According to McKinsey, as much as €5.7 billion will be needed to sustain the EU fintech sector through the second half of 2021. What does it have to do with customer experience? "It's simple," says Andrii Safronov, TRASTRA support team lead. "Fintechs are facing significant challenges to turn a profit. They experience a persistent hunger for the capital needed to complete their innovation cycle. Attracting new customers, improving value propositions and ultimately monetising their scale are all reasons that the most sagacious fintechs will have to refine their approach to customer service. We at TRASTRA elevate the notion of impeccable service to an absolute."
In the age of mobile everything, quality customer experience is the ability to stay on top of your finances via a mobile app like TRASTRA, and it’s critical for productive members of society. The rise in popularity of fintech means that more people than ever can make life-changing decisions with a tiny computer in their back pocket. Fintech startups have a real opportunity to transform how customers engage with the global economy, but the stakes are high. Customers need to feel they can depend on our service to provide a good experience, keep their crypto and EUR secure, and help them achieve their desired results.
This is where customer service and online customer experiences generally play an essential role in building trust between fintech startups and their customers. And at TRASTRA, this benefits our bottom line dramatically.
A good customer service is an excellent tool for building trust
Banks are still working to regain trust after the 2008 financial crisis, and Gen Zers/Millennials are increasingly putting their trust in fintech over traditional banks. Every engagement with our customers adds up over time. We have an opportunity to differentiate ourselves from traditional financial institutions through good customer service that allows customers to ask questions easily, manage transactions on the fly, and flag potential problems.
Whenever we talk with our customers, the work on creating a trusting relationship never stops. We want our cardholders and app users to feel confident working with us to manage their assets. And the dividend here is positive online reviews, word-of-mouth marketing, more TRASTRA cards issued, more wallets activated.
The big secret
We don’t pander to our customers. We serve. “Service” is the keyword here regardless of whether we’re solving a complicated ticket, chatting online, sending out an email or posting something on Facebook. The information we provide solves our customers’ problems; our interactions are sometimes limited to just a few minutes, and we have a minimal window to either retain a client for life or lose them forever. So we want our customers to interact with our team and share their idea of reliable customer service. And then we do exactly what they expect of us. Data shows that 69% of people prefer to resolve as many issues as possible on their own before contacting support, so when they get to us, that means that we’re dealing with the frustrated few. So we provide as much information as possible upfront and make it easy to access directly from our web dashboard or mobile app. It’s a big deal when we give your customers a sense of complete control over their assets.
Is building a channel-specific relationship important?
We are building trust by being consistent in how we help customers, regardless of the channel they use to reach out. Recent data shows that 40% of customers use multiple channels for the same issue, so it’s important that we are able to maintain consistency in their experience.
An omnichannel support solution allows us to consolidate all our service channels so we can manage incoming requests from a single view, creating greater consistency.
Our team accesses important customer context (transaction history, account type, pending payments, etc.) in real-time. This allows us to be fully present in the conversation to provide informed support and anticipate customers’ needs, especially when discussing sensitive topics like personal finance or investing.
Personalised messaging interactions
Our customers always have ongoing questions about their accounts. They want to make sure that they’re doing everything right to get the most out of TRASTRA, and inevitably, they’ll have questions along the way. We’re seeing a shift in how customers interact with us, with more customers favouring messaging channels. The benefit of messaging with our customers is that we can retain our conversation history over time, allowing for more personalised interactions and a deeper connection with our customers, and, as a result, a quality customer experience. And it’s not only us. It’s a steady trend: in 2020, SMEs saw a 40% increase in messaging requests: WhatsApp increased 55%, SMS/text increased 47%, and Facebook Messenger/Twitter DMs increased 37%. When you think of customer feedback, you’re probably thinking about surveys, but there are many more ways that customers provide feedback beyond the most obvious, and the majority of those is performed through chats. A few examples include customer reviews, social media posts, support ticket trends, cancellations, and direct conversations with sales, support, or customer success.
Investing in Customer Experience
As a startup, it’s important that we tune in to customer sentiment around our product so we centralise customer feedback and make sure our entire team is in the loop. This is important for future iterations of the TRASTRA app when we begin implementing improvements based on customer feedback. And of course, we “spend money to make money.” As a fintech startup, we feel the truth of this statement more than most, and it’s definitely true for customer experience. Startups benchmark data shows that fast-growing startups are more likely to invest in CX sooner and expand it faster than their slower-growth counterparts.