A financial tech company has a duty to listen to customers, not only in what they verbalize but also in what their actions say. If your customer growth has plateaued, this is equivalent to people saying, "Your user experience needs to be revamped."
It's important to know that today, people no longer distinguish between online and offline experiences. This means, even with great customer service, clients will still rate your firm as subpar if your digital products don't make the grade. Enjoy greater customer growth with a new, welcoming platform that promotes easy use.
This is yet another reason businesses must keep track of their product growth metrics; when they slump, you can react in real-time. Take into consideration client retention, active monthly members, and revenue. If these are on the downside, it's time for a platform refresh. Your applications may not be properly functioning, or web and mobile applications may not be in sync. Either way, watching your metrics can be a sure sign you need a digital revamp.
If your client community has suddenly stopped using or never did use certain features on your platform, they're likely unhappy with the offerings. For instance, let's say you have a feature that lets members transfer money to their friends and family, but surveys reveal members have instead chosen another application to accomplish this task.
Herein is another instance when you need to listen and respond to what members are saying. It's the only way to provide them with a valuable digital experience. A new platform with more capable features will help earn their trust and scale your client base.
Software updates were, many years ago, slightly annoying. But today, clients are accustomed to regular updates and have even come to expect them. If it's been a while since you tweaked or updated your fintech platform, members might be wondering why. They're used to changes in features, appearance, and layout. Consider now a good time to deliver something novel.
When your platform code or architecture reaches its limits, clients are likely to request capabilities you simply cannot deliver. They may, for instance, want community boards where they can feel more connected to other members or learn more about your brand. Or they may want a seamless experience where they can at once manage credit card payments, move funds into a savings/retirement account, and even set aside money for charitable donations.
Your employees may want a digital method of onboarding new clients—one that saves time and also shows members how to navigate your fintech platform. Delivering these and other sophisticated features is the only way to stay relevant in today's digital landscape. And inmost instances, it's better to make a one-time change instead of incremental fixes that don't provide an overarching solution.
If your mobile and web products do not coordinate, you're creating a cumbersome customer experience sure to leave a bad impression. Development work to unite these platforms is possible, but it's also costly. Consider this scenario: if each application was created by individual design and development teams, you have to return to both groups and ask them to dovetail their efforts - and pay handsomely in exchange.
Or, you can emerge as a modern financial tech company and present a platform that gels on any device. This eliminates the fragmented experience and allows you to shrink and economize your release cycles.
Not every bank maintains a dedicated IT team member on staff. When tech issues arise, you're likely contacting a third-party vendor for assistance. Doing this once or twice may not be problematic, but consistently paying for help means you're devoting precious resources - time and money - to a system that no longer works the way you need it to. With time, the repeated help calls may equate to the salary of a devoted IT team member.
With the right technical platform, you can connect to your existing online banking and customer support systems. This eliminates the need for continual IT help. The right platform will also allow you to customize the appearance with brand logos and products. This is a great way to build a sense of community. And, finally, you free up time and money that can be devoted to improve client retention rates, train employees, and develop new digital solutions.
Today, more than160 million people in American use online banking systems. This proves a financial tech company cannot view its platform as a convenience; it is an integral component of the overall user experience. When clients feel frustrated by repeated application delays or lose functionality across personal devices, they may choose to bank somewhere else altogether.
Essentially, you're chasing them into the folds of your competitors who offer updated and streamlined digital products. And once gone, members are extremely difficult to woo back. You're in a much better position when you already have clients and can retain them using swift, responsive, and multi-dimensional features.
Nobody likes to receive negative feedback, especially from clients. But regularly surveying members and internal employees is the best way to ensure your digital experience is fluid and fully functional. You should therefore listen to this feedback and use it for your online re-design. It means members care enough about your brand to want to stick with you - but they need the upgrades that make online banking as convenient as it's intended to be.
On the other hand, if you go for an extended time without any feedback (good or bad), this may mean members have given up and migrated to the competition. Take the feedback you receive, incorporate it to benefit your brand and members, and continue asking for additional suggestions.
Now is the moment of truth; if you also recognize your firm's user experience could be improved, it's time to embrace the potential before you. A brighter and fresher interface can breathe new life into your brand and get clients excited about online banking. Once you've reached this point, you know you're building a strong and loyal customer base.
The banking industry has long been recognized as one of the most regulated industries in the U.S. Firms play a unique role in managing payments, allocating credit, and taking deposits -meaning they handle clients' monies on a variety of levels. Your online platform is therefore likely to be under constant review, and it's in your best interest to upgrade to a system that ensures personal information is completely protected.
A new fintech platform doesn't have to be complicated. Ours is designed to transform the user experience with just a few easy steps. Learn more today by contacting Cotribute — and invigorate online banking.