Acquiring a product, requesting a financial service or making a payment are processes that are getting easier and more accessible to customers every day.
Thanks to the rise of fintechs and neobanks that have been accelerating the digital transformation in the financial sector, and broadening the range of technology available to the market, any organization that wants to stay competitive must include continuous evolution in their digital channels and customer onboarding. The goals of organizations need to facilitate customer access and interaction.
In addition to the value offered and the administrative costs of a product or service, other determining factors for customers when choosing their bank are their support channels, and after-sales services, where factors such as availability, immediacy and simplicity make a large difference in their overall experiences with a financial service provider.
The success of fintechs
The success of fintechs lies in the fact that they’ve managed to bring the financial world closer to customers and simplified it. This is especially true for financially underserved groups, and new-generation customers, who are increasingly seeking flexibility, immediacy, and empathy in products and services that satisfy their needs or resolve their pain points.
It’s through experiences that customers live with a product, a service or a channel. It’s through experiences that customers form positive or negative perceptions, which have a lasting impact and cause customers to remain loyal to an organization and recommend it, or turn on it and become vocal detractors.
A wider offering of innovative products, personalized services and simple, immediate digital experiences poses a challenge for many financial service organizations. This challenge invites them to accelerate their digital transformation strategy and adopt a change in mindset, as it implies customer-centric products and processes, asking what’s most important to them and how FSIs can leverage technology to make their customers’ lives easier.
5 key points when building fintech digital channel experiences
Here are some key points to keep in mind when designing and building experiences in digital channels:
Ease and simplicity
Any transaction, flow or process, no matter how complex it may seem, must be clear and intuitive for your customers. Its design must be accessible, friendly, and available from any device. It’s useless to have attractive, valuable products or digital channels with rich functionality, only to then have poor usability that customers don’t understand, or that require additional support to complete a process or transaction.
Be careful with words, texts and messages so that they’re clear to your customers. Plain language that avoids technical jargon helps create closeness, authenticity, and transparency. Accompany your customers through each step of the process with clear and precise instructions.
Offer experiences tailored to every customer based on their interests, such as products, content, and personalized offers, based on their behavior and needs. Deliver information through their preferred channels to obtain personalized feedback and comments.
Experiences must be available 24x7, be accessible to all your customers from wherever they are, and have optimal response times per transaction. In the case of any error, be sure to give customers digital support alternatives or remote assistance.
Financial organizations can leverage experience development with technology that personalizes experiences, streamlines value delivery, or both. FSIs can offer more personalized experiences by harnessing the power of big data, modern digital architecture, artificial intelligence, IoT, and blockchain technology. To streamline their value delivery to customers, financial organizations can harness cloud platforms, microservices, micro frontends, and much more.
The ways that technology can deliver real, long-term value to frontend digital channels are endless.
Modyo is here to help
These 5 key points, when followed through, help large organizations and financial institutions generate credible, reliable experiences that favor digital adoption, as well as greater possibilities of attracting and converting new customers.
At Modyo we want to be an ally in the digital transformation process of financial organizations. We’re here to support you in building and improving you web applications and digital channels, reaching your customers with more intimate and intuitive experiences.
If you want to see exactly how we can help you deliver more value in your digital channels and build better customer experiences, reach out to us.