In the pursuit of innovation, don’t forget customer service

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Financial technology businesses have disrupted banking — a traditional industry once considered impervious to change — for the better. By innovating and improving accessibility for customers and businesses through online and mobile applications, fintechs have created a dynamic environment that puts power in the hands of consumers. We are moving towards a banking future in which consumers and businesses have more choice in deciding when and how to access financial products and services. Technology is transforming the finance industry inch by inch into a place where markets that have been previously disengaged and underserved have competitive and secure banking alternatives.

Open banking will shape the future of how we bank. Banks are partnering with fintechs with the potential to provide value to their customers. Fintechs, which are often software companies first, make the mistake of underestimating the role of customer service in facilitating successful adoption of the software. In the complex finance industry, fintechs that limit themselves to being simply software developers won’t succeed in the long run. Fintechs that educate and support customers during their journey to execute payments will. Fintechs can give a fishing rod to their customers but that won’t be useful if the customers don’t know how to fish successfully. Sending and receiving payments overseas, whether it’s for payroll, imports or patents, is a painful cost of doing business, due in part to manual cheque processes but also accurately the requirement to navigate different countries’ requirements regarding beneficiary information.

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