How Fintech is Disrupting Customer Service

Technology has changed our way of life so rapidly that it's hard to even call them "disruptions" any more. Indeed, today's technological innovations are all about looking at our current way of life and seeing how else to improve it. This also means that technological innovations will play a big role in shaping our way of life post-COVID.

In particular, the World Economic Forum notes that fintech will play a key role in helping businesses recover from the effects of the pandemic. And while fintech's role in helping businesses raise capital or invest their funds is clear, there's also another key way that fintech can help accelerate business processes.

Fintech and customer service

Customer service is one of the biggest pillars of any business operation, and this holds especially true in today's increasingly connected society. The average consumer is more discerning than ever, and it only takes one bad Tweet or Facebook post for word to quickly get out about your company.

As such, ramping up customer service practices will play a key role in ensuring that these goals are met. Digital adoption is already strong thanks to fintech innovations such as e-wallets and mobile investment apps, but customers still need to know how to properly manage their money. Providing accessible customer service options will therefore become a true marker for whether a bank is ready to succeed in 2021 and beyond.

How Fintech is Disrupting Customer Service in Different Industries

Banking

The Telegraph has recently called for an overhaul of the traditional banking business model in order to address rapidly shifting customer changes, particularly when it comes to value creation amongst consumers. This process can start by offering in-chat services within mobile applications; as it stands, many banking applications still rely on uploading phone numbers and emails onto their applications should customers need more assistance. Adopting in-app chats speeds this process up, but it also means that fintech companies themselves will have to adopt unified data systems that allow agents to get the information they need within a few clicks.

Supply chain

The speed information is shared is now the foundation of a successful supply chain. A post on staying productive in the new normal by Verizon Connect states that fast information sharing is a marker to customers that your business is constantly improving its services to meet their demands. The site also notes that the faster information is shared the more agile a company can be in responding to a customer’s needs. This allows companies on the supply chain to serve more customers faster. Logistics companies who rely on GPS tracking and management systems to give timely parcel updates are but one example of how this speedy information improves customer service.

Retail

Our previous post entitled 'Card Issuing and Management: Staying Relevant Facing Ever Faster Changing Customer Expectations' shows that fintech companies have a huge role to play in paving the way for a stronger retail industry in the aftermath of Covid-19. Card issuing solutions are in line with the rise of alternative payments, whether through digital platforms or via online currencies. These developments prove that access to varied payment channels plays a big role in improving a business' overall customer service.

Fintech disruptions are part and parcel of our new normal. Indeed, the impact of fintech on customer service across several industries proves just how pivotal these disruptions are when it comes to streamlining business operations while still keeping customers in the loop. Businesses are now looking to plan for post-pandemic business growth, and it looks like fintech solutions will be an essential tool to meet these goals.