How advanced communications future-proof the fintech customer experience: 3 real-world examples

by Daniela Njegovan, lifecycle marketing manager, Mitto

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Fintech firms are on the frontlines of innovation. However, all the next-gen technology worldwide is futile without consumer trust. That trust is cemented with personalized, prompt, two-way conversations.

Customers are understandably sceptical about entrusting their finances to corporations. With the growing sophistication of cybersecurity attacks, consumers are more hesitant now than ever to put their sensitive information on the line.

Fintech brands must optimize communications to attract, obtain, and maintain the trust of these wary consumers. With 98% open rates and two-factor authentication (2FA) reducing fraudulent activity by up to 99.9%, SMS is a highly effective way to engage and protect consumers at scale.

However, SMS and chat app communications are only as efficient as their delivery rates. To gain an edge, fintech companies must ensure each text they send is received by each customer every time.

Here are three real-world examples of how intelligent communication solutions enabled financial service brands to enhance CX, boost customer satisfaction and security, and fortify trust.

1) Conversational tools that keep pace with business growth 

A European fintech company experiencing exponential growth aimed to deliver fast, reliable, and secure solutions to all users. However, the brand’s local communications provider served just one market. Due to the firm’s rapid expansion, customers in new territories weren’t receiving timely SMS alerts, impacting CX and eroding trust.

The fintech firm partnered with a global communications enabler due to its exclusive worldwide carrier network and proprietary AI-routing platform. The intelligent technology monitors, analyses, and prioritises traffic to ensure the fastest SMS delivery speeds at the lowest possible price. This allowed the fintech company to optimise delivery reliability throughout all territories, improving customer satisfaction and retention while reducing costs.

2) Customer communications that bolster accessibility and security 

Daniela Njegovan, lifecycle marketing manager, Mitto

Due to an unreliable provider, an international fintech brand’s personal and corporate customers were experiencing SMS delays or not receiving messages containing critical security information, including login links and one-time passcodes (OTP). This prevented users from accessing their accounts and put their private information at risk.

After reassessing its expectations, the company chose a new communications partner. The new SMS API technologies seamlessly integrated with the fintech firm’s existing tech stack, making deployment effortless. Shortly after implementation, the company achieved successful SMS delivery rates of 99.999% throughout its primary markets, increasing customer satisfaction and enabling secure, accessible digital payments.

3) Customised communication solutions that scale business operations 

A leading digital payments provider serving millions of users across Southeast Asia (SEA) wanted a more effective way to engage and attract customers. With a 49% monthly active user smartphone penetration rate in the SEA region, the company knew that Viber Business Messages was the superior choice.

Since it already used CleverTap for customer engagement, the digital payment brand needed a superior communications partner with CleverTap integration capabilities to reach its objectives. The company chose a partner known for exceptional reputation and SMS API solutions. Acting as the company’s trusted advisor, they provided expert guidance and a tailored strategy. This enabled the brand to integrate chat API tools with its CleverTap account seamlessly. The personalised solutions and direct partnership with Viber helped the digital payments company scale operations and achieve best-in-class deliverability at the most competitive rates.

The right communication tools make all the difference

Fintech firms must leverage the right communication tools to gain and maintain customer trust, improve security, and future-proof CX. This ensures customers receive prompt support, can easily access their accounts, and keep their financial information safe.

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