Ebook: How Conversational AI Is Rewriting the Rules for Fintech Customer Experience

Written by Emily Peck on Mar 1, 2021

Fintech companies are only getting half of the Customer Experience right. Fintechs have deftly unbundled traditional financial services into a growing variety of laser-focused and streamlined mobile-only and digital-first experiences. By focusing on the AI Customer Experience, fintechs have set new standards for ease of use and customer centricity.

Unfortunately, this innovation has not extended to support. While fintechs tend to excel at the core competency of onboarding customers and helping them use the app or service, they often fail to incorporate modern AI-powered support systems into their technology stacks to provide immediate resolutions to customer issues. As fintechs scale, they risk running into support problems.

To evolve into global brands capable of handling tens of millions of customers, tech-savvy fintechs need to embrace better customer support technologies and conversational AI in order to deliver effortless experiences for customers and rapid resolutions to support queries. 

Why The “Support Light” Option Is No Longer An Option

Just as fintechs are on the cutting edge of creating more efficient ways to use financial management tools, they need to offer a complete solution for customers. This means upping their support game and leveling up their holistic customer experience approach to make products more hospitable for all users – not just for digital natives and early adopters.

While most of them are doing a very good job on Customer Experience for onboarding and using the application, few have spent time studying the true pain points in support. Just as streamlining and automating processes has given fintechs a leg up on traditional banks, the upstarts can gain unfair advantage if they can apply their smarts to delivering support experiences as seamless as their apps.

The Conversational AI Arms Race In Financial Services

A growing number of large financial services institutions are investing big bucks in building Natural Language Processing banking chatbots like Capital One with Eno and Bank of America with Erica.

Erica, Eno and other pricey efforts have sparked an AI-driven arms race in customer experience and its close cousin – customer support. Financial services customers now expect and demand to interact in real-time with an intelligent conversational agent – human or bot – that provides good answers to complicated problems. This expectation is making more advanced customer service chatbots and proactive customer support table stakes and a linchpin in the war to attract and keep customers. In particular for fintech companies and direct or digital-first banks and payment platforms, users expect cutting edge CX and interactive chatbots as well as other intelligent support right off the bat. 

The six pillars of stellar financial digital customer support 

From digital millennials to Baby Boomers, adoption of digital channels for financial services applications are booming. In our interactions with financial services customers, we have identified the following key pillars of building a great digital CX. 

  1. Prioritize development of comprehensive mobile in-app support
  2. Elevate omnichannel with seamless integration
  3. Identify key customer processes and make them frictionless
  4. Be always-on and always-available
  5. Empower chatbot tools and conversational AI to handle quick tasks instantly
  6. Provide proactive service wherever possible

Conclusion: Fintechs Must Provide Holistic Customer Experiences Including Robust Support 

The way that people engage with financial services is rapidly shifting to mobile and digital and fintechs are leading the charge. By building their businesses as digital first and often mobile-only, modern fintechs are creating engaging, streamlined and intuitive user experiences in tune with the raised expectations of modern customers. That said, fintech upstarts have often not developed out their Customer Support technology or delved into advanced forms of automation and AI to improve support.

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