By Cynthia Alabi
The fintech industry is evolving, leaving behind traditional customer service models in favour of a more dynamic and proactive approach: customer obsession.
In this new era, FinTech companies can no longer afford to merely solve problems as they arise. With new players entering the industry every day, the key to standing out lies in hyper-focusing on exceptional customer experiences that anticipate needs and exceed expectations.
A report by Zendesk defines customer obsession as placing customer needs at the core of every decision. “Companies that master customer obsession focus on the things they can do every day to consistently provide great experiences,” the report states.
This shift requires outgrowing reactive problem-solving and fostering a culture of proactive engagement, where understanding and anticipating customer needs take precedence. It encompasses everything from sales to marketing to support. Every touchpoint is designed to improve the customer experience from their perspective.
For fintech firms, the stakes couldn’t be higher. According to Forrester, companies that prioritise customer obsession achieve 2.5 times higher revenue growth and 2.2 times better customer retention than their less focused peers. This data underscores the necessity of evolving beyond traditional customer service to a model that thrives on meaningful, personalised interactions.
The Shift from Service to Obsession
Historically, customer service in fintech and many other industries focused on resolving issues as they emerged. But today’s customers demand more. They expect seamless, personalised solutions tailored to their unique needs. Failing to meet these expectations in the fast-moving fintech space means your competitors will.
Forrester’s research reveals that 51% of financial services executives admit their companies are still at the “customer-engaged” level, far from the customer-obsessed approach required to succeed.
Rob Khazzam, the co-founder of Float, emphasises this sentiment: “We always start with the customer perspective and work backwards to create the best possible experience for them.” By leveraging customer feedback and data analytics, Float has redefined client interactions, ensuring every touchpoint is intentional and impactful.
Intentional Interactions: Beyond Surface-Level Assistance
Customer obsession goes beyond addressing immediate concerns. It’s about deeply understanding customer pain points and aspirations. This approach builds lasting relationships, turning transactional interactions into meaningful connections.
Float’s dedication to creating feedback loops exemplifies how fintech firms can craft experiences that transcend basic service. Similarly, Apple’s success demonstrates the value of designing products and experiences that resonate personally with users, reducing the need for customer support by embedding solutions into the product itself.
For fintech, this means anticipating customer needs and aligning solutions with their preferences. At Transactworld Digital, features are intentionally designed based on customer input, resulting in enhanced experiences and significantly reduced reliance on the Customer Experience team. When the customer is at the heart of every decision, every product and process reflects it.
Leveraging Technology for Proactive Solutions
To fully embrace customer obsession, fintech firms must integrate technologies that enable proactive engagement. Predictive analytics, AI, and data-driven insights are no longer optional.
They’re essential.
Predictive analytics can foresee potential customer issues, allowing companies to address them before they escalate. AI enhances customer experiences by delivering personalised interactions and improving operational efficiency. For instance, at Transactworld Digital, AI is integrated into security systems, enabling real-time monitoring of transactions and accounts. This ensures a safer, smoother customer experience.
As Prophet’s Brand Relevance Index (BRI) study suggests, financial brands that combine customer obsession with pragmatic execution achieve remarkable success in the market.
A Forbes Council member, Michael Podolsky, reinforces this: “Customers make purchasing decisions based on the complete value proposition, not just the price tag.” Companies embracing customer obsession will stand out and thrive in an increasingly crowded fintech space.
The Cost of Ignoring Customer Obsession
Neglecting customer obsession is a costly mistake for fintech firms. A Forbes report reveals that 97% of consumers and 98% of contact centre managers agree that customer service directly impacts brand loyalty.
Forrester’s findings show that nearly 60% of financial services companies lag in their journey toward customer obsession – those who fail to adapt risk losing market share to more agile competitors prioritising exceptional customer experiences.
The Future of Fintech: A Customer-Obsessed Industry
Customer obsession isn’t just a trend. It’s the future of fintech. To succeed, firms must invest in proactive engagement, leverage advanced technology, and develop a deep understanding of their customers. By doing so, they will enhance satisfaction and drive growth, loyalty, and long-term success.
The fintech companies that embrace this shift will set new industry benchmarks, crafting experiences that meet customer expectations and exceed them time and again.