The age of digital experience — Fintech
Fintech — The first industry in the #AgeOfDigitalExperience series
It’s been a few years since we have moved towards the age of digital experience. This age is marked by the evolution of a customer’s desires and expectations. A 2014 customer would be happy with a physical copy of their credit card statement on their registered address every month.
A higher emphasis was placed on providing the most relevant service to the customer. Does my customer want a loan? I will provide them with an offer they cannot refuse.
However, we are past the age of just recognizing customer needs and fulfilling them. With the boom in technology and the consumption of data to feed AI-driven algorithms, every business knows what the customer needs and can provide them with enticing deals.
The age of digital experience focuses on how the most relevant and impactful experience can be provided to the customer once they are on board their digital platform.
In this article, we would be talking about the most important digital experiences that can be provided by every fin-tech company to ensure customer delight.
1. Customer retention
With a business that is monotonous and continuously deals with numbers, how do we ensure that a customer is retained? How do we make them pay a visit to the platform every day and make sure that they enjoy that?
The solution to it is completely the opposite. As fin-tech players, do not aim to let the customers visit your platform for hours every day. Create an environment that lets them visit your platform for the lowest time possible and display the most relevant information. Maximize the value in the minimum amount of time.
Create the persona of the most valued customer and craft an experience that meets their expectations.
For example: Does the customer want to see the change in their portfolio value? Create a visually sensible graph that clearly displays the increase/decrease in the value and act accordingly.
This creates a user-centric experience that provides a higher value against the time invested.
2. Rewards and gratification
We understand that sharing and rewarding ultimately leads to self-caring. Customers dealing with finance through digital platforms need gratifications throughout their journey. Gratifications expedite processes, boost customer motivation, and lead to optimized sessions.
Rewards in financial journeys lead to higher retention and usage of the platform. A type of reward is variable rewards which create a sense of desire amongst the customers. Research shows that levels of dopamine surge when the brain is expecting a reward. The user moves to a frenzied hunting zone in search of a reward.
One of the strategies that were implemented by Google to improve conversions for digital payments through its platform in India is fueled by variable rewards.
Each time a user makes a payment, the user earns a scratch card which can provide the user with different cashback amounts up to $15. This creates a sense of hope which gets the user hooked to the application.
Make the rewards more exciting with every step passed in the hook.
3. User guidance
The use of financial journeys and platforms can turn out to be tiresome. It is difficult to get accustomed to dashboards and features that the customer has not witnessed previously. Providing the user with an experience that eases this process leads to customer appreciation.
Guiding the user creates clarity which becomes imperative for the users who deal with numbers. This creates transparency and allows the users to know what is under their control and the benefit through the effective utilization of each feature.
For example, the user wants to trade in bitcoins and wants to use your feature-packed dashboard. Make the user familiar with the thought process of the Product Manager who created this dashboard. Provide the user with tours and FAQs that are placed at relevant areas [Within the search bar or an immediate CTA(Call to action) in the settings option].
This embeds trust in the process of familiarity and displays a clear sense of progress.
4. Optimized experience to ensure investment
Investment accounts for the users’ time, information, and money. Based on the service that the platform provides, the users are expected to invest in one or more of these resources. For example, a loan provider would want the customer to invest their resource in terms of information as the business is riskier while an investment provider would want the user to invest their resource in terms of money.
To attain the goal of investment, find the most optimized experience that can reduce customer effort, and provide a significant benefit against it. Take a data-backed approach which utilizes questionnaires and surveys provided by past customers to and create delightful product experiences out of them.
An investment of any resource allows the application to reach its goals faster. Investment in time will create higher possibilities of monetary investments. Display potential benefits upfront and lets the customers use these benefits to generate value, which in turn will take them a step further towards the investment of the resource you are seeking.
This is the first article of the multiple industries we would be covered under the #AgeOfDigitalExperience series.
If you like what you read, do clap for us and check out the articles recommended by us below :)
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