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For businesses in the financial services industry, the disruption caused by technology-led changes has been non-stop.
The scope of fintech has grown way beyond the basic functionalities of online banking, and now encompasses developments that extend to messaging technology for marketing financial services, 24/7 virtual assistants, mobile apps, voice banking, social media integration tools and more.
This course of constant innovation is propelling the market forward, while demanding the attention of banks and credit unions that ought to remain competitive in order to satisfy the ever-evolving needs of consumers.
One of the key factors driving industry changes is consumer behaviour – and more specifically, millennial behaviour. While many people may think that marketing to millennials isn’t much more than a buzzword, the truth is that this diverse group of consumers who are now aged between twenty and thirty-something make up a very large percentage of the population. In the UK, millennials are considered the most valuable demographic group.
So, banks, credit unions, mortgage companies and businesses in the wider financial space who are keen on achieving sustainable growth need to invest time and money into understanding the demands of this highly relevant group of consumers.
Millennials have been heavily influenced by the ease of technology in most aspects of their life. When it comes to banking, their expectations are just as high; low fees or no-fees banking and excellent customer service are just a couple of their challenging demands.
An effective strategy for banking institutions is to invest in digitalising processes with the latest technology that can aid in reducing costs and improving customer service.
Here’s 6 of the most interesting fintech trends that can help banking organisations to stand out in the competitive landscape:
1- Live chat for customer service
Traditionally, banks have limited availability and opening hours that don’t work for many customers, which ends up causing much frustration. But more and more banks have started to understand the challenge this represents for customers and are moving away from traditional processes.
Live chat platforms are growing in popularity as a channel that provides ease of communication and quick answers for customers.
The UK-based banking app offers a ‘help’ section within their platform with practical information; and an instant messaging channel for customers to reach out and report problems in a friendly chat environment, to get instant answers from the bank’s representatives.
With instant chat and a help desk section full of handy articles, Monzo has reduced communication friction to a minimum, as well as time spent by agents on the phone to solve problems.
2- Support chatbots, AI and virtual assistants
Following closely on the trend driven by the messaging revolution, is the rise of artificial intelligence in banking. The eminent presence of chatbots helping out thousands of customers on a daily basis is becoming the new normal, not just in banking, but in many industries.
Chatbots …read more
Read more here:: B2CMarketingInsider