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
Cushman & Wakefield Echinox: StreamWIDE joins the new IT hub created in the Timpuri Noi Square project

StreamWIDE, a company specialized in the software and telecommunications industry, realocates its office in Bucharest in the Timpuri Noi Square project, joining the new IT hub created in the business park devel

 Read Full article »
CBRE: Office deliveries expected to bring new stock of 635.00 sqm, Bucharest to reach 3.9 mln sqm modern office spaces

During 2020–2021 to approx. 635,000 sqm of modern office space are expected to be delivered on market, increasing the Bucharest modern stock at approx. 3.9 million sq m, a step closer to a new a threshold and

 Read Full article »
Uber opens at Bucharest the largest support center to drivers and business partners in CEE

Uber company launched this week in Bucharest the largest center in Central and Eastern Europe that offers assistance to drivers and business partners in Romania, a center where they can contact directly Uber re

 Read Full article »
Samsung and Orange Romania activated the 5G VR Live streaming at Untold Music Festival in Romania

Samsung Electronics and Orange Romania have successfully deployed a 5G New Radio (NR) network to demonstrate a series of 5G use cases at Untold Festival 2019, the largest annual dance music festival in Romania,

 Read Full article »
MVP Lab in Sibiu named as one of Europe's best in the "Ones to Watch" list at European Business Awards

Ropardo MVP Lab has been named as ‘One to Watch' in Europe in a list of business excellence published by the European Business Awards, one of world's largest and longest running business competitions.

 Read Full article »
Endava marks one year since IPO

Endava, one of the most important software companies, present on the local market with 7 delivery centers, reaches an almost double capitalization, 2.07 billion USD, on July 26, 2019, one year after listing. Th

 Read Full article »
Infosys opens cyber defence centre in Bucharest

Infosys, a global leader in next-generation digital services and consulting, announced the launch of its Cyber Defence Centre in Bucharest, Romania. The Defence Centre is an expansion of services delivered thro

 Read Full article »
QuEST Global completes integration of IT Six Global Services

QuEST Global, a global product engineering and lifecycle services company, has successfully completed the integration of IT Six Global Services SRL. QuEST Global acquired IT Six, a software engineering services

 Read Full article »
RE MAX Romania opens three more offices

RE/MAX Romania has expanded its network, adding three new offices – RE/MAX Partners in Cluj, RE/MAX Quality in Sibiu and RE/MAX Prestige in Targu Mures.

 Read Full article »
Microsoft and OpenAI form exclusive computing partnership to build new Azure AI supercomputing technologies

Microsoft Corp. and OpenAI have partnered to further extend Microsoft Azure's capabilities in large-scale AI systems, according to a release of Microsoft.

 Read Full article »
 
 
 
MOST READ ARTICLES
» PwC: The competitive advantages of Rom...
» TELUS International Europe: Assessing ...
» Marian V. Popa, GM of DB Global Techno...
» China's service outsourcing continues ...
» ROMANIAN OUTSOURCING AWARDS FOR EXCELL...
» P3 expands marketing team to support b...
» Stefanini Romania goes to Targu Mures ...
» IBM leases 18.000 sqm in Forte Partner...
» Synergy of skills
» GfK: Romanians expect an income rise t...
 
EDITOR CHOICE
Workplace of the Future conference to take place on November 20th at Bucharest

The Diplomat-Bucharest together with Outsourcing Today organize the 3rd Edition of WORKPLACE OF THE FUTURE, on 20th of November 2019, in Bucharest, at Capital Plaza Hotel.

 Read Full article »
Strategic Talent Acquisition at People Empowering Business Forum on October 30 in Bucharest

Latest trends like demographic upheaval, globalization, digital technology, and changing social values and worker expectations, are disrupting business models and radically changing the workplace. These are req

 Read Full article »
Informal IT School and UiPath launch an educational program for RPA development to start in October

Informal IT School announced a partnership with UiPath to launch an RPA development educational program of five months, 100 hours of courses, five days a week. The program will run in Cluj-Napoca.

 Read Full article »
Impact Hub Bucharest joins 3house to manage three coworking spaces in the city

Impact Hub Bucharest, a coworking spaces manager and developer of accelerator programs and events merged with 3house, a new concept of workplace launched in 2018. By this, Impact Hub reaches 3 locations and 6.7

 Read Full article »
JLL: Total office space in Bucharest to reach 3 million sqm

The second quarter of 2019 reconfirmed the increased interest for the office market in Romania. Over 115,000 square meters of office space were leased over this period at the national level, a value similar wit

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