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Thursday, June 13, 2024

Customer Service in the FinTech Industry

It is no secret that having good customer service is key for any business or company. Considered a vital aspect of business operations, customer service is the support and assistance that you extend to your customers – in order to ensure that they have a positive and enjoyable experience with your brand. Good customer service is offered to customers both before and after they use your products, with the goal of making customers feel that they are valued, treated with respect and appreciated by your business. In this article, Pavithra Karthigesu – Head Customer Experience at LoanMe – takes a look at the importance of customer service in the FinTech industry and why it should be a priority for FinTech companies.

Customer Service in the FinTech Industry

In an age of digital transformation for financial services, customer service was one area that initially proved to be a challenge for FinTech companies – as it lacked the personal approach that most traditional financial companies seemed to offer. However, Pavithra states that customer attitudes towards financial services have also been changing over the years and FinTech companies have been quick to adapt, by bringing in innovation and new approaches in the realm of customer service.

A big part of FinTech’s core market includes Millennials and Generation Z – who have their own unique set of attributes such as the fact that they don’t like waiting and prefer smartphone-based services. Reports indicate that there is a general level of disappointment within this market with regard to the service offered by traditional financial companies and that they are more open to new solutions outside the traditional banking space. As such, FinTech companies have been adapting to meet their unique requirements by being agile and introducing innovation into their offerings, including customer service.

Why Good Customer Service is Important for Your FinTech Company

Increase Sales:

Good customer service has a direct impact on your sales and growth. In the past, purchase decisions of customers were based solely on cost and the product offering – however this has changed over time. Today, one of the main driving forces for most purchase decisions is the overall experience that the customer has with the brand – which is why good customer service is essential in ensuring a positive experience and thus bringing in more sales.

Retain Customers:

Your existing customers are extremely valuable to your company. They are more likely to spend more money on your brand and the cost of retaining an existing customer is estimated to be around 5 times cheaper than the cost of attracting a new customer. Maintaining relationships with your existing customers is a great way to gain their loyalty and can be done with good customer service.

Improve Your Brand Image:

Your company’s customer service team acts as the front line of support for your customers and ultimately plays a key role in how your brand is perceived. How you engage with your customers can create a lasting impression on customers; therefore you need to make sure your interactions are positive & productive, in order to gain the customer’s trust in your brand.

Improve Your Offerings:

Listening to customer feedback can help you understand where exactly you need to improve, as it tells you how customers are using your products and what problems they’re facing. Delving deep into the pain points of customers and analysing customer insights gives you a better idea of what modifications you need to make to your products, in order to improve your offerings and provide exceptional service that outshine your competitors.

Make Better Business Decisions:

Listening to customer feedback can not only help you improve your products and services, it can help you with making smarter and well-informed decisions for your business. With the help of proper customer service tools, you can gain better insights on almost every aspect of your business, providing you crucial data to improve your company’s decision-making process.

Customer Support Channels That Should be Utilised by Your Company

Email Support:

This is perhaps the most basic form of support offered to customers that lets them reach out either by sending a direct email to the company’s customer support email address or simply by submitting their queries via a contact form on the website. This is a popular method as most people have access to email – specially those opting for FinTech services.

Chat Support:

Offering customers a chat support option on your website gives them a much faster way to reach out to you. This option lets you have real-time conversations with your customers whilst they are browsing your website and is a great way to connect with new and potential customers. The interactive nature and quick responses provided via live chat has also shown to greatly improve overall customer satisfaction.

Telephone Support:

Though telephone support is not as popular in the FinTech industry, it was once the main form of support provided by traditional companies in the past. It provides a great way to connect with customers directly and offers a more human touch in your communication, which customers tend to appreciate.

Social Media:

This is a great customer service channel for companies that should not be overlooked. Not only does social media allow customers to reach out easily without having to go out of their way, it also acts as a form of near-instant chat – enabling quick responses and greater interactivity. Handling customer complaints and concerns effectively on social media can also do wonders for your brand reputation.

Customer Support Provided by LoanMe

LoanMe is backed by a team of committed customer care agents who are always at hand to assist you with your problems and queries. You can reach out to us via email, phone, online chat or our Facebook and Instagram pages during working hours using the below details:

Telephone Support: 0117877555

Email Support: [email protected]

Website Chat Support: https://loanme.lk/

Facebook Page: https://www.facebook.com/loanme.lk/

Instagram Page: https://www.instagram.com/loanme.lk/

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