Whether you’re looking to invest or simply need to pay your cable bill, there’s an app for that. Looking across the flooded fintech landscape, we see a vast array of consumer financial services offerings, but they share one common denominator that’s driving their success.
Customer experience is why so many consumers are putting their trust in relatively young startups. Mobility, convenience and ease of use are all contributing factors drawing new users in every day. With the abundance of choice for today’s fickle consumer, fintech companies need to ensure that they can scale and deliver the best customer experience as they continue to grow.
Take Venmo, for example. The free payment app has seen explosive growth over the past few years, but poor customer service has tarnished its reputation. The P2P app receives a large volume of queries daily, and it hasn’t always been able to handle them in a timely or productive manner.
In a continuous effort to provide a better experience, the company grew its customer service team in two years, going from just 12 representatives to 130 reps total. Venmo has also made changes to its interface to avoid common problems. Many users were accidentally paying the wrong person, so Venmo set up alerts if a user tries to pay someone outside their friend network. This is proof that companies must think proactively and program their systems to navigate around avoidable issues.
Delivering the best customer experience is crucial to stay relevant in the saturated fintech marketplace. In today’s instant gratification economy, this means making it super easy for customers to communicate with you and ensuring that you have the fastest time to resolution across all your customer service channels. Here’s our take on three companies that are going above and beyond to service their customer with innovative technologies.
Acorns employs the robo-advisor method to provide users with effortless investing. The company invests your spare change for you, rounding up the dollar amount from everyday purchases and investing it in a portfolio of index funds. While the beauty of this customer experience lies in the fact that the user doesn’t need to do much of anything at all, Acorns also offers great solutions and resources for those who want to learn more. In addition to a highly informative FAQ page, the company’s site features easily digestible videos explaining the investment process.
With Pay2Day, paying your bills has never felt so natural. Omnichannel payment platform Pay2Day provides a secure payment method for companies to invoice and send bills via SMS. It features on-demand payment authorization, so you can instantly send payments, improve cash flow and close invoices–all via text messaging. The versatile e-billing platform also features SMS bill alerts, which is one aspect that makes for a particularly positive customer experience.
There’s been industry-wide buzz about the effects of fintech on traditional banking, making some established institutions rethink their own strategies. Bank of America reacted to the rise of fintech with a tech-savvy offering of its own. The bank recently opened 3 entirely automated, employee-less branches. Customers of these locations have access to ATMs and can also video chat with employees at other branches, should they need human help. Bank of America plans to open 50-60 more of these automated locations in the year to come.