How to leverage big data to improve customer experience

Enticing new customers and understanding existing ones in order to encourage brand loyalty is essential in every sector, and has arguably never been more important than it is today. Consumers are saturated with marketing when it comes to products and services of all types, and the financial services industry is no different.

Fintech start-ups have been appearing at an increasingly rapid rate, leaving consumers with plenty of options for lending, insurance, banking, and much more – rather than having to rely on the handful of traditional players.

With so much choice, differentiation is key in order to win new business. One reason for the popularity of many fintech providers, including online banks and lenders, is their seamless user journey. From using a smartphone to make contactless payments and being able to chat to an expert on demand, modern consumers demand quick and easy access to services they require. Too many steps before a payment, too many details to input into a form or a complicated user interface can each prevent a customer from using a service or completing a payment. Word travels fast in the digital age, and if a fintech company can make the customer’s life easy, it is bound to be popular.

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Author Phillip Gbormittah