Let’s face the fact: as of February 2021, there were 10,605 fintech (financial technology) startups in the US; meaning your customers have more options than ever before. In today’s saturated market, it’s therefore essential for a product to be consumer-friendly and unique. 

Businesses often harness exceptional customer support as a device to stand out in the market, but they also tend to make customer service errors that could be expensive and unwanted. In this post, we address six damning errors businesses can make. 

Customer Service Mistakes you Should Avoid 

Below mentioned are some of the most commonly made customer service mistakes by fintechs, and what you can undo: 

1. Failing to Listen to Customers

Listening is an undervalued skill, but it shouldn’t be — especially when aiming to provide extraordinary customer service by Fintech. When you listen to your customers not once but routinely, you give them the space to voice how exactly they want and need you to provide service for them.

One solution to this is to train all of your customer service representatives on what matters most to make a great impression.  But when the volume of queries is very high, human customer support may not scale up to the demand. Here, conversational AI solutions like the ones offered by Insync can help. 

AI chatbots automatically understand your customers’ queries and respond proactively. When your customers are treated positively, they will feel valued, and you will reap the benefits of a high level of satisfaction and ROI. 

2. Mismanagement of Social Media

Social media is an excellent tool for customer service. That said, many companies have ruined their brand reputations on social media through angry public spats. For instance, when angry customers post negative comments on social media, you must appease them with an amicable response and try to develop a friendly solution as soon as possible — instead of deleting the comment! Similarly, you can also thank customers when they give you positive feedback.  

A dedicated social media manager or team can help take the heat off from time to time and deliver professional social media management for your firm. 

3. Being Unavailable to your Customers 

Using a branded forum or a FAQ dashboard for support may be a great way to breathe life into your community and cut down on customer complaints, but this should not be your only form of customer service. As you expand outwards, make sure that regardless of locations, you are reachable via telephone, email, or live chat.

Giving customers a direct communication channel would empower them to voice their concerns and build trust in your brand. In recent times, conversational AI chatbots have been enabling fintech companies to build a customer-friendly support system that is scalable and also works 24/7. Insync offers multi-channel conversational support, including in-app, voice, WhatsApp, Facebook, Text, SMS, and N-Lingual. This means, with Insync, you can be where your customers are! 

4. Giving Too Many Options To Your Customers

When customers are bombarded with far too many options as soon as they land on your website or other platforms, they may become confused and lose interest altogether. This may seem like an excellent way to impress people with all the new features or an entirely new product you have, but it can also turn off potential customers. 

Ensure that you avoid this common UX mistake by having a plan of action ready to convince your customers to become invested in your product quickly. For instance, you can offer different self-help options to customers on-site like FAQs, product info, and more using conversational AI chatbot support in the website for a refined UX. 

5. Using Old Technology  for Customer Service

If you aren’t using a professional customer relations management (CRM) program yet, what are you waiting for? Your ability to listen and respond to customers with agility will be severely compromised if you’re still tracking feedback with detailed contact-based information manually. 

Ideally, moving from legacy systems to modern and agile systems can be a hassle that improves and enhances your customer experience. But thanks to AI-based conversational technology, you can transform your customer service system in weeks. And be assured, you’ll get quicker ROI when you choose the right platform to ace your customer service. 

When it comes to Insync, adapting to our platform is as easy as it can get – whether you have structured data or not, InSync can integrate with almost every CRM (Salesforce, Zendesk, ServiceNow, to name a few) or backend available in no time. 

6. Overestimating Product Adoption

Many fintechs erroneously assume their target demographic, which principally happens to be millennials, will adapt their product without confusion because they tend to be tech-savvy. But reality can be different. Several fintech services like payments, money transfer, financial planning, insurance and lending have customer adoption rates below 50%. These services are used by older generations as well and may require additional guidance to adopt. Hence, fintechs MUST invest enough in educating users about their products. Self-service tools like explanatory videos, tutorials, comprehensive FAQs, clear instructions, and conversational chatbots can do wonders in reducing support costs and increase retention. 

Insync’s Conversational AI: Combining Design Thinking, UX and UI 

As businesses evolve and new avenues open, advanced customer service methods and techniques emerge to cater to those needs. Therefore, the use of AI in customer service has emerged as a mainstream method to support the ever-increasing need for a more agile and seamless customer support experience across platforms. 

Insync helps brands nail the customer service game by delivering companies custom-made, technologically advanced conversational AI chatbot support. If you are looking for a tailor-built solution to strengthen online customer service for your business, book a demo with us today.