How Can Banks Improve Customer Services & Revenues With FinTech Apps Development?

Fintech application development Companies are becoming more popular as financial institutions look to create a fully digital experience for their users. Fintech applications have become essential for businesses and customers, enabling contactless, convenient, and secure digital payments. This trend is accelerating, and the global fintech market is expected to be worth around $305 billion by 2025.

Given this dynamic that is disrupting the traditional financial ecosystem, how can brands further improve their digital offerings to effectively retain and engage their mobile app customer base? First, financial brands should focus on app store downloads, onboarding, marketing strategies, and unique features to demonstrate their capabilities and staying power to customers.

Digital-first millennials who expect truly seamless, instant, and convenient customer support are the main and earliest adopters of fintech. To retain these customers, fintech companies need to implement four key customer service strategies.

1 In-app support: While omnichannel support is essential, for fintech companies, the majority of interactions with customers take place within the app. Don’t force someone to quit the app, call the support line, or send an email to get in touch. Provide support within the app that provides the service, giving customers the information they need at their fingertips. Deploy live chat to enable people to get support exactly when they need it.

Always online and always available: Customers have issues 24/7/365. Especially when it comes to money, customers crave immediate support. Don’t limit customers to business hours or make them wait for a response. Respond instantly, whether it’s after hours, on weekends, or on holidays.

Leveraging AI to automate fundamental problems: Self-service is at the heart of any fintech experience and the key reason why people become customers. AI-powered customer service chatbots can resolve issues instantly, including resetting passwords, checking account balances, transferring funds between accounts, or paying monthly bills. With AI chatbots managing many repeatable tasks, field agents can focus on more complex or urgent tasks. AI chatbots differ from first-generation bots because they enable customers to have natural, human-like conversations rather than relying on rigid decision trees.

Read: How much does it cost to develop a Financial App

Problem-Solving through Proactive Service: Taking the idea of ​​convenience to the next level by solving problems before customers know they exist. By leveraging artificial intelligence, fintech companies can understand when something might go wrong, when a customer might be frustrated, or when specific information is valuable. Fintechs can then intervene pre-emptively before customers have to reach out.

For example, once an account is set up, the fintech company can reach out to users with precise information droplets, proactively answering the most common post-onboarding questions. After 3–6 months, a person’s problems may have changed, so targeted education can reduce client frustration. To implement proactive service, identify areas of friction, top customer service orders that occur in the customer journey, and differentiation between customer segments. You can then identify low-impact, high-value opportunities to provide proactive service.

Why do fintech apps need social features?
It has long been known that people thrive when surrounded by other like-minded people. Our biological desire to find meaningful connections can be used to the greatest advantage of your fintech offering.

When social features are built into financial apps, they immediately gain several key advantages over non-social apps, including higher retention rates, higher app engagement, and community-driven growth. And because an engaged community is not easily replicable, its value is driven by long-term defensiveness.

Social + financial apps are not just a trend. Focusing on relationships is one way to meet market needs and lead the market into a new era of informed (and community-driven!) financial management.

Clients want to be seen as individuals
The first step in building an integrated social experience is to identify each user as an individual. While there are many benefits, such as increased engagement and conversion rates, there’s another reason it should be prioritized: its customer expectations.

Fintech companies use technology to collect more customer data than ever before. In exchange for valuable information, customers want an experience built just for them.

Another thing to keep in mind is that personalization caters to instant gratification, something the modern consumer is looking for in financial solutions. Elements such as unique budget estimates, applicable financial solutions, and even community subgroups quickly address individual needs and drive users to action.

Customers enjoy knowledge sharing
The Internet is a vast repository of knowledge archives accessible to billions of people. Users continue to contribute to this knowledge base by exchanging information daily.

If Common stock is any indication, people love to talk about financial markets. Use social features to facilitate the exchange of information on mobile apps, allowing users to share insights and thoughtful analysis without leaving the app. It also ensures that conversations are centered on common topics that are of interest to everyone in the community.

Customers love the convenience of personalization tools
Collect massive amounts of data through social features that can be used to personalize user experience. Since the whole premise of a banking app is to make money management easier, it’s no surprise that a personalization solution can make your app stand out.

We can observe the power of personalization tools by looking at Acorns, one of the most popular fintech apps among millennials. By using a simple predictive algorithm to predict each individual’s future investment potential, Acorns can encourage users to take action and cultivate long-term retention as users stay and watch their funds grow!

Clients are responsible for their finances
This generation — especially Gen Z — is more vocal about their finances. They are not content to watch. More and more financial solutions are now available to ordinary people, enabling them to play an active role in their wealth.

The growth of financial inclusion and money-oriented conversations can be attributed to the FinTech revolution. Using socially-equipped mobile apps like Mint, users can learn about budgeting, investing, and financial management strategies so they can make informed decisions for themselves.