When choosing a financial partner, the biggest focus is on customer service and speed

When choosing a financial partner from the Fintech industry, people look for greater customer focus, flexibility, speedy and efficient service. That‘s what me and my colleagues understood in recent years when hearing so many opinions from different persons. But the question of why people want to choose one or another fintech company is very actual not just for particular persons, but for the whole fintech industry. Because it is growing rapidly.

One of the most important fintech tendencies for this year and further future is to create closer connections with customers. Many fintech companies are doing it step by step and the simplest way to create a connection with customers is to do surveys that help find out the needs of the customers. Why?  Because of the surveys and answers, financial institutions know where they need to improve. And improvement allows customers to receive even higher quality services.

Me and my colleague Povilas Ruzgaila had a discussion at the beginning of this year and he was sure that mutual relations with customers are probably the main part of the growth for the most successful financial institutions. 

I didn‘t find any argument against that opinion, because some months ago togehther with other colleagues we made a little survey about Fintech. It perfectly showed the way whole fintech industry should go in a future, because  survey confirmed the already known strengths of the fintech industry that has been communicated in recent years.  

39% of the survey respondents identified improved customer service, such as understanding, flexibility, and courtesy, as particularly important. Meanwhile, fast and efficient service was considered very important by 34% of respondents. 13% said that the price of services was the most important factor, while 14% said that the security of funds was the most important factor.

In addition, 54% of respondents said they've chosen fintech industry with hope to have a better customer service, 31% because they expected faster processes, and just 3% because they had only to open a new account.

What can we learn form surveys and relations with customers? Digitization, robotization, artificial intelligence are very important things these days. But we should keep in mind that robots can‘t completely replace live communication. After all, only a sincere and open relationship with customers will show the best way forward.