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Across all verticals, companies do acknowledge that customer experience is essential. However, most companies neglect to go all the way to achieve it, resulting in loss of customer retention altogether. Reports have even shown that customers switch providers and will also pay double the convenience charge for more excellent customer experience.
Banks and financial institutions are most affected by this trend as they are still highly skeptical of digitalizing IT services. This inconvenience led to the rise of Fintechs. Their highly skilled approach and smooth operating services have reeled in the larger financial institutions to consider the opportunity of investing in digitalizing their services.
Building digital-first experiences are critically important. In fact, FinTech organizations have been recorded to be the most significant driver of this technological shift in banking customer experience. One out of every three consumers across the globe are now using at least one FinTech app, either for peer-to-peer payments, savings and investments, financial planning, or insurance.
Consumers are quick to avail these new apps because they are device friendly, serving the digital-first experiences. These apps generally narrow down their services on one specific area of their financial lives, while keeping the customers in the loop with all the other banking services. They also seamlessly integrate with other apps that the customers are using, making it easier for customers to toggle between the services.
Therefore, banks are now cooperating with numerous Fintechs to build in-house platforms that can integrate multiple applications and services that meet customer requirements. Banks are developing quality products and services that are fast enough to compete against adversaries concentrating in just a particular area.