David Luck, Co-founder and CEO of Capital on Tap
Today’s customers demand more from their financial providers. They expect fast, seamless, personalized banking experiences and, above all, exceptional customer service.
They’ll even switch if they aren’t happy, as research indicates that 70% of customers under the age of 55 would consider changing banks for an improved customer experience.
Customer service is the foundation of the customer experience, the cornerstone for building loyalty, trust and overall satisfaction. It directly impacts how customers perceive the business, resolve issues and access support. In the finance industry, customer service is fundamental to lasting, positive relationships. Providers that consistently put customer service at the top of their priority list grow up to 3.2 times faster than competition who don’t. Despite this, only 63% of financial services companies prioritize the customer experience.
We spoke with David Luck, Co-founder and CEO of Capital on Tap, to explore the dynamics of customer service within the financial sector and how this fintech leader achieves a harmonious balance between regulatory compliance and delivering an exceptional customer experience.
How has customer service evolved in the finance industry over the past few years, and what role has Capital on Tap played in shaping this evolution?
“At Capital on Tap we don’t view customer service as a cost center but instead as a way to delight our customers and improve loyalty. That’s why we have a human being pick up the phone in a couple of rings, 24 hours a day. Consequently, we’ve achieved an industry-leading Net Promoter Score. However, our focus is continuously on improving our products so customers have no need to call in the first place.
“Many companies are exploring the potential of AI to reduce customer service costs in the future. We will watch this space closely to see if this technology helps customers solve problems better than our current solutions.”
“We don’t view customer service as a cost center but instead as a way to delight our customers and improve loyalty. That’s why we have a human being pick up the phone in a couple of rings, 24 hours a day.”
As a fintech company, what strategies does Capital on Tap employ to balance technological efficiency with maintaining a strong human touch in its customer interactions?
“We understand that our customer’s time is precious and often in short supply due to the demands of running a business. By offering phone, email, and live chat options, we cater to their preferences and time constraints, ensuring they can reach out for assistance in the way that suits them best.
“We understand that small business owners don’t want to waste time navigating automated systems or dealing with unhelpful bots. Our commitment to providing real human customer support guarantees that they’re swiftly connected directly to a member of our team. This direct and personalized approach allows us to quickly grasp their issue and deliver tailored solutions with utmost efficiency.”
Building trust is crucial in finance. How does Capital on Tap foster a culture of trust and transparency with its customers, especially when it comes to sensitive financial matters?
“We recognize that navigating financial matters can be daunting for small businesses. We therefore strive to be fully transparent about our terms, fees, and lending practices. We also eliminate unnecessary jargon across our application process and customer communications to ensure our customers can easily understand our services.
“Customer support is a top priority for us, and we recognize that maintaining open lines of communication is essential in building trust. Our customers can rely on us for prompt assistance, and we make it convenient for them to connect with us for any questions they may have.
“Our commitment to data security is unwavering. We strictly adhere to all relevant industry regulations and standards, ensuring the safeguarding of our customers’ data and financial information. Protecting their privacy is of utmost importance to us and we take every measure to maintain their trust and confidence in us.”
“Customer support is a top priority for us, and we recognize that maintaining open lines of communication is essential in building trust.”
The finance industry is subject to various regulations and compliance requirements. How does Capital on Tap maintain a seamless customer service experience while adhering to these standards?
“At our company, compliance is a fundamental aspect of our operations, but we’re committed to ensuring that it never hinders our customers’ experience. To achieve this balance, we make substantial efforts to invest in systems and processes that allow us to meet all regulatory requirements without compromising the user experience. One way we achieve this is by leveraging technology to automate compliance procedures wherever possible.
“We also place great emphasis on staying up-to-date with the latest regulatory changes. This proactive approach enables us to promptly adapt our processes and systems, ensuring that our customers continue to enjoy a seamless and hassle-free experience while we remain fully compliant with all applicable laws and regulations.”
What initiatives does Capital on Tap have in place to gather customer feedback, and how do you use this feedback to continuously improve your customer service offerings?
“Customer feedback is an integral part of our business as it provides valuable insights into our customers needs’ and expectations. We actively seek out feedback via forms or just by having a chat with our customers. The feedback we gather guides our efforts in improving our services in the future. By regularly reviewing customer feedback, we can identify patterns and common pain points, allowing us to address them effectively and continually refine our offerings to best meet our customers’ needs.”
In the event of a customer dispute or issue, how does Capital on Tap handle resolution to ensure customer satisfaction while also protecting the company’s interests?
“Our goal with resolving customer disputes is always to achieve a fair and satisfactory resolution for our customers while also safeguarding the company’s interests. To ensure this, we have a dedicated team specifically trained to handle such situations.
“When a dispute arises, our emphasis is on fostering open and transparent communication with the customer. We firmly believe in the importance of thoroughly understanding the problem at hand, which empowers our team to address and resolve the issue promptly and effectively.”
With the rise of social media and online reviews, how does Capital on Tap manage its online reputation and use these platforms as an opportunity to engage with customers?
“Social media and online reviews are incredibly powerful tools for customers to share their experiences and opinions. We actively monitor our customer reviews to understand sentiment and gather valuable feedback. Our Slack channels automatically pull through every Google and Trustpilot review, ensuring we are responding to customer needs promptly. Our impressive Google rating of 4.7 out of 5 is a testament to the unwavering dedication of our team and we’re very proud of it.
“Social media offers us a platform to not only respond to reviews but also to share updates, announcements, and tips to further engage with our customers. Through social channels, we leverage our educational blogs and guides to share valuable knowledge and help educate and empower our customers on various financial matters.”
“Social media offers us a platform to not only respond to reviews but also to share updates, announcements, and tips to further engage with our customers.”
The finance industry can be competitive. How does Capital on Tap differentiate itself through its customer service approach to attract and retain clients in a crowded market?
“Our commitment to providing exceptional customer service includes our 24/7 phone support, enabling us to provide immediate assistance. Our highly skilled customer service representatives have the authority to independently resolve issues on the spot. If an issue may require more time to resolve, we schedule callbacks at a time that’s convenient for the customer.
“Despite our best efforts, we may make the occasional mistake. But we see these as opportunities to learn and continue to improve. Not many companies take this approach.”
Looking into the future, what customer service innovations does Capital on Tap plan to implement to stay ahead of the curve and meet the evolving needs of its customers?
“Our main focus is improving our product so customers don’t have to call in the first place. This allows them to spend more time on their core business operations. However, if a customer does reach out to us, our first priority is delivering exceptional service, rather than solely focusing on reducing costs. We are unwavering in our commitment to maintaining our customer-centric approach, prioritizing their needs and satisfaction above all else.”
Customer service is a pivotal part of the finance industry, playing a significant role in resolving issues, fostering relationships, building trust and enhancing customer satisfaction. While it’s important for solving problems, customer service also provides an opportunity to educate customers and help them make informed financial decisions.