Financial services: Top Fintech tips for enhancing the customer experience

There is no doubt about it – Fintech has become a key priority for enhancing the customer journey, helping financial businesses provide reliability, credibility, assurance, and security to its users.

In the past year, the need to access online services during the Covid-19 lockdowns, teamed with an advancement in technology, has led to a significant increase in Fintech requirements. In fact, today, more than half of financial customers around the globe are using technology products or services.

Fintech refers to the software and other modern technologies which are used by businesses to provide automated and improved financial services. The number of fintech solutions available is vast. Therefore, businesses who are looking to digitally evolve need to be asking the question, which fintech solutions will best benefit their users and provide return on investment for them?

Tech tip: Help your customers stay connected

Cloud has been a game changer for financial businesses. High-performance and reliable cloud-based infrastructure means some, or all of a business’ applications and data is hosted in a public, private, community or hybrid cloud platform.

The flexibility of a cloud solution helps keep financial businesses connected with customers, by rapidly responding to changing demand and in doing so, minimising any disruption. It also allows customers to access information and use software applications quickly and easily from any location or device, helping them to use the business’ services effectively.

Tech tip: Help your customers avoid downtime issues

The need for fintech services is increasing each day, resulting in a stronger demand on services and the business’ network. Increased data usage and cloud-based applications can all overwhelm a WAN (Wide Area Network). This in turn could lead to significant downtime if the solution is not executed properly.

An SD-WAN (Software Defined Wide Area Network) can support cloud capabilities and the growing demand in service requirements. The solution is an overlay to an existing network. It provides complete control and visibility regardless of where the traffic originates. SD-WAN also offers so much more than functionality. It provides accurate data that enables decision makers to steer the organisation towards greater efficiency, which in turn, reduces overheads and increases productivity. SD-WAN also enables businesses to flex to the new challenges and demand on services.

Tech tips: Build effective relationships with customers

With Covid-19 advice stating people should stay at home, and banks and offices being required to close, customers are utilising online services more than ever. From communicating with financial representatives to accessing bank account information, financial providers need to decide which technology solution can best provide added value to the customer.

UCaaC and telephony solutions, for instance, allows financial businesses to handle customers calls and chat through a variety of social media and communication apps, allowing customers to seek help on a platform they are comfortable with. It can also collect, store and analyse all information supplied on one platform. Therefore, employees will always have customer information to hand. This can help speed up call wait times and time to resolution processes, saving time for the customer. Video conferencing tools, such as Microsoft Teams, can also help business representatives arrange and hold virtual meetings with customers. Maintaining face-to-face contact virtually helps to encourage open communication. What’s more, it builds trust and allows the customer relationship to develop easily.

Tech Tip: Keeping your customers secure

Any digital transformation within the financial sector needs advanced security solutions, to protect sensitive and confidential material. Customers are now regularly providing financial and personal data online, transferring money or looking for new ways of investing their capital, via online websites or a banking app. This opens numerous opportunities for cyber criminals who are becoming increasingly clever with targeting strategies. Therefore, customers who are trusting financial businesses with their money and savings, need to know that they are secure.

Digital Space can offer financial businesses additional protection. This can include managed detection and response services, phishing prevention, web security protection and multi-factor authentication, all with a distributed workforce.

If you wish to speak to Digital Space about your fintech requirements and how you can enhance your customer journey, sign up for a free consultation here.

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