By Corey Besaw, Ubiquity
As established brick-and-mortar banks left themselves exposed through unwieldy digital customer experiences, fintechs have seized the opportunity to differentiate through outstanding CX.
But at the same time, it’s hard to pull customers away from long-established institutions because, well, they’re institutions.
They’re known. Even if they’re no longer the best option, 100+ years of brand equity counts for a lot. It means fintechs need to choose their battlegrounds carefully when going head-to-head with their more established competitors.
And one of the key frontiers for building customer loyalty is customer experience. Successful fintech disruptors have made a point of putting better customer experiences at the heart of their proposition to new customers.
The new potential for fintech customer experience management
It’s not uncommon to hear someone you know complaining about spending umpteen minutes (or hours) on hold with their bank. And when they get through to the service agent, the experience is slow, stilted and impersonal—it sucks.
More often than not, the person on the other side of the phone is working from a stiff playbook.
Playbooks are a bible for known scenarios. And for embedded behemoths who’ve been around the block a few times, that’s enough. The status quo works just fine.
But increasingly, it’s not enough for customers whose expectations break from the status quo. Customers with new, elevated expectations—whether that’s wanting more seamless journeys, unintrusive interactions or empathetic conversations in convenient channels.
Whether you run CX through an inhouse team or an outsourcing specialist, that’s a lot of new, uncharted territory that’s difficult to cover solely in scripts.
That’s why you, as a growing fintech—an ambitious, disruptive, irreverent company looking to fundamentally change the game for the better—need more than a playbook to drive customer satisfaction and retention.
Business process outsourcers (or BPOs) that work on a playbook basis struggle to stay the course when it comes to meeting challenger brand customer needs.
There’s space for fintech disruptors to take a new approach and drive consistent and better customer experiences in the process.
It’s an approach we call Relationship-based Outsourcing (RBO for short). Here’s how it helps fintechs build the foundations for CX that drive long-term customer value.
Welcome to my world
Like banks, fintechs have to navigate a landscape full of compliance-shaped pitfalls and regulatory hoops. But unlike banks, they might not be used to them. That means service agents need clear guidance—so they don’t fall foul of their legal obligations and risk potentially terminal reputational damage.
But you need more than rigorous training to prepare service agents for outstanding CX that’s also compliant—service agents need to be embedded into the culture of a fintech.
Because when that happens, the level of service on offer changes.
By getting into the mindset of a fintech employee and becoming a true brand ambassador, service agents build empathy with the real nuances, foibles and frustrations of fintech customers. Crucially, they also get familiar with the key moves to resolve those specific gnarly problems—moves that drive AHT down and CSAT up.