Fintech Takes
What Customers Want: Fintech’s Complicated Relationship with Customer Service
Sep 19, 2024
Corey Besaw, President of APAC and a co-founder of Ubiquity, dives into the customer service complexities in fintech. He discusses how fintechs often prioritize self-service over human interaction, despite the importance of trust in financial transactions. The hidden costs of customer service, the challenges of scaling with fragmented tech stacks, and the necessity of balancing automation with a human touch are key points. Besaw emphasizes that younger customers value personal communication more than assumed, highlighting the emotional connection needed in financial services.
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Quick takeaways
- FinTech companies often prioritize cost-effective digital solutions over personal interaction, neglecting the vital trust-building role of customer service.
- Many FinTech users prefer human representatives for emotionally charged financial issues, highlighting the need for a personal touch in customer support.
Deep dives
Customer Obsession vs. Customer Service Challenges
FinTech companies often tout their obsession with customer satisfaction through various innovative features, such as early paycheck deposits. However, this focus does not always extend to customer service, where many FinTech firms lean towards cost-effective digital solutions over direct human interaction. This reliance on self-service mechanisms reflects a flawed assumption that a seamless product negates the need for customer inquiries. As FinTech matures, recognizing that customer service interactions can foster trust and are sometimes critical in addressing emotional financial concerns is essential for long-term success.
