From the first ATM in the 1960s to the rise of smartphones that led to mobile banking in the 2000s, and now the digital age bursting with super apps and fintech, The financial industry has evolved to improve the customer experience. While customers may choose a financial product or service because of its functionality and features, it is the user experience that keeps them engaged.

With the advent of thousands of fintech, customer expectations and financial needs have evolved. COVID-19 has fueled mass fintech adoption for consumers, with 88% of US consumers using technology to manage their finances by 2021. Remittance and payment services technology has most adopted by 75% of global consumers in 2019. With such growth, traditional offers are no longer enough. Consumers now need more personalized technology-based products, which forces fintechs to quickly adapt.

Offer streamlined and thoughtful API products

As the fintech industry grows and becomes more promising, more and more regulations and regulatory requirements await future industry players. In the event of new regulatory compliance changes requiring application system updates, customers will want to know how fintech providers plan to ensure that the user experience remains smooth.

That’s why many companies choose APIs as a simple solution to streamline their processes. APIs allow companies to easily integrate without making significant changes to their ecosystem and avoid confusion for customers following system updates. The advent of APIs has completely reshaped the future of the financial services industry by enabling partnerships between banks, fintech companies, and other financial service providers, such as financial planning. accounting or consulting. Depending on the needs, different API functions can be added to the enterprise system flexibly. These are the building blocks used to build solutions that include foreign exchange, repeat or one-time payments, and domestic or cross-border currency payments. In addition, a streamlined system speeds up operations through efficient machine communication, reducing losses due to human error. With APIs, companies can spend more time and resources creating more meaningful connections with customers.

Provide holistic solutions by tailoring offerings to meet customer expectations

In the past, traditional finance required physical contact to manually enter customer data and perform research to develop a custom solution. This time-consuming method is expensive and has been classified as a “premium service”. But now, digitization and modern technology have made hyper-personalization and integrated finance accessible to everyone with just a few clicks.

As the industry grows with more diverse customer profiles, businesses and organizations need to present more diverse products and services that meet different customer needs. This forces fintech providers to adapt to dynamic market conditions. Accessing customized solutions that meet specific customer expectations can make the fintech experience even more intimate.

In addition, fintech providers continue to focus on data-driven solutions. Eighty-six percent of banking consumers said they are willing to share their data for a better, more personalized experience, demonstrating that financial services such as Banking Services (BaaS) ) offer an unprecedented opportunity to collect data through their ecosystem. Major industry players are using new ways to collect user data and process that data to create better interaction models that will help differentiate their solutions for businesses and customers. . The fusion of cutting-edge technologies, global networks and financial experts can pave the way for fintech providers to create a complete suite of solutions on demand and gain trust.

Make digitalization more ‘human’

The human connection does not have to fall victim to smarter technology. It is important to support technology with a personal touch, encourage loyalty, and nurture relationships with customers.

Technology solutions that help businesses manage customer expectations and experiences. Meanwhile, they can also help key decision makers understand where and when human assistance is needed based on the number of user interactions with the technology. As a result, a business can leverage technological tools to create hyper-personalized experiences. Accessing quick support from a designated contact or a dedicated account manager greatly improves the user experience, especially when customers encounter difficulties. A balance between digital tools and human support is needed to retain customers and reduce disruption.