Over the Covid-19 pandemic led years, most of the UK population have embraced the digital banking systems. With little to no other choices available, 73% of the UK residents have shifted towards utilising online banking and money management tools. Inevitably, it led to the Fintech banks like Fineco UK attracting more customers at a rate than ever before. The so-called challenger banks have gained such traction, particularly for their innovative digital functionalities and associated experiences.
However, with the world’s economic activities slowly approaching normalcy, it will be interesting to see how many of those customers remain loyal to their pandemic saviours. Research conducted for SRM Europe’s annual customer loyalty report found that offering only a smooth digital experience won’t be enough to convert first-time customers into a loyal base. Instead, online banks and other digital financial services have to demonstrate success in a combination of critical categories to keep hold of their clients.
The keys to attaining customer loyalty
First and foremost, there is no substitute for offering a smooth online experience supported by cutting-edge technologies. But, by now, consumers have come to expect that as a bare minimum. Therefore, some banks have already started offering various associated services, including world-class trading platforms, multiple currency accounts, instant and low-cost money transfers, etc. None of these measures, however, showed any significant difference in increasing brand’s loyalty.
The factors that showed to have a massive effect on keeping customer’s happy are:
Consistent and innovative service: No matter how many benefits a bank offers, it is useless unless they can provide consistency in the service standard. From opening an account to trading in the financial markets, online platforms must ensure a certain standard. They also need to continue their innovative drive to keep ahead of the competition.
Comprehensive focus on customer relationship: It is no longer a secret that Jeff Bezos’s eye-watering success in the digital space was down to just one thing: customer obsession. In the process, the expectation among the consumers for anything digital has also risen to an astonishingly high level. And so, fintech companies have to go far beyond the digital obsession and invest in building a meaningful relationship with their customers to meet those expectations.
An emotional bond or human connection: Yes, customer’s don’t like to wait in line or hold their phones while managing their money. That’s how the challenger banks got tractions in the first place – by offering fast, effortless customer service. However, nothing can replace the three-dimensional presence of a financial advisor or the emotional rapport only humans can share. Therefore, technological innovations for online banks and trading platforms have to be focused on building and nurturing a human connection.
In short, only a customer-obsessed agenda in every sector of a Fintech service can enable them to secure and maintain customer loyalty. While the reliability and convenience of using digital tools is a must, online banks need to go beyond and understand the human psyche.
