Latest News  

Three areas where fintech start-ups are revolutionizing the customer experience

With advancing technology and increasing customer expectations, it's getting harder and harder for traditional banks and financial planners to stand out from the crowd in the minds of consumers

2017-03-08 20:50:23





Grégoire Vigroux
Marketing Director for Europe at TELUS International

But what forward-thinking financial institutions are realizing is that the way to attract and retain customers is to use emerging technology and smart design to provide high-touch, customized customer service.

Fintech companies have embraced this outlook wholeheartedly, becoming a dominant force in the global start-up ecosystem. In fact, PwC estimates that the cumulative investment in fintech globally could vastly exceed $150 billion within three to five years.

Here are three areas in which fintech companies are pushing the boundaries of world-class customer experience.

1. Combining social technology with investing



The traditional investment-management industry has a lot of pain points that have long gone unresolved. Gaining access to high-level, professional investment advice often requires a large upfront capital contribution, with the added inconvenience of face-to-face meetings with wealth managers. Even so-called "budget" online trading platforms still have many of their products, and corresponding fees, tied to larger institutions.

That's precisely why Yoni Assia co-founded eToro, a fintech that brings the new concept of "social investing" to the forefront. Rather than blindly handing over money to a mutual fund and crossing your fingers that the manager outperforms the market, eToro allows investors to see what some of the top traders and investors are doing on the platform — and to adopt elements of their strategies to their own portfolios.

While at the 2016 Web Summit event in Lisbon, Assia spoke about the burgeoning union of social technology and finance. Borrowing a phrase more common among tech firms than banks, Assia said large financial institutions are increasingly partnering with firms like his to improve the user experience of managing investments, integrating the "benefits of innovations like social investing, but under their own branded experience."

Web Summit Lisbon – where fintech leaders discuss emerging trends: https://websummit.com/money-conf

Assia says customers crave a more emotional connection to their finances. In the end, it's the sharing, connecting and communicating with other people from all walks of life that makes social investing such a different customer experience than traditional investing. "Traditional financial institutions tend to detach people from their money and what they really want out of life," Assia says. "We look at the emotional connection between people and their investments, and give them a platform to help one another achieve their financial goals."

To retain customers, the customer support organization must maintain that same level of emotional connection to provide a seamless experience at all stages of the customer journey.

2. Deeper insights into personal finances with natural language



How consumers monitor, track and analyze their finances is changing rapidly with technology. Apps like Mint.com provide charts, graphs and breakdowns of individuals' budgets and spending habits. But as machine learning evolves, so will the level of insights that software will be able to provide customers.

Wizdee, a start-up based in Portugal, is combining business intelligence reporting with natural language technology to give consumers deeper, on-demand — and in some cases, predictive — insights into their own personal finances.

Wizdee provides its tool as a white-label app to some of the largest financial institutions in Europe, which is then branded and provided to customers on their PC, mobile and tablet devices. "Banks can then gain a better understanding of their clients through data analysis," says Bruno Atunes, Wizdee's chief technology officer. "They'll know which clients are a good fit for specific products or services, because they'll have an in-depth understanding about their budget and spending habits."

Legacy institutions today are starting to realize that partnering with business intelligence technology experts like Wizdee, and providing superior solutions under their own branding, gives them access to more customer data to analyze and use to improve customer experience in the future.

Atunes and the team at Wizdee see personal finance applications increasingly moving towards artificial intelligence and machine learning technologies. "Banks that find ways to integrate these new technologies can provide highly differentiated solutions to their clients," Atunes predicts. "Because banks have traditionally been focused more on sales, ones that use cutting-edge technology to improve customer service will stand out from the competition. The future really is about better service, because consumers are already beginning to demand it."

Armed with smarter data, customer support organizations can wow customers with customized support and offers that reflect a true knowledge of the individual.

3. Redefining customer service in insurance with IoT



It's no secret that one of the slowest industries within finance to embrace technological advancement is insurance. The health-insurance industry in particular has come under fire in recent years due to high premiums, poor service and lack of trust.

Dublin-based insurance tech start-up WeSavvy aims to change the way policyholders perceive and experience service by applying Internet of Things (IoT) technology in novel ways. WeSavvy's IoT cloud platform, for instance, has the capability of connecting to just about any health-related device, with fitness wearables serving at the main use case.

The goal is for insurers to be able to reward their policyholders that engage in healthy activities, giving them points towards lower premiums if the wearable indicates they've walked a certain amount of steps each week.

WeSavvy founder, Hesus Inoma, came up with the idea when, after adopting a healthier lifestyle, he was still refused a lower premium by his insurance agency. He realized that the agents he was speaking to, and the insurer in general, didn't have the correct information about his new, lower-risk profile. "Insurers lack understanding of their customers due to their failure to engage effectively and frequently with them," Inoma says. "The result is a failure to appropriately tailor products and related services to each specific customer's needs. By giving insurers access to connected devices, data sets and information from each customer, insurers can develop a more meaningful understanding of the customer in order to service them."

Inoma predicts that, in the future, insurers will be utilizing data sets from an enormous array of connected devices. This includes things like smart fridges, home security devices, smart scales, smart toothbrushes and smart clothing. Still, the insurance industry has many hurdles — including consumer concerns about security and privacy — to overcome before the link between IoT and customer service can be fully realized.

As WeSavvy, Wizdee and eToro illustrate, fintech companies are changing their industry for the better by using technology to create a more emotional, high-touch experience for customers. In the process, they're offering a blueprint to the big players for how to engage and retain customers in the world of rapidly changing technology and expectations.

Related articles: www.telusinternational-europe.com /
www.telusinternational.com


0 COMMENTS ^ Go back to Top
WRITE A COMMENT ^ Go back to Top
 
Your email address will not be published.
Nickname
Email
Comment
Validation Code
   
 
 
NEWS
Stefanini named Eliza Irimia Financial Director for the EMEA region

Eliza Irimia joined Stefanini IT solutions company, with operations in 39 countries and 88 offices around the world, as Financial Director for EMEA. From this position, Eliza will coordinate the company's finan

 Read Full article »
The business environment - invited to get involved in the development of future employees

Over 5,400 Romanian young people have participated in the Duke of Edinburgh's International Award program in Romania (DofE) over the past six years, the personal development program that gives young people aged

 Read Full article »
Oracle study: Moving To IaaS is fundamental to remaining competitive

Research reveals benefits of Cloud Infrastructure established as a clear differentiator. A survey of 1,600 senior IT professionals explores the benefits and misconceptions surrounding IaaS adoption, according

 Read Full article »
Mihnea Diaconu appointed development manager at Webhelp

Webhelp Romania aims to consolidate and develops its local operations by hiring Mihnea Diaconu as Business Development Director.

 Read Full article »
The biggest FAB LAB from Romania has been opened in Iasi

Based on a concept made by the Miolk team, Fab Lab Iasi has a surface of over 700 sqm and it offers different scenarios for flexible use of the space (competition areas, co-working, makerspace, teaching rooms,

 Read Full article »
Deutsche Bank makes its computer code publicly available for the first time

Deutsche Bank announces it aims to create a common industry standard for trading technology by making its own computer code publicly available for the first time.

 Read Full article »
Deloitte: Leadership disrupted: Pushing the boundaries 2017 Global Human Capital Trends

According to a study of this year conducted by consultancy company Deloitte, today, Many organizations need a completely different kind of leader: a "digital leader" who can build teams, keep people connected a

 Read Full article »
Coface Technologies team already employs 30 specialists in core business applications

Six months after the inauguration of the IT development centre in Bucharest, Coface Technologies has already formed its first functional teams and has also launched the first successful projects, such as the au

 Read Full article »
Pavel Campan appointed as the new Vice-President of Operations for TELUS International Romania

Pavel Campan has been named Vice-President of Operations for TELUS International Romania. This appointment comes at a time when the company is about to reach 1,500 team members locally.

 Read Full article »
Roxana Tesiu appointed as the new Vice-President of Human Resources for TELUS International Europe

Roxana Tesiu has been named Vice-President Human Resources of TELUS International Europe. In her new role, she will lead the HR teams in both Romania and Bulgaria, at a time when the number of team members in b

 Read Full article »
 
MOST RECENT VIDEO
 
 
MOST READ ARTICLES
» Pavel Campan appointed as the new Vice...
» Roxana Tesiu appointed as the new Vice...
» ROMANIAN OUTSOURCING AWARDS FOR EXCELL...
» Oracle study: Moving To IaaS is fundam...
» Molson Coors started to grow its busin...
» Manpower:Romania has world's third hig...
» Wipro launches automotive center of ex...
» The business environment - invited to ...
» Thierry Blain, SG EBS: Bringing teams ...
» Romania, Europe's third and world's 13...
 
EDITOR CHOICE
TELUS International Europe: Three ways tech unicorns are prioritizing customer service as a differentiator

There are just over 190 young tech companies in the world that are valued at more than $1 billion. But achieving ‘unicorn' status doesn't come without challenges. After all, the name describes a mythical and

 Read Full article »
Wipro launches automotive center of excellence in Romania

Wipro Limited, global information technology, consulting and business process services company, announced the launch of an Automotive Center of Excellence (CoE) in Timisoara, Romania. This CoE will help Wipro d

 Read Full article »
TELUS International Europe: The convergence of customer service and digital marketing/NewGen technologies: What does it mean for businesses?

Technology shapes the way we educate, communicate, conduct business and advance science, all while maintaining significant influence on the global economy. But the way we engage with technology is changing

 Read Full article »
Stay updated on People in Shared Services and Outsourcing Forum, October 19

Outsourcing Today organizes the third edition of People in Shared Services and Outsourcing Forum, on October 19, 2017 in Bucharest at Caro Hotel.

 Read Full article »
Preparing for the new future

Business shared services in Romania is by nature a flexible, mobile and diverse community and in this context, local markets develop their own particularities to address the global changes, to adjust to new dem

 Read Full article »
Latest News  
 
about us | newsletter | contact | members area
Copyright © 2015 by Diplomat Media Events Design by Diplomat Media Events