great fintech customer service. A company can’t build trust if its products don’t meet the needs of customers.
People can share their ideas and user experiences on online platforms and forums these days. Trustpilot, Reddit, Quora, and different customer reports are some examples.
Every day, millions of people check these review sites. As soon as most of them read bad things about your business, it can quickly hurt your image. Keep in mind that a business with a bad name may have trouble making money and may even shut down quickly.
Because of this, no fintech company can ignore how important it is to have great customer service.
How to Scale
Scalability is very important for the growth of your financial business. It means getting more customers in a smart way.
Instead of spending millions on ads, the best way is for current customers to tell their friends about your business. Nielsen did a study that showed 92% of people trust what their friends and family say.
Remember that a good first impression helps spread the word about your business, while a bad one hurts it. Scalability is a big part of PayPal’s story of success. To keep up with demand, they put money into tech systems and grew a lot.
In the constantly changing world of fintech, new features like cashback and bonus programs, services related to cryptocurrencies along with standard fiat ones, and the ability to link multiple cards to a single account are very important for getting new customers to sign up.
Once you hire someone through Simply Contact, they will take care of everything for your fintech or neobank business. Our goal is to make customers happy and help companies grow. We know the unique challenges and opportunities that come with working in this fast-paced field.
There you have it! Here are some ways to give better customer service!
Fintech customer service tips that have worked
Want to deal with people better? These strategies have been tested and have always produced good results.
Put yourself first because first impressions last a long time.
Forbes says that people decide what they think about a brand or business in the first seven seconds of meeting it.
The Edelman Trust Barometer study found that 81% of people have to trust a brand before they will even think about buying something. People may not be as interested in fintech if they don’t trust the company.
First views are so important that they can have a big impact on the number of people who buy. It’s important to get people to trust you right away.
To do this, make it easy for people to see reviews and scores from past customers.
Another great way to quickly build trust is through referrals. Also, pay close attention to how your website and app look and how easy they are to use. An interface that is both easy to use and looks good is a big part of a good user experience. It builds trust and engagement from the very first contact.
Accept support for multiple channels
According to Zendesk’s Benchmark Report, 49% of buyers who have bought something will look for some kind of customer service afterward. In addition, a study by Microsoft found that people usually use three to four channels to voice their worries. Customers might be unhappy if you only offer one route, and they might leave.
Fintech buyers need to be able to get in touch with the company on their own time. We at Simply Contact know a lot about the fintech business and have a lot of experience helping customers through all channels.
That’s why we suggest adding at least these channels:
Live Chat
Customers can talk to help staff right away through this real-time messaging service. A lot of people choose live chat because it gives them fast help. In fact, a study by Kayako found that 41% of customers like live chat because it’s quick.
Virtual helpers and chatbots
Add apps that are run by AI to your website and app to quickly answer common questions. Make sure that these robots can handle a wide range of problems and can easily transfer difficult questions to real people when needed.
Email Support
This is still the best way for customers to get help with complicated or long questions. It’s great for people who don’t need answers right away but want complete answers.
Media Social Support
According to a study by The Social Habit, about 47% of social media users say that customer service on these sites is one of the three most important things they look at when choosing a brand. A lot of people are interested in this program.
Phone Support
Traditional phone support is still very important, especially when it comes to complicated or private financial issues. Customers will be able to choose their favorite way to communicate if it is added to other channels.
Give people a way to help themselves
Customers like being able to solve problems on their own without having to call businesses. Make this experience better by making self-service tools easy to find. This will build trust and good feelings.
These tools not only give customers more power, but they also make your support team’s job easier, which boosts productivity and the company’s reputation.
Think about putting the following into action:
FAQs (Frequently Asked Questions)
Give quick answers to common questions to make it easier for customers to find the information they need.
What are tutorials and how-to guides
Give clear, step-by-step advice on how to do things like set up an account and make transactions.
Video lessons
These lessons show you how to do things on the fintech platform with pictures.
Lists of knowledge
A source of detailed information on a wide range of topics relating to your service.
Troubleshooting Wizards are interactive tools that help customers find problems and fix them on their own.
Community Forums
Group forums are places where people can share their problems and ideas in order to build a helpful group.
Available 24 hours a day, seven days a
Financial services and deals happen all the time, day and night. Because of this, people may need help at any time. It’s important to be available 24 hours a day, seven days a week. It gives them a big edge over fintech companies that only have customer service during certain hours.
According to a study by Forrester, 77% of customers think that a company that values their time is the most important thing for good online customer service.
Make interactions more personal
It’s very important in fintech that customer service is tailored to each person’s wants and preferences. A study by McKinsey & Company shows that this kind of personalization can make customers 10–20% happier. When customers know that their private financial information is being treated with care, they feel valued, which builds trust.
Teach and guide your team
In the fast-changing world of fintech, it’s important to keep teaching employees. A well-trained team not only knows a lot about the products they sell but also makes sure they follow the rules. This boosts the company’s reputation and makes problem-solving faster and easier.
For successful training, here are some important things to keep in mind:
Product Training
Keep your team up to date on new services and features on a regular basis to help them understand them better.
Compliance Training
To make sure that rules like GDPR and HIPAA are followed, provide ongoing education on the financial rules that apply.
Soft Skills Development
Get better at talking to people, understanding them, and solving problems so you can have better relationships with customers.
Problem-Solving Workshops
Teach your team advanced ways to solve problems by holding workshops.
Training for Scenarios
Use role-playing to create difficult customer situations that you can use to practice and improve your answers.
Give your support team the power to make choices. If they always need approval from higher ups, it slows down service and could make customers angry, which is a risk that fintech companies can’t take.
Get as many facts as you can
Collecting and using data correctly can make your customer service much better and set you apart from competitors.
Data makes predictive analytics possible, which helps businesses guess what customers will want and how they will act, which leads to more personalized services. It helps solve problems quickly by giving information about a customer’s past interactions and background. It also gives information about customer tastes and satisfaction, which helps improve service and products.
To get information:
- Use CRM tools to keep track of your interactions and feedback from customers.
- Use data analytics tools to look at customer info in more detail.
- Use surveys and feedback forms to get straight information from your customers.
- Keep an eye on information about transactions to get better service.
- Listen on social media to see what people are saying right now.
- Watch how other people use the web to get better at navigating it.
That’s it. A lot of new people will sign up for your fintech company every day because of these simple steps.
Conclusion: Customer Support Tips for Finance
Customer Support Tips for Finance. To sum up, the field of fintech is very competitive, so providing excellent customer service is important for making your business look good and beating out rivals. We used our many years of experience to write this piece full of tips and ideas that will help you be a better helper.
Our company, Simply Contact, is the best for you because they offer help that is tailored to the fintech and neobank fields. We know how to deal with computer issues, customer questions, and office work so that each client gets the one-on-one help they need quickly.
