By FintechNews Staff
-Online banking changed the customer experience. Because fintech companies have been built on modern technology platforms, this tech allows them to be more agile and adapt quickly to changing market conditions.In the past, fintech’s main objective was to provide a better experience in credit cards, cardless EMI, instant cash, personal loans, SMB loans, etc. As time progressed and more customers were acquired, players had to offer diversified products across customer needs.
– In addition to checking credit scores and other hard credit variables, segmenting your potential customers can help you target marketing and services. Segmentation can also help identify the high-value customers that are most likely to purchase financial products.
– The amount of data generated by credit card transactions, ATM withdrawals, credit scores, and other financial tools is staggering. The more fintech institutions know about their customers, the better than can serve them. This knowledge helps to personalize offers directly to targeted customers. Customers pay more attention to personalized offers.
-Other applications of AI and ML help consumers better manage their finances with hyper-tailored offers that fit their current financial situation, including credit on-demand and at a lower cost. Investment platforms can recommend clients’ investment opportunities based on income, current investment habits, risk appetite and more.
– Research shows that the stronger the experience and the more satisfied the customer, the more likely it is that the bank will generate higher revenue: a more satisfied customer typically accounts for approximately 2.4 times more revenue than a neutral customer
To go deeper on these subjects: