Fintech firms continue to have a disruptive impact on the financial services sector. In recent years, technological innovations in finance have revolutionized the way we manage our money and engage in financial transactions.
In 2018 alone, about 61% of Americans used digital banking, which is predicted to rise to 65.3 % by 2022. With customers across the world embracing digital channels and mobile platforms for financial transactions, the acceleration, and automation of routine financial tasks are gaining traction.
While fintech companies have been at the forefront of this revolution shaping the future of financial transactions, there are plenty of challenges they need to tackle with each passing year. With various global regulatory environments posing numerous compliance challenges, fintech firms seek support in a grey area. Furthermore, the burden of compliance, cybersecurity, the right talent, and lack of cloud services also play spoilsport in their daily operations.
Nevertheless, fintech firms can change the financial services landscape by transforming the customer journey, building a talent base that prioritizes innovation, streamlining services, and providing an omnichannel experience.
A duly selected operations partner could be the defining factor in this winning game plan. While cost could be a significant deciding factor, it is important to evaluate the operations partner in three significant areas, before carrying out the integration.
1. Do they have the required skillset?
With ever-evolving technology in the space, outsourcing partners need to build and reskill their talent base in a way that prioritizes new-age solutions. They need to have proactive teams including fintech architects and designers consistently driven by analytics. Leveraging the right kind of predictive data is critical to long-term value creation for fintech customers.
2. Are they technology experts?
Fintech innovations have been at the forefront of tech disruptions in recent years. Each year transforms fintech in a new way. Artificial Intelligence (AI) and Machine Learning technologies have been surrounding fintech for more than five years now. To manage the ever-evolving changes and customer expectations, ensure your partner has a robust solution-fitting technology architecture underpinned by:
Big Data Analytics
Data fuels the Fintech enterprise, but mere availability or accessibility of data is not enough to utilize to its full potential. Enterprises across the globe are employing various technologies to mine the data available from various sources to enhance the customer experience. The right operations partner will analyze the data gathered from traditional as well as non-traditional sources and leverage predictive analytics to gain visibility into customer behavior.
Integration with Existing Infrastructures
Replacing your entire IT infrastructure is neither advisable nor cost-effective. You must check if your partner can integrate their platform seamlessly into your existing ecosystem with a deep understanding of legacy systems and integration methodologies without disrupting regular operations.
The world is increasingly turning towards cloud services for various purposes. Cloud computing is transforming fintech with agile business models for growing needs. The right partner will offer in-depth cloud solutions to accelerate business workflows, ensure business continuity, and provide increased security. The increased number of online transactions has also given rise to numerous security breaches, data manipulation and theft. Set the right expectations with the partner to secure and protect customer data while ensuring regulatory compliance. In addition to this, the operations partner should have in-depth services when it comes to implementation and post-deployment services.
3. Can they leverage AI to enhance Customer Experience (CX)?
Enhanced CX is deep-rooted in the DNA of fintech firms with transformational engagement strategies being a priority. Hence choosing a partner with expertise in an AI-powered analytics framework is paramount to ensuring personalized customer interactions and long-term engagement utilizing the best possible channels. The right partner should be able to leverage AI and Machine Learning efficiently to decode historical data and consumer behavior and select the best course of action to deliver highly customized offerings to fintech customers.
How can Firstsource help you?
At Firstsource, we understand that every business charts its CX journey with different starting points, priorities, competitive pressures, and limitations posed by the existing infrastructure. We see every challenge as an opportunity with our Digitally Empowered Contact Center (DECC) offering fintech firms a vision of the future of CX and a path to get there. Underpinned by advanced analytics to uncover customer insights, real-time monitoring, and best-in-class customer journey mapping, we handle endless volumes of customer requests with a channel-agnostic approach and stringent compliance process to deliver a differentiated CX.
Download our whitepaper ‘The five key battlegrounds in financial services’ for insights on the changing landscape of financial services and where the opportunities lie for players.