In the rapidly evolving world of Fintech, understanding and meeting customer needs is paramount. Like every business industry, customer experience and customer support are relevant, but more importantly for fintech companies. Why does this happen? Well, for starters financial services and technology deal with a person’s money, savings, and investments. They trust this business with their resources and incomes, so it is important that they feel valued and safe with them. 

Customer feedback is a great way for customers to feel valued, after all, this serves as a vital tool for gaining insights, improving services, and fostering customer satisfaction. So you not only need to gather this feedback, you will also need to act on it and improve all those areas where your customers are not feeling too good with. 

You can discover all about how Fintech companies effectively leverage customer feedback and why customer satisfaction is essential to their success.

What is customer experience in financial services?

Customer experience in financial services relates to every interaction your customers have with your fintech business. These interactions involve how they relate to your customer acquisition efforts, their interactions with your social media and website, hiring and using your service, and more. 

Customer experience and customer support play an important role for potential customers to decide to hire fintech services. Every aspect of the customer journey needs to be perfected to ensure potential customers that they are safe with your company.

How to improve customer experience in financial services

You may be in need of improving your fintech user experience and you may not have any idea where to start with this. Don’t worry, you are in the right place! It is not as hard as it may seem, but let's face it, it is not too easy either, so you must know what are some of the most important aspects of customer experience in financial services.

The following items are some of the most important to start improving your CX:

Create an omnichannel experience

Your customers are everywhere, they are on your app, your website, on your social media, complaining or trying to reach out through your inbox, and maybe even calling support once in a while. Your company can’t afford to treat any of these as separate worlds. 

A smooth omnichannel experience means your customers can reach out through one channel and finish it in another without friction or having to repeat themselves. All of this is not a luxury anymore, your customers are expecting this. They don’t want to reach out and have to repeat every time a new channel or agent is involved. So it’s a major step toward improving the customer experience in financial services. Offering your customers several ways to reach out is not enough, they need to feel a consistent support through each and every channel.

Gather customer feedback and act on it

If you are assuming what your customers need, you are making a great mistake. We plead you to not make this mistake and don’t assume you know what your users want, please ask them. It is the only way you are going to be entirely sure that you are tackling each of their needs. Don’t worry, you don’t need to be perfect at this, just ask them what they need and what you can do better, act on it, and you will start experiencing an increase in their satisfaction. 

After gathering their feedback, then actually do something with it. Some ways to collect feedback are: surveys, app reviews, support tickets, and even social media comments because they’re all gold if you’re paying attention. This is where many companies are failing, you cannot fail on this because your company is fintech, where there must be an increased level of trust. Use that data and make decisions based on what your users are saying, not what you think they’re saying.

Personalize your customer support

Please stop treating your customers as statistics and plain numbers, they want to be cherished and feel like your company actually cares for them and not just their money. Nobody wants to feel like ticket #5732 or issue #400 of the day, so please stop doing this. Do you know how your people want to be treated? Well, they want to be treated as people, but this is easier said than done. To make sure you are doing this correctly, you must start tailoring your support interactions based on a user’s history, preferences, or past issues. Personalized customer service isn’t just about using someone’s name in an email, it is about actually knowing about their context, what they know, and how you can help them exclusively. That’s how you build loyalty and elevate your customer service fintech game.

Offer proactive customer service

Companies that are only waiting for problems to happen and then responding to what their customers need is the bare minimum. This is not a way to highlight or stand out of the competition because you will be doing exactly what everyone else is doing. Don’t expect your customers to feel good with this approach.

If you really want to stand out, then you need to start anticipating customer needs and assist them before they ask for it. Something as basic as a push notification about a suspicious transaction or an FAQ-based article triggered by user behavior can make the difference. Proactive customer service is not only an approach to succeed, it is a sign of a mature and thoughtful fintech user experience.

Empathy and active listening are key 

You need to know that you’re not just solving technical problems, you’re dealing with people’s money, which means emotions are always part of every customer issue. Being empathic is key to understanding the root of any customer issue and active listening is the only way that you can make sure you are understanding it. These two are not only “nice” they’re essential for great support. 

Training your support team to listen carefully and respond like humans is a great place to start. That’s what separates decent customer service from unforgettable customer experience in financial services. Put yourself in their shoes and try to analyze how would you like to be treated in their position. Imagine it is your money at play, then you will try to find the best solution for them.

The Importance of customer satisfaction for fintech user experience

Fintech companies that prioritize customer experience often lead the market by building strong, loyal customer bases. Satisfied customers are more likely to stay with your service and recommend it to others.

High satisfaction levels reduce churn rates, increase customer lifetime value, while indicating trust and safety, which are critical for attracting and retaining users.

Best practices for fintech user experience

Trust and customer reviews non-negotiable in Fintech

Customer satisfaction and feedback are important in every industry. But Fintech is one of the places where they’re the most important. Trusting a business with your money is difficult. Whether it’s lending, investments, or payments, money often feels confusing for the average consumer. And as if that weren’t enough, there are scams left and right that prey on this confusion and consumers are well aware of this and rightly afraid. 

That’s why customer reviews are so important for Fintech businesses, so they can understand gaps in their customer experience (and fix them) and show off their satisfied customers to help prove that they’re a legitimate and trustworthy business. There are a few different ways that we’ve seen customer reviews help Fintech businesses at Trustpilot and the more of these you can focus on, the more easily you’ll win new customers.

Listening, responding, and genuinely taking your customers seriously 

Although collecting customer reviews is great, it’s nowhere near enough. You need to actively listen to what your customers are saying and respond to them. The more you can respond, the better, but at minimum you should be responding to all of your negative reviews. This is partly so that you can help them resolve any issues they’ve had and partly so that anyone else looking at your customer reviews sees that you’re responding and trying to resolve the issue. 

Customers don’t expect you to get everything right, but to trust you with their money they do need you to care when another customer is unhappy and do your best to rectify it. And they want to see that you’re taking the time to do this as well.

Improving your customer experience and product with your review data 

Solving individuals is only the first step. You need to be constantly making changes to your business and product, based on your customer feedback. Understanding the trends in your customer reviews (particularly if you have a lot of them) can feel overwhelming, but fortunately Trustpilot makes this really easy. 

Our insights tool helps you easily find the trends in your reviews that can help you improve your experience based on your customer feedback. And these insights can help you improve your business in countless ways, so your future customers are even happier. 

We can help you find the common single negative sentiments in your 3-star reviews (the things that are taking an otherwise 4-5 star experience and turning it into a 3-star experience) so that you can help more of your satisfied customers turn into ecstatic ones. You can also see insights around new topics that are starting to trend in your reviews that haven’t been there before, helping you spot and fix potential new problems before they get too serious. Some of our customers even create custom Review Insights topics each time they release a new feature or product. This allows them to track sentiment around that release as it happens so they can continue to improve it right off the bat as feedback comes.

Building trust with weary consumers 

Because finances can be so confusing — and the industry is filled with predatory players and scams — these businesses need to go the extra mile when it comes to building trust online. The first step here is to ensure your TrustScore is as high as it can be, like we’ve covered in the previous sections. But where many businesses go wrong is stopping there. Once you’ve put in all of that work to build up your TrustScore, it’s a waste if you aren’t using that trust you’ve built in all of the places your shoppers need a little reassurance. 

Placing your reviews and TrustScore at key parts of your customer journey helps make it easy for them to understand what doing business with you is like. It highlights some of the great experiences your customers have had with you. And if they’re still on the fence, they can easily click to your page and read more reviews to get a little more thorough and give them the confidence they need to convert. When LendingTree did this they saw a 6% increase in conversions and a 2-4% increase in revenue per customer.

And when TaxSlayer included Trustpilot reviews in their paid ad campaigns they were able to make their budgets go much further, growing their CTR by 60% and decreasing their CPA by 50%. The more you can show off your happy customers at key parts of your customer journey, the more customers you’ll be able to convert for your business.

Offer exceptional support to your customers

Great customer service starts from the planning stages of it, when you start planning your support strategy you need to make sure it is customer-focused and that it will be expertly done. Make sure your human resources and hiring team work together to analyze each potential customer support agent for your team. If you are going to hire fintech customer support, then make sure they collaborate with the outsourcing vendor on finding the right match for your team.

After that, once you have your dream team, you must now offer exceptional customer service training, make sure they become experts on your products and services, customer needs, and support best practices. After that, make sure your customers are satisfied with the assistance you provide, ask for feedback, and train your team again. This way you will have a competitive advantage and loyal customers that will trust your fintech company.

Leverage Customer Feedback in customer service fintech companies

Leveraging customer feedback effectively is a cornerstone of success in the fintech industry. By prioritizing customer satisfaction and continuously improving based on user insights, fintech companies can enhance their offerings, build trust, and achieve sustainable growth. Remember, a satisfied customer is not just a one-time transaction but a long-term advocate for your brand.

Remember that retaining your existing customers is way cheaper than having to create acquiring strategies and optimize them. Your existing customers already saw something in you that other companies were not offering them, you need to make sure you are enhancing their experiences so they can continue a long-term relationship with your company. 

In a sector where innovation and customer expectations are constantly shifting, staying attuned to the voice of the customer is not just beneficial—it’s essential.

Incorporating Horatio's Next-Generation Outsourcing Solutions

In the rapidly evolving world of Fintech, understanding and meeting customer needs is paramount. Learning how to improve customer experience in financial services and taking advantage of customer feedback, after all, serves as a vital tool for gaining insights, improving services, and fostering customer satisfaction.

Fintech companies that prioritize customer experience often lead the market by building strong, loyal customer bases. Satisfied customers are more likely to stay with your service and recommend it to others.

High satisfaction levels reduce churn rates, increase customer lifetime value, while indicating trust and reliability, which are critical for attracting and retaining users.

One notable example of leveraging customer feedback to enhance service offerings is Horatio, a next-generation outsourcing company. By prioritizing employee satisfaction and well-being, Horatio demonstrates the importance of a holistic approach to customer satisfaction. Their recent initiative of adding a gym as a company benefit is a testament to their commitment to employee wellness, which directly translates to better service for their clients.

Horatio understands that happy and healthy employees are more likely to provide exceptional customer service. This dedication to improving the work environment not only boosts employee morale but also enhances the quality of service delivered to clients. By actively seeking and acting on feedback from their employees, Horatio ensures that their team is motivated and equipped to meet customer needs effectively.

Co-Written by Trustpilot and Hire Horatio

For anyone interested in learning more about how Trustpilot enhances customer trust through reviews or how Horatio prioritizes customer and employee satisfaction, visit Trustpilot and Horatio.