More businesses are recognising the value of outstanding customer service. In fact, 88% of companies now prioritise customer experience in their contact centres.
For fintech companies in particular, quality Business to Business (B2B) customer support is crucial as it provides an opportunity for them to differentiate themselves from traditional bricks-and-mortar financial institutions. Additionally, due to the sensitivity of the fintech ecosystem – talking about money and handling financial information – strong relationships between fintechs and their customer base are imperative. Providing an outstanding customer support experience can strengthen these relationships.
To achieve this, fintech companies should look to refine three key pillars of their customer support stack, including brand recognition, voice of the customer, and service quality. The fintech’s who truly understand and consider all of these when developing their B2B customer support systems will be successful in building long-term relationships with customers.
According to Gartner, when businesses provide strong customer service and value-driven interactions, customers are 86% more likely to repurchase and 97% more likely to spread positive word-of-mouth reviews. This confirms that quality customer service and brand recognition go hand in hand. A strong brand does not just build customer trust, but can also establish perceptions of quality, value, and satisfaction.
B2B companies have an added layer of complexity to perform well compared to their consumer-facing counterparts. As these customers are whole businesses that rely on these products for their own commercial performance, there is often an increased expectation for fast customer service response times. In fact, it is so important that organisations are willing to pay up to 30% more for a better customer experience. A positive experience can increase word-of-mouth referrals, which is a key factor influencing whether a business chooses to become a customer of a given fintech.
Voice of the customer
As fintechs are responsible for their customers’ money and data, they must understand their wants, expectations and preferences. A business who feels understood by the fintech they work with is more likely to feel reassured that their information is safe and have confidence in their legal protections. The Voice of Customer (VoC) is an invaluable asset for businesses, providing crucial insights into the needs, preferences, and feedback of customers and prospects. By actively listening to the Voice of Customer, businesses can gain a deeper understanding of their target audience, their pain points, and their expectations. This customer-centric approach allows businesses to align their strategies, products, and services with customer needs, leading to improved customer satisfaction, loyalty, and ultimately, business growth.
Moreover, fintech companies stand to gain from cultivating a culture of trust with their customers. By prioritising customer value and care, customers are more likely to engage in upselling opportunities and even become brand advocates, recommending the company to others. Thus, a well-executed customer service strategy can serve as a powerful conversion tool, reinforced by positive social proof.
For example at Mangopay, we use some consumer intelligence acceleration Platforms to enable businesses to harness the power of VoC data to drive impactful business outcomes. By leveraging advanced data analytics, machine learning, and real-time insights, these platforms enable our business to uncover hidden patterns, trends, and opportunities within customer feedback. This actionable intelligence empowers Mangopay to make informed decisions, optimise our offerings, and proactively address customer needs. With the ability to quickly and effectively respond to customer demands, we can gain a competitive edge, enhance customer experiences, and drive our business success in today’s fast-paced and customer-centric market.
Fintechs that truly understand not only the way their customers think but also why they think a certain way, will be able to provide a far more personalised experience. This level of insight allows fintechs to adapt and iterate their customer service offering to cater to each customer’s needs.
Research has found that the most common customer service pain points are being placed on hold while waiting for a call to be answered; not being able to speak to someone directly; having to repeat information; and being passed from agent to agent. As B2B average transaction values can be much higher than that of Business to Consumer (B2C) companies, it is vital that extra care is taken to eliminate these pain points and provide a premium service. By taking these steps, fintechs can deliver a seamless and efficient customer service experience, instilling confidence in their customers and building a reputation for exceptional service. This, in turn, can lead to increased customer satisfaction, customer loyalty, and positive word-of-mouth referrals, ultimately contributing to the long-term success of the fintech company.
For some fintechs, better service quality can be achieved by internalising their support teams. This method can provide customers with faster assistance, raise Customer Satisfaction (CSAT) scores and improve the understanding of customers and clients. At present, customer service is one of the largest outsourced functions for corporations, financial institutions, and large enterprises – with the call centre outsourcing sector expected to grow by $21.72 billion between 2022-2026. Bringing this function in house could support rebuilding best-in-class customer service.
While internalising support teams can be successful, it’s not necessarily the right option for every fintech company. One thing that is certain, however, is that no matter how a fintech choses to run its customer service team, following the three pillars of B2B customer support is essential for success.
About the Author
Cédric Galins is Head of Customer Support & Services at Mangopay.