Member Article

How to Ensure Better Customer Experience as a Fintech

By Daniel Cronin, CCO and Fintech Expert

In the ever-evolving landscape of the fintech industry, placing a priority on customer experience isn’t merely an advantage - it’s an absolute necessity. As an industry leader with over three decades of experience in fintech, I’ve seen firsthand how the right focus on customer experience can drive growth and transform businesses. Let me share a few insights on enhancing customer experience in this sector.

Grasping and Catering to Customer Needs It all starts with understanding your customers’ needs. When setting up accounts or implementing onboarding processes, we need to ensure the process isn’t cumbersome and caters to distinct needs, such as businesses requiring multiple accounts or international users’ need for multi-currency accounts.

Regulation and compliance are equally pivotal in shaping customer experience. Striking a balance between ensuring compliance and not alienating users is a tricky but crucial task. Automation of Anti-Money Laundering (AML) procedures, for instance, can ensure regulatory compliance without sacrificing user experience.

Fine-Tuning User Experience and Implementing Trusted Payment Methods The aesthetics and functionality of the user interface (UI) and user experience (UX) of banking applications are key to customer satisfaction. Users demand a journey that is intuitive, easy to navigate, and seamless.

Equally important is the integration of efficient and reliable payment methods. Especially for UK banking products, integrating trusted and efficient payment rails can significantly enhance user experience.

Streamlining Transaction Processing Transaction processing can be a complex domain, but a few strategic steps can ensure a smoother experience. Building validation logic relevant to the chosen payment network, and creating a billing logic that aligns with the network’s transaction costs can help avoid pitfalls. Also, always ensure your chosen financial vendor has access to the necessary payment network.

Efficient Compliance, Risk Management, and Card Processing In the fintech customer journey, compliance and risk management programs play an instrumental role. For effective implementation, it’s essential to optimise customer data capture from the get-go and implement effective AML controls.

Card issuing and processing also hold significant weight in enhancing the customer experience. Key considerations like customer use cases, target jurisdictions, and setting up appropriate settlement processes can make a substantial difference.

Leveraging Suitable Technology and Partners Finally, the technology and partners you choose can significantly impact your customer experience. Your technology should aid scalability and comply with regional regulatory norms. As for your partners, they should be chosen based on their technological capability and risk appetite.

In the fintech world, integrated finance solutions, such as our Integrated Finance platform, offer a streamlined and efficient approach to managing financial operations. These ready-to-deploy services provide simplified integration, ensuring interoperability and standardisation for a seamless user experience.

Offering a comprehensive suite of customisable services ranging from payment processing to compliance and risk management, these platforms adapt to your specific needs, allowing flexibility and scalability as your business evolves. They can also enhance cost efficiency by eliminating the need to manage multiple vendors.

Navigating the fintech sector comes with immense opportunities, as well as substantial challenges. By better understanding customer needs, creating intuitive user experiences, ensuring seamless transaction processing, and making strategic choices in technology and partners, we can significantly uplift the customer experience. As fintech leaders, let’s strive to create financial solutions that are not just efficient, but also truly customer-centric.

This was posted in Bdaily's Members' News section by Integrated Finance .