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
Colliers International, designated to obtain WELL certification for Skanska's Campus 6 buildings

Pioneering in the field, Skanska is the first developer to introduce in Romania the WELL Building standard for the newest company's project developed in Bucharest, Campus 6 and its 2 and 3 office buildings, bei

 Read Full article »
Atos signs cybersecurity industry partnership with NATO

Atos, global leader in digital transformation and the NATO (North Atlantic Treaty Organization) Communications and Information Agency today sign an industry agreement to commit to a rigorous and continuous exch

 Read Full article »
Co-working segment: CBRE advises Spaces in the opening of its biggest center in Romania

CBRE, the world and local market leader in real estate consultancy, advised on the leasing transaction of 4,100 sqm office space for the largest center to be opened by Spaces in Romania.

 Read Full article »
Francesca Postolache, Partner PwC joins People in Shared Services & Outsourcing Forum on October 18, at Bucharest

Francesca Postolache, Partner PwC, joins us next Thursday to take forward major subjects such as Digital Transformation and Next-Generation Talent Development.

 Read Full article »
Telekom Romania opens in Brăila its sixth BPO center

Telekom Romania announces the opening in Braila of BPO (Business Process Outsourcing) centre dedicated to companies that need such services and which prefer to rely on a professional and experienced provider

 Read Full article »
Delphi Technologies inaugurates global IT center in Bucharest

Delphi Technologies, a leading provider of advanced propulsion solutions to automotive manufacturers has opened its first multidisciplinary global IT center in Bucharest. This new site will provide information

 Read Full article »
London Stock Exchange Group appoints Andreea Stanescu as General Manager for Romania

London Stock Exchange Group (LSEG) announced that Andreea Stanescu has been appointed General Manager, Romania. Andreea will be reporting to Dee Liyanwela, Head of Business Services Ltd (BSL) Sri Lanka and Roma

 Read Full article »
Google to offer free courses for young programmers and business incubators

Google announced the launch of the "Digital Workshop for Programmers", aimed at offering free courses to students who want to learn to program and young people who want to become technology entrepreneurs. These

 Read Full article »
ANIS scholarships gathered 35 innovative projects since launch

Employers' Association of the Software and Services Industry (ANIS) announced it registered 35 innovative projects within the first edition of its program called "ANIS' Scholarships".

 Read Full article »
Matthieu Pasquier is the new CEO of Societe Generale European Business Services

The Board of Societe Generale named Matthieu Pasquier as the new CEO of Societe Generale European Business Services, effective July 16, the company announced.

 Read Full article »
 
 
MOST READ ARTICLES
» Andrei Romanescu, Managing Director of...
» ROMANIAN OUTSOURCING AWARDS FOR EXCELL...
» Delphi Technologies inaugurates global...
» Genpact's COO: Staying ahead of the cu...
» French energy operator Total opened su...
» Ready for People in Shared Services & ...
» Grégoire Vigroux appointed the new Vi...
» Colin Lovering to moderate the talks o...
» Oracle reaches 4,200 employees and pla...
» Francesca Postolache, Partner PwC join...
 
EDITOR CHOICE
People in Shared Services and Outsourcing Forum, 2018: What kind of future, tomorrow will bring?

We have just concluded the fourth edition of our annual event People in Shared Services and Outsourcing Forum, the get-together of the Who's Who in the industry of business shared services in Romania.

 Read Full article »
Olga Botusan, Stefanini, keynote speaker at People in Shared Services & Outsourcing Forum on October 18, at Bucharest

This Thursday, at People in Shared Services & Outsourcing Forum 2018, Olga Botusan EMEA HR Director at Stefanini joins us to talk about Digital Transformation and Next-Generation Talent Development.

 Read Full article »
Colin Lovering to moderate the talks of People in Shared Services & Outsourcing Forum on October 18, at Bucharest

The moderator of the 4th edition of the annual event dedicated to the human resources in shared services & outsourcing industry, COLIN C. LOVERING ISM, Chairman of BRCC and Senior VP, Avison Young Real Estate i

 Read Full article »
Andrei Mihai Crăciun joins the speakers of People in Shared Services & Outsourcing Forum on October 18, at Bucharest

Andrei Mihai Crăciun the Head of office for Innovation, Technological Transfer and Intellectual Property Office from West University of Timisoara will be joining us to discuss whether the private-state actors

 Read Full article »
Sergiu Negut, on the stage of People in Shared Services & Outsourcing Forum on October 18, at Bucharest

On October 18th, Sergiu Negut joins People in Shared Services and Outsourcing Forum to share with us his ideas of ways to support the industry's human capital necessities and create a more efficient cooperation

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