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.

Want to learn more? Download your copy of How Conversational AI Is Rewriting the Rules for Fintech Customer Experience today! 

Check out the links below to get more of our insights on Fintech customer service solutions!

New eBook: Online Games and the New Imperative for Customer Experience

Written by Emily Peck  on   Nov 3, 2020

Online game companies are facing greater competition from other game companies and from streaming media companies, both of which seek the attention of users. Sony, Microsoft, Apple, Google, Epic, Steam, Nintendo, and many others compete for gamer attention and dollars – as are Netflix, Hulu+, and YouTube. 

An excellent Customer Experience and stellar Customer Support has become table stakes to attracting and keeping customers. Gamers expect responsive and knowledgeable support and quick resolutions to questions and problems. All of this is now expected in-game, without requiring a gamer to ever leave the platform.

Modern conversational AI can enable game companies and their support teams to dramatically improve the player experience with minimal training and using historical interaction data. Game companies that adopt intelligent and effective conversational AI will gain an unfair advantage in the fight to win, delight and keep customers. 

The Churn Dilemma for Gaming Companies 

Across all subscription services, churn is constant and rapid. Mobile games achieving more than a 4% retention rate after 28 days are doing a great job, according to GameAnalytic’s Mobile Gaming Benchmarks report. 

Respondents frequently cited having a poor experience or service issues as a key driver in decisions to abandon their subscription. Add to this the reality that signing up for a new trial subscription elsewhere often takes less than a minute, and barriers to churn have never been lower. 

In today’s fragmented landscape where people’s attention is fleeting and ever more valuable, games with better support will do a better job of keeping customers, incentivizing them to recommend the game to friends and to post praise for games online. Games that fail to adequately support and sufficiently delight customers also lose revenue; poorly served customers spend less and tend to leave faster. However, providing great CX is hard for gaming companies. 

Video Game Companies Struggle to Deliver Awesome Customer Support and CX

The online game industry faces the greatest customer service challenge for any industry in the world. In no other sector would a company face, quite literally, the rage of hundreds of thousands of angry customers, simultaneously, magnified in the echo chamber of social media platforms. 

There are significant structural reasons that make delivering stellar customer support and a consistently excellent customer experience exceptionally challenging for game companies, including the fact that gamers often support each other in outside forums. Additionally, game experience is dependent on underlying technology systems like cloud computing and the global Internet. Another challenge is that bugs in the code can’t be quickly and easily fixed in every instance. 

These are just some of the numerous challenges faced by game companies as they struggle to maintain high Customer Experience and Customer Support standards. 

The Opportunity to Adopt Conversational AI for Gaming Companies 

Gaming companies are starting to use Conversational Artificial intelligence (AI) technology to transform their customer experience and support. Based on Deep Learning and modern AI that is continuously learning and improving the way it responds to customer feedback and requests, newer AI systems can eliminate the majority of repetitive work for support agents, address many somewhat sophisticated queries, and allow human support agents to only focus on the most complex case for faster resolution of the thorniest problems faced by noisy and VIP customers.

Modern Conversational AI differs from first-generation bots that many gaming companies have deployed. Simple chatbots can answer questions triggered by keywords or by giving users a menu of topics. In contrast, modern AI that actually uses NLP looks beyond keywords and syntax to richer patterns and combinations of words to better comprehend actual intent. Rather than being rule-based, these newer NLP systems are trained from hundreds of billions of data points. This results in a much more meaningful interaction that resolves players issues in the moment. 

Conclusion: Uplevel Your Customer Support To Win The Game

In our new eBook, we touch on the pressures facing game companies to deliver stellar CX. Modern conversational AI technology can improve players’ CX and support experiences significantly, offering immediate resolutions to a range of issues within the game itself. This effortless support plays a key role in retaining gamers, at a time when competition has never been more fierce. 

Download your copy of Pleasing A Tough Crowd: Online Games and the New Imperative for Customer Experience today! 

New eBook: Transforming Customer Support with AI

Written by Can Ozdoruk  on   Jul 31, 2019

Welcome to the Relationship Economy. 

Doing business today is a lot different than it was a few years ago.  Customer service is now just as important as price, quality and brand name in determining where people spend their money and build long-term relationships. Customers have quick-rising expectations for personalized, convenient and immediate support on their channels of choice, and swiftly take their business elsewhere if they are not satisfied. 

In our latest eBook, Transforming Customer Service with AI, we explore this new era of doing business, the challenges that companies face and how helpdesk AI can accelerate a customer support organization into a customer relationship powerhouse. You’ll learn: 

  • What customers expect from companies when they have an issue 
  • How AI can impact the customer service function of businesses of all sizes 
  • Best practices to follow when implementing AI within your business 
  • How to create a continuous-learning AI that improves over time

Customer service now has a direct impact on consumer buying habits, either posing a great risk or presenting an incredible opportunity. Customer service can no longer be an after-thought; it must become a core part of the overall customer experience strategy and business focus moving forward. 

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