Customers may feel anxious while opting for fintech services. Tips to prevent falling into the obvious pitfalls that cause customer anxiety
An anxious customer is any brand’s nightmare! So much so that companies spent millions of dollars to keep customers informed and have dedicated teams just to handle these issues. And this gets more worrisome if the customer’s money is involved.
Amongst multiple innovative brands transforming financial services, the Fintech industry has emerged as one of the most exciting and competitive categories. In the past five years, new technology has empowered customers to enter a digital age where any financial service can be accessed with just a few taps on their mobile phones. However, with all of this, managing customer experience and expectations has become paramount in this day and age.
There are various situations due to which customers may feel anxious while opting for fintech services. Can they trust a new app or a new brand? How safe are their money and data? How complicated is the process to opt for a service or a product? Are they losing out on assisted journeys that finance has traditionally boasted of? What if a problem arises after the service/product is purchased?
Before venturing out in the Fintech world here’s a checklist curated by Freo, to prevent falling into some of the obvious pitfalls that cause customer anxiety.
Government regulations and policies
The easiest way to get rid of the customer's anxiety is to provide them with your brand's authentication. Since banking & finance is a highly regulated space, ensure that you showcase how your fintech brand complies with government regulations and who your partners are. This helps build trust in the brand and assures customers of opting for your services.
Security & data storage
With the increase in cybercrime, security has become the prime focus for any technology brand. Hence its imperative you ensure apt measures are taken to prevent any security lapse. Moreover, communicate to your customers that their transactions and data are safe and secure. Help them understand how and highlight those security features that you have built-in your product. If you are storing the personal financial information of the user, let them know that their data is encrypted and safe with all the security protocols implemented.
User interface & experience
One of the main causes of shifting customer loyalty is a sluggish user interface. Hence it's imperative for brands to map their customer journey and identify their pain points while using the product. Identifying touch points where you can communicate with users upfront on their possible concerns will help prevent drop-offs. For example, letting the users know again just before a payment page that all payments are safe would be a good nudge in the UI-UX design. Similarly, adding a link/info button at relevant screens to help users make their decisions smoothly will go a long way in reducing their anxiety.
Keep customers informed
Create various ‘How-to’ videos/collateral addressing the above pain points and integrate these communications to your marketing automation so the customers are well versed with your product. Spend time on creating your FAQ (frequently asked questions) and keep updating them regularly post feedback from customers/customer support team.
Inadequate redressal of customer issues often drives them out to your competitors. Ensure you let your customers know how they can reach out to you. Let them know what are the official channels to raise any concerns. Set up a dedicated customer delight team that not just solves their issues but also brings back insights on how you can solve these problems at the root.
The above points are not all-encompassing but will keep you in good stead for addressing some of the frequent customer anxieties. For other situations not covered above, our recommendation would be to be empathetic towards your customer and understand where they are coming from and then create solutions.
The Author is Hitarth Saini, Head of Marketing, Freo
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