Fintech is a growing industry: both in market presence, and in the collective consumer conscience. Particularly over the last five years, interest has increased many times over.
Since the 2008 financial crisis, people have demanded more from their banks. The marriage of technology with finance has fueled an increase in transparency between banks and their customers; each can then hold the other accountable.
Now, amist budding financial upheaval, there is opportunity to be found. How can banks utilize fintech to better their brands and increase consumer trust when it matters most?
A More Emotive Experience
The key lies in customer UX: providing a more emotions-driven experience can help show customers you’re on their side. Not only is this critical to sustained growth, it presents a fantastic branding opportunity for banks operating in the digital space.
Banks are commonly thought of as heartless, and the imitative approach to banking has created a homogenized landscape where conversions and economic efficacy are more important than consumer relations and actual identity.
And while doing what everyone else does can present short term monetary benefit, it does not address future scalability problems and can lead to stagnation in customer acquisition and retention.
By creating a more emotionally driven experience, you build deeper customer relationships, increase trust, and inspire brand loyalty. Simply put, you show your customers that you can be relied on: in normal times, but especially when it matters most.
In a survey done by HubSpot, they found that a 5 percent increase in customer retention can boost company profits between 25 and 95 percent. By putting a more human foot forward, banks drive retention through humanity and chart a course for increased future success.
Crafting the Experience
That all sounds great; but implementing a practice is harder than conceptualizing the practice itself. What does an emotions-driven customer experience look like, and how can you put it to use through fintech?
There are a few different components that go into it.
1. Humanize Yourselves
Machines are great, but no one wants to do business with them. In an industry already thought of as cold and callous in consumer minds, humanizing yourselves and increasing relatability can do wonders for brand loyalty and customer acquisition.
This can take the form of a more conversationally crafted website, mobile banking platform, or app. Banter with your customers. Show them you’re more than a vault storing their hard earned cash.
Consider yourself. Would you rather use an app stuffed to the gills with corporate jargon, or would you rather use an app that was conversational, funny, or clever?
It doesn’t matter how you do it. The key lies in creating a more real experience for your customers, and showing them that you care.
2. The Art of Story
A powerful brand story is another way to crawl your way into your customers’ hearts.
A study done by Johns Hopkins University found that people are unequivocally drawn to brands that tell a compelling story. This is because, as humans, we’re social creatures who relate to people. We long for meaning.
By injecting meaning into your user experience through the lens of story, you create a more usable, enjoyable interface.
Again, the pandemic and subsequent economic instability has caused an influx in consumer mistrust. By utilizing story in your brand model, you further incite yourselves as a pillar your customers can turn to not just for business, but for understanding.
3. Personality
Digital banking is plagued by clones and imposters. If you look too long, everything looks the same.
In order to stand out in a sprawling ocean of same-ness, banks need to dig deep to implement the true essence of their brand.
This is an easy way both to stand apart from the crowd, but also to make a connection with your customers. This is the whole idea of a well thought out customer experience, and customers are more likely to connect to brands they believe connect with them.
Personality is a lens through which customers (and potential customers) view your products, services, or other offerings. Just like any other part of your business, it pays to utilize personality for your customers and end business goals.
Be different and authentic to build personality through creative, witty, or clever copy and UX design.
4. Passion
It doesn’t matter how great your product is – if your business doesn’t believe in your offerings, no one will. The product vision should sustain the passion of the entire team – which will inevitably bleed out into the customer base.
Passion has a way of exciting the minds of consumers, and stirring them towards action. Fintech and digital banking is filled with flat marketing and baseline belief.
Despite digital banking following a data-driven model, users don’t make decisions based on data alone. Incorporating passion into your user journey helps add excitement and creates a more dynamic UX.
5. Define Your Purpose
Fintech is a huge market. The fastest growing fintech firms are those that reach customers through a higher level of care and purpose. According to Accenture’s global survey of nearly 30,000 consumers, 62% of them want companies to take a stand on current and globally relevant issues.
Fifty-two percent of respondents to a survey done by Havas indicate they prefer brands that believe in something greater than just the products and services they sell. By fearlessly indicating your purpose, you set yourself apart from your competition, and pedestalize yourselves in the public eye.
6. Establish Identity
Establishing identity works into knowing who you are as a brand, and sticking to it. You want your customers to have a clear idea, in their minds, about who you are.
It’s a sad reality that a majority of banks and other fintech firms suffer from a tremendous disconnect in their different services, departments, and goals. There is a lack of continuity in their vision, at the expense of the customer’s experience.
This presents a more rough journey through the sales funnel, when the goal is the promotion of smooth transition from interested individual to paying customer.
You want to eliminate any roadblocks and make it easy for your customers to choose you. Through established brand identity, and focus, you can do just that.
How to be Heroes
Being a hero doesn’t have to be anything dramatic — in this case, it can simply mean being what your customer’s need when they need it most. Taking a more humanity-driven approach to your business can help customers see you in a new light – and can have untold advantages in building your business for the future.