FinTech Adoption Remains on the Rise this Holiday Season

fintech

It’s that time of the year again. The holiday season is upon us, and this year the celebration is going to be different. As the world has moved towards contactless interactions, bidding adieu to in-person visits, the world of FinTech is also changing. Today, more than ever, fintech is seeing an uplift in adopting financial services across the globe.

What was once considered a complex way of managing the transactions have now become the choicest platform for consumers due to digital platforms’ rise. COVID-19 has led the consumers to engage with FinTech propositions, driving the FinTech space forward.

The shift in payment habits amidst the pandemic will be reasonably visible in the post-pandemic world. Most consumers are looking for digital payment applications like Paytm, Freecharge, BHIM, and PayPal to minimize the risk of exchanging currency notes.

According to the Economic Times, money transfer and payments are the major drivers for fintech adoption at 94%.

Key Reasons that will Drive the Growth for FinTech Brands

  • Festive season entices positive spending among consumers, which is likely to boost investments
  • As consumers are still reluctant to go to physical stores for shopping, more online shopping is expected for gifting, shopping, etc. The rise in online shopping will support the growth of digital payments, helping the FinTech brands further.
  • As most economies are not on the pink side of health, it is expected there will be growth in the loan requirements.

With money transfer and payments becoming the primary driver for FinTechs, the industry must prepare for the holiday rush this holiday season.

How do you prepare for the holiday rush?

Now that we know the consumers are heavily relying on the FinTech industry for transactions and payments, it’s time to deliver high-quality customer service and prepare your agents for the surge in call volume.

Provide a Safe Banking Environment

Customer’s data safety remains a prime concern for financial service providers. Customers provide their critical information and invest their money for loan requirements only if they trust the brand. Customer acquisition and retaining are a challenge for the financial service provider because traditional banks have an edge on their information security. With PCI-DSS Compliance, ensure that your customers’ data is secured and their investment is taken care of at every business step.

Ensure Contactless Customer Onboarding

Let the customers complete their identity verification process from the comfort of their home. With Video KYC Solution, onboard customers without the need for in-person visits and ensure zero fraudulence with an AI-driven face recognition technology. An advanced video-based KYC solution allows the FinTech industry to fasten the onboarding process and onboard a customer in less than 3 minutes with maximum accuracy. This helps reduce the drop-offs, ensuring that the customers do not escalate or switch to competitors.

Define Business Rules for Holiday Season

Most customers like to be self-served, and if you are not doing this right, someone else will. When the customers reach you after office hours, you can let the chatbot or voice bot answer the first-level query, ensuring that no interaction is missed. For complex queries, you can define routing rules and automatically assign those interactions to the next available agent. 

Additionally, inform your customers of the exciting offers using voice prompts and voice blasts, and guide them through the terms & conditions.

Communicate Through Customer’s Preferred Channels

It’s time to address the roadblocks to omnichannel communication. Customers prefer to communicate with their brands on their preferred channels. Your customer sees an ad on Instagram about an exciting offer on Paytm, they use the app, place the order, check their email, and seek a confirmation message in their journey. And this happens even before reaching out via a voice call. 

Customers do expect consistency. You can excel at it by sending WhatsApp triggers of payment confirmation, reminders, alerts, etc. or can send an automated text message to inform the customer before making a call.