Home Finance Should FinTechs be held to a higher account when it comes to customer experience? 
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Should FinTechs be held to a higher account when it comes to customer experience? 

by uma
gawdo

 

Authored by Scott Jones, CEO of Illustrate Digital.

For years, FinTechs have been setting a new, higher standard for the financial services industry, but with forward thinking technology comes the expectation that every part of the business will be innovative and user-focused – and that includes your website. Are FinTechs held to a higher regard when it comes to their sites, and how can they live up to these expectations?   

The FinTech industry is booming, and in the past five years there’s been an explosion of start-upsthat have blown away traditional financial institutions, forging the way with new technology. Digital challenger brands in financial services, such as Starling, have changed the game in ensuring customers receive only the best online experience and have set a high benchmark for everyone else in the industry. 

After all, yes FinTech is about using technology to make products and services more efficient, but equally it’s about providing better customer experience across the board – web experience and product innovation need to go hand in hand. 

In today’s world, customers want their digital journey to be easy, fast, and not only accessible but optimisedfor mobile. It’s safe to say that seamless experiences across multiple platforms is vital to maintain a positive brand reputation – which means that sadly, FinTechs who aren’t offering a smart, intuitive website risk being left behind. 

First impressions count

Have you ever been to a restaurant, looked up reviews and been convinced you’ve made a good choice. But then someone hands you the menu and it’s written in comic sans, printed on thin paper and has drippings of yesterday’s food on it? Regardless of the quality of the food in the kitchen, your opinion has probably shifted. 

A perfect example of this is the price comparison industry – these giants have forged a pathway to some of the slickest, quickest user experiences out there. All the major players are fighting it out to give their users the most accurate quotes in the shortest space of time. But what happens when you leave the comparison site, click on one of the offers and land on the sign-up page of an insurance provider? Maybe you see a finely-tuneduser experience match, but in other circumstances you might see something far lower in quality, a bit clunky and altogether off-putting when two seconds ago you were browsing a simple, intuitive site. 

The website vs product experience of your FinTech is entirely comparable, so it’s important to be conscious of maintaining the best first impression. But where is the best place to start? 

6 top tips to improve user experience on your website 

The ultimate aim is to increase visitor satisfaction. Nobody wants the search engine gods to mark you down for poor user experience, so FinTech businesses need to be on their A-game. Here are somesimple tips for maximising user experience:

  1. Make the identity of your product flow through your entire experience – from social media to your website, your landing pages, PPC ads and your final product or service. Every part of a user’s online journey with you should be consistent and seamless. 
  2. Don’t deprioritise the website experience. It’s very easy to leave a website to the bottom of the priorities pile because a) it still works,b) it’s not going anywhere or c) your engineering team is too busy with your product, but if you do want to keep up or even stand out, assign an appropriate amount of resource, time and attention every week to ensure that your website is delivering the goods for users.

  3. Analyse and evaluate. Evaluating how people interact with your website is just asimportant as testing your own product. Encourage continual improvement and optimisationthrough tools likeHotJar, Google Analytics and Google Page Speed Insights.
  4. Build in processesto improve and navigate the woes of a regulated industry. How easy is it to publish content within the context of a compliance feedback loop? If you are beholden to a number of rules and regulations, then using a complicated CMS will only make life harder – use an easy back-end system and keep things simple. 
  5. Choose the right website platform. For a platform that’s agile, flexible and as adaptable as your FinTech, WordPress is a strong choice for a component-based approach. Content is easy to create and easy to manage, but the main thing is to find a platform that makes things easier for you, not harder.

  6. Champion the use of human language. Finance can be confusing and so can technology, so aim to keep your language as simple and human-focused as possible. A website with good user experience will have high-quality, low jargon content that provides useful information to any visitor, regardless of what they already know. 

One final thought

As you can see, customer satisfaction should be a crucial objective for any business and especially a FinTech leader. But how canFinTechsprioritise their already busy product development resource to meet this objective? 

Agencies or separate teams can play a big part in helping to continually improve the online experience. It can be distracting for your valuable product designers and developers to be asked to divert their attention to look after your website, but an optimal solution might be to divide your resource into teams, each prioritizing different aspects of your customers’ experience and lean on agencies where you need to for an outside perspective on content publishing, lead generation and optimised sign-up processes.

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