Service Management in the Fintech Era

By Hassan Elahi, Support Analyst, Marval

Only a few years ago, retail banking was exclusively held at high street branches, where customers and staff would meet in person and spend time discussing about products and options, while developing a personal relationship. In the Fintech era, of course, retail banking is a lot different.

Fintech’s disruptive model has brought a new culture around customer service, which fits perfectly the Y and millennials generations. This group of tech-savvy consumers, who depend mostly on online resources to make informed decisions, usually prefer to get access to simple and clear information on their mobile device, without having to engage into face-to-face interactions to explore their options. While this model has a lot of advantages for both the financial organization and the consumer, it also has the crucial disadvantage of lacking a touch of personalized service. Which can make it difficult for Fintech organizations to make the most of their customer database, keeping their customers satisfied and generating new opportunities within their current clientele.

That’s where IT Service Management can help. Online services are still services, and most consumers appreciate a good service, even when the personal aspect is missing. Delivering personalized service doesn’t require face-to-face interactions really. It requires business intelligence, knowledge of your customer and its needs, and a strong customer-centric approach. All components of a smart ITSM tool, like Marval MSM.

Fintech customers still care about security (perhaps even more than traditional banking customers). They want access to a reliable and comprehensive Self-Service Portal. They want to be properly and regularly informed about their requests (again, probably more than traditional banking customers). They need to know that they are important to the Fintech organization, that they are worth a pinch of personalized touch. Fintech customers are no different than any other customer, who demands the organization’s full and utter attention.

In order to build and maintain a base of happy and returning customers, Fintech organizations need a solid customer-centric Service Management strategy to keep them focused on making their service more personal and customer-orientated. By investing in intelligent ITSM technology which promotes the right culture, financial institutions can not only improve their service delivery, but become more approachable as well as secure; enhancing their image as a modern, advanced and friendly service provider.