Fintechs That Retain CX In-House May Be Missing Out On Huge Growth

The Fintech and technology worlds often overlap. It’s only natural because these are financial services delivered by technology. However if you look at the fortunes of the general technology sector right now and compare it to fintech, there is quite a disparity.

 Meta has recently laid off over 11,000 employees and has suggested that there may be more to come. Yahoo just slashed 20% of their entire workforce. The largest tech companies - Alphabet, Amazon, Meta and Microsoft - have together announced a total of more than 50,000 job cuts in recent months.

 If you add the tech layoffs from 2022 to what has already happened in 2023 then the numbers are approaching a quarter of a million employees. The latest edition of Wired magazine features a series of tips for tech employees that have been handed a pink slip.

 I have some even better advice. See where your technology skills can be applied to Fintech. Fintech is growing rapidly at present. Companies such as Revolut have recently announced major hiring sprees where thousands of vacancies need to be filled. Fintech companies are hiring for growth and expecting to achieve their goals over the next couple of years.

 But this creates a challenge for many in the sector.

Fintech companies are specialists in their area of focus. It could be payments, loans, or foreign exchange. That’s where the management team will want to focus. Building on their existing service, innovating and creating new ways to entice customers.

This is what Fintech companies should be doing, but in growth periods like this they often end up managing enormous contact centre operations because customer interactions have gone through the roof. You either manage all those customer questions and requests or lose the customers - smart fintech customers don’t like being ignored.

So why focus time and attention on the hundreds of people you need to hire, onboard, and train to manage customer service processes, rather than finding a CX partner that has strong experience and insight into Fintech brands and what they need?

The fear from many executives is that a CX partner “won’t understand our culture or customers” or they will be tied into an inflexible multiyear outsourcing contract that leads to the service provider dictating how customer service operates.

This is exactly why a CX partner that embraces agility as an integral part of their culture is essential. A good CX partner knows how startups need flexibility. They will work with app developers pre-hypergrowth and offer flexible terms that accept how there may only be a few customers at the start of the partnership, but when growth begins, the scaling process needs to be really fast.

Fintech is growing rapidly, but retaining an internal customer service team could hold back some of the best ideas and services. Find a CX partner that understands your business and then you can focus entirely on innovation and growth while we handle the customer questions.