The service-customer relationship pattern has changed greatly over the years. Nowadays, the biggest percent of how customers form their opinion of the service is based on the feedback from other clients. The Fintech companies development is greatly responsible for this shift. The 2016 Edelman Trust Barometer Report observed an increased percent of trust from the customers being ready to buy and recommend the business to their friends and family.
Being user-friendly is one of the crucial features of an innovative company these days. Regardless of whether the product or service is being sought, users are looking for convenience in using the website and negotiating with the seller. That’s why online lenders have already launched a simplified loan for a month application via a mobile device, an option that has been unavailable even 5 years ago.
What Do Customers Require From Modern Companies?
- Mobile compatible website’s view
- User-friendly interface
- Various payment systems available
- The fast and easy purchasing process
- The fast and smart checkout process=
Millennials Are Shaping up the New Customer’s Support System
Millennials ignore traditional banks more often now. They have become the experienced users of the new technologies. Fintech companies have taken advantage of such trend and are now providing sensitive and sensible support to their younger customers.
Choosing a More Elegant Payment System
When deciding on strategies to boost the website sales, one must pay attention to the payment system solutions. It’s not only about the cost and technology, but the customer’s support level as well. Users must have a place or person to address their issues to. Fintech companies are now focusing on pleasing the customers and catering to their needs more than anything. They are minimizing the number of steps to make a purchase/payment while also strengthening the payment security.
Communicating with Customers
Building a successful business is a lot dependant on a trustworthy and reliable customers’ experience. Businessmen must take care of communicating with the customers by means of email, social media, and feedback on the landing page. The positive atmosphere and satisfactory experience are responsible for the customer’s loyalty and ability to reference the company.
Existing and Future Innovations
Launched in 2014, the Apple Pay has transformed the payments processes, making customers migrate from cash to non-cash payments. Consumers can now replicate their credit cards on their Apple devices. It allows customers to pay for goods via their phones in any retail industry.
Fintech companies have played this trend to their advantage and entered the niche of non-cash payments with Paypal and Venmo. These apps allow users to move money using the companies representing their bank accounts.
The Lending Niche
Virtual lenders are on their rise now. Having entered the market with unsecured personal lines of credit they started from $11.7 billion of loans in 2014 and tripled their success to $35.2 billion by 2016. This demonstrates the customer’s satisfaction indicator that is much bigger for online lenders than for traditional banks.
How Fintech Companies Have Alternated the Credit Industry
Here are only a few alterations that Fintech companies have brought to the financial industry and attracted their customers with:
- A better understanding of customer’s expectations.
- Increased speed and convenience of using the service.
- Quicker decisions on loan
- Increased customer’s financial awareness.
- Broadened customer’s sourcing.
Personalizing Saving and Investments
Fintech companies are now making personal financial management, like savings and investment, closer and more affordable to customers of all kinds of financial background. Again, they are actively utilizing technology to achieve absolute customer’s satisfaction.
They have introduced the automated investment advisory systems and financial management tools (aka financial apps). Using the innovations in data analysis the Fintech companies have made it possible for clients to receive competent financial advice, execute automatic investments and savings operations, and budget smartly using just mobile apps.
Fintech companies have exemplified the importance of customer-focused approach in business developing. Following this strategy, simplifying the websites work and making the customer interaction with the business hassle-free, other companies can make a broader clientele and investments into their trade possible.