September 7, 2016
It doesn’t take more than a Google search to see that businesses in the banking and financial industries have consistently demonstrated a lack of concern for their customers. In fact, it would be fair to say that these industries are probably among the least trusted and most disliked industries in the market today.
However, banks, investment firms, and brokerages still remain tone deaf to the needs of their consumers. They brashly dismiss customers and focus their efforts on providing high executive salaries, and taking advantage of hard working citizens. Even fintech startups frequently misunderstand the importances of customer engagement and establishing good relationships. This could be attributed to a lack of support for innovation.
Fortunately, things are turning around. Believe it or not, fintech companies that focus on customer satisfaction are leading the way. Let’s explore how and why fintech companies are finally putting customers first.
What if a fintech company focused on charity rather than unfulfilling bonuses? Mogl has done just that. While most banks provide customers with bonuses to other stores, they are likely just lining their own pocket.
Mogul has added in the opportunity for users to give their cash back rewards to a charity that feeds the poor.
The reality is that many fintech consumers are simply in need of cash. Unfortunately, most companies don’t get that. Even worse, they often make consumers feel bad for pursuing options to get that cash.
Ovid is a fintech company that helps customers sell their life insurance policies in order to get cash that they need right now. Even better, they do this while interacting with customers in a relatable way using terminology that can be easily understood by the average person.
It can be the small things that matter the most to customers. This is especially true when banks and other companies struggle so much with the perception that they simply do not care about their customers.
Making Finances Makes Sense
Until recently, customers wanted their banking apps to make sense of their spending patterns and financial situation. The problem was that the data in those charts and graphs are categorized the way the bank sees fit.
This where fintech companies have stepped to the plate one. Mint.com is just one example. They have created an award winning, interactive dashboard, that customers can use to get a true picture of their financial situation, and the ability to act on the information they receive.
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