What is Fintech Customer Service? Importance, Tools, and Best Practices

Trust is the foundation of any successful fintech company. When you’re dealing with people’s money and sensitive data, the stakes are incredibly high. 

Fintech companies handle everything from digital payments to personal loans, and each interaction involves sensitive information. A minor glitch or delay in response can lead to a loss of trust and, ultimately, customers. 

So, how do you build that trust? It’s not just about having a great product or app—it’s about delivering exceptional customer service that shows you care about your customers’ needs and concerns.

In this blog, I’ll discuss why good customer service is crucial for fintech companies, share some effective strategies and tools, and highlight common pitfalls to avoid. 

Table of Contents

• What is fintech customer service?
• Importance of customer support in the fintech industry and how businesses can achieve it 
• What fintech companies should be doing vs where they are going wrong in supporting customers 
• Top 5 tools to streamline fintech customer service 
• Choosing the right tool for fintech customer support

What is fintech customer service?

Fintech customer service is the way financial technology companies provide assistance to users, maybe to use their apps, access services, or more. 

Unlike legacy financial services, which often involve face-to-face interactions in physical branches, fintech companies operate primarily online. The objective is to provide support that helps customers achieve specific goals – access net banking or avail a loan amongst other things – in a secure manner.

I’ve come across some fintech companies that are setting a high standard in customer service, and their approaches could inspire you:

• Starling Bank uses a mobile-first approach, providing real-time notifications, spending insights, and in-app customer support.
• Monzo offers instant spending alerts, budgeting tools, and savings options, with a focus on improving services based on community feedback.
• Revolut combines global spending, budgeting, and saving tools in one app, with 24/7 support and the ability to manage multiple currencies.
• Atom Bank offers a digital banking experience with biometric log-ins and personalized lending rates.

Importance of customer support in the fintech industry and how businesses can achieve it

Here’s why providing exceptional customer service is so important for fintech companies: 

1. Your service is your only branch

Unlike traditional financial institutions, fintech companies don’t have physical locations where customers can go for help. Your app, website, and digital customer service channels are the only ways customers interact with your business. 

• The lack of a physical branch means that any issue a customer has must be resolved through your digital channels. If these channels aren’t useful, customers have no alternative way to get the help they need.
• The customer service you provide is a major part of the overall experience with your product. If it’s falling short, customers won’t hesitate to switch to a competitor. In fact, we found out that 72% of customers switch brands after just one negative experience. 

Customer support tips you can implement:  

• Provide round-the-clock support so that customers can get help whenever they need it, regardless of time zones or emergencies.
• Use chatbots to handle basic queries instantly, freeing up human agents to deal with more complex issues.
• Offer support through multiple channels like chat, email, website, and social media, giving customers multiple ways to reach you.

Use your inbox to run a multi-channel help desk

2. You’re personally managing people’s finances

In fintech, you’re handling something incredibly personal and critical—people’s money. The stakes are high because your service quality can directly impact their lives. Even a small mistake or delay can have significant consequences.

• Customers are entrusting you with their hard-earned money, so any misstep, like a delayed payment, could cause them to miss bill deadlines, incur late fees, or even damage their credit scores.
• Trust is the foundation of everything in fintech. If customers feel their money isn’t safe or that their transactions aren’t handled efficiently, they’ll quickly lose confidence in your platform.

Customer support tips you can implement:

• Keep customers informed about every transaction, reducing anxiety over whether their money is where it needs to be.
• Offer a priority support line for urgent financial issues, like transfer error, payment gateway failure, fraudulent transaction, etc. 
• Use multi-factor authentication to add an extra layer of security, making sure that only authorized users can access their accounts.

3. Playing by the rules builds trust amongst your customers

In the fintech industry, customer complaints are not just a sign of dissatisfaction—they can also lead to scrutiny. Regulatory bodies, like the Consumer Financial Protection Bureau (CFPB) in the U.S., may require you to report complaints. 

• A poor track record with customer complaints can lead to fines, penalties, or even the suspension of your services.
• Being under regulatory investigation can severely damage your reputation, making it harder to attract and retain customers.
• Compliance issues can disrupt your business operations, leading to downtime or additional costs to rectify problems.

Customer support tips you can implement:

• Address issues, like slow response times, technical glitches, and account security before they escalate into formal complaints. 
• Keep customers informed about their rights, such as access to funds or privacy protection. 

4. Going the extra mile wins customer loyalty

Companies that excel in customer service often outperform their competitors, both in customer satisfaction and financial performance.

• Satisfied customers are more likely to recommend your services to others, recommend your service to others and become advocates of your brand.
• Companies with high customer satisfaction scores often see better financial results, as happy customers tend to spend more and remain loyal over time.

Customer support tips you can implement: 

• Personalize customer interactions based on individual preferences and history, making each customer feel valued and understood.
• Collect customer feedback regularly and use it to refine your services. This will show customers that you listen and care about their experience. Use surveys to gather insights into what customers like and what needs improvement. 

Bank of America’s AI-powered chatbot, Erica, combines financial advice with customer support. Erica helps customers manage their banking by giving real-time updates on transactions, assisting with bill payments, and offering financial tips—making banking easier and less stressful.

Erica shows how chatbots, when used well, can reduce customer issues and improve your support metrics.

With Hiver’s CSAT survey added to the end of your support conversations, you can effortlessly pinpoint how satisfied customers are with your service.

5. Making complex digital finance simple for your users

The fintech industry involves complex financial products and services, from payment processing to cryptocurrency transactions. These complexities can often confuse customers. 

• Financial products can be intimidating, especially for customers unfamiliar with the intricacies of things like blockchain or multi-currency accounts. Confusion can lead to frustration and errors.
• Misunderstandings about complex financial products can also lead to compliance issues. 

Customer support tips you can implement: 

• Provide customers with easy-to-understand guides and tutorials that explain complex financial concepts.
• Have specialized support teams for complex issues, such as cryptocurrency transactions and calculating taxes on cryptocurrency, to offer expert assistance.
• Create an online knowledge base where customers can find answers to common questions and detailed explanations of complex services.
• Use interactive tutorials within your app to guide users through complicated processes step by step.

6. Your brand reputation depends on great customer service

Your brand’s reputation is closely tied to the quality of your customer service. Today, customers don’t hesitate to share their experiences online, and negative reviews can quickly damage your credibility.

• A strong reputation attracts new customers and retains existing ones. Conversely, a poor reputation can lead to lost business and financial instability.
• Online reviews on platforms like G2, Trustpilot or social media can influence the decisions of potential customers. A string of negative reviews can deter people from using your services.

Customer support tips you can implement:  

• Monitor online reviews and social media mentions regularly, responding quickly to any negative feedback to show that you care.
• Use tools that help you track and manage your online reputation, like ReviewTrackers and Reputation.com. 
• Implement social listening tools, such as HootSuite and Brandwatch, to monitor what’s being said about your company in real-time, letting you address issues as they arise.

7. Good customer service helps scale your business and service

Scalable customer service means that even as you expand, your customers continue to receive the support they need, keeping them loyal to your brand.

• Scalability allows you to handle more customers without sacrificing service quality. 
• Word-of-mouth referrals are cost-effective compared to expensive advertising campaigns. 

Tips for customer support:   

• Use automation to handle routine inquiries, allowing your team to focus on more complex customer issues as your customer base expands.
• Regularly assess your customer service capacity to ensure it can handle future growth, making adjustments as needed.
• Implement a referral program that incentivizes your current customers to bring in new ones. 

How to set up a finance help desk

What fintech companies should be doing vs where they are going wrong in supporting customers

Let me tell you some strategic and proactive measures fintech companies should be implementing, compared to common pitfalls that can undermine your team’s efforts.

Guide to customer service in banking and finance

Top 5 tools to streamline fintech customer service

Here are some tools to streamline fintech customer service operations: 

1. Hiver

Hiver is a customer support tool that integrates seamlessly with your Gmail and Outlook inbox. It is excellent for fintechs that rely heavily on email communication and want to manage customer queries directly from their inbox, without investing in a separate platform.

With Hiver, you can organize and keep track of all queries coming to your email addresses, such as payroll@, accounts-receivable@, or taxes@. Gain clear insights into who is handling what, the status of each email, and pending responses.

Key features: 

• Accounts Receivable (AR): Work closely with sales, legal, and account management teams to quickly address customer inquiries and clarify invoice details. Manage and monitor collections on outstanding receivables.
• Accounts Payable (AP): Easily manage emails related to invoices, payments, and vendor onboarding. Set up approval processes and integrate invoices directly into your ERP from your inbox.
• Accounting: Streamline the book closing process and enhance collaboration with different teams to better understand budgets and cash flows.
• Employee help desk: Quickly respond to internal queries regarding reimbursements, taxes, travel, and payroll, maintaining high employee satisfaction. Keep staff informed about updates to policies and procedures.
• Automate routine tasks: Set up automated workflows to tag, assign, and manage email queries efficiently. Customize automation to route emails based on keywords or team member expertise and maintain logs for easy approvals.
• Monitor team performance: Use custom reports and real-time dashboards to monitor your team’s workload. Establish SLAs and track how quickly issues are resolved to ensure efficiency and accountability.

Hiver offers a 7-day free trial, and prices start from as low as $19/user/month. 

2. Zendesk

Zendesk, a customer service platform, supports multi-channel customer interactions. This makes it beneficial for fintechs that engage with customers across various platforms. Its strengths lie in its ability to provide a unified view of all customer communications, automate responses, and generate detailed analytics.

Key features: 

• Omni-channel support: Integrates various communication channels (email, chat, phone, social media),allowing customers to reach support through their preferred method, which is critical for maintaining customer satisfaction in finance.
• Customizable workflows: Enables fintech firms to automate responses and ticket routing based on customer needs, ensuring that sensitive issues are prioritized and handled by the right agents.
• Knowledge base: Offers a self-service portal where customers can find answers to common questions, reducing the volume of inquiries and empowering users to resolve issues independently.

Compared to other platforms, Zendesk can be quite expensive. It’s more suited for enterprise companies. Prices start from $55/user/month, and the tool offers a 14-day free trial. 

3. Freshdesk

Freshdesk is a customer support solution that helps fintech companies manage customer interactions effectively. It provides an intuitive platform for ticketing and customer support, with powerful automation tools that help fintech companies efficiently manage customer inquiries.

Key features: 

• Catalog: Create an easy-to-access catalog for all finance-related requests, including finance, procurement, and employee expenses.
• AI-powered automation: Automatically send every query to the appropriate expert, use AI to suggest responses, and resolve issues faster.
• Self-service options: Build your own knowledge base and community forum so that customers can find solutions independently. 

Freshdesk offers a free forever plan for up to 2 agents. But the features offered are limited. Its base plan starts at $50/user/month, and it offers a free trial of 14 days. 

4. Intercom

Intercom is a customer messaging platform that helps fintech companies engage customers in real time, particularly within their apps or on websites. It’s geared towards enhancing customer interactions with real-time support and personalized communication.

Key features: 

• Real-time messaging: Offers live chat support for your customers, which is crucial for time-sensitive financial matters.
• Automated bots: Intercom’s Fin AI goes beyond basic automation by providing instant, accurate responses to customer questions while seamlessly handing off to human agents when needed.
• Customer engagement tools: Includes in-app messaging and targeted campaigns to educate customers about features and services. 

Plans start from $29/user/month, and it has a 14-day free trial. 

5. Kustomer

Kustomer is an AI-powered customer relationship management (CRM) platform. It provides a 360-degree view of customers, which is invaluable for fintechs that need to deliver personalized service.

Key features: 

• 360-degree customer view: Aggregates data from multiple channels, giving support agents a complete picture of customer history and preferences. 
• Customizable automation: Allows fintech companies to create tailored workflows that cater to specific customer needs. 
• Integrated communication: Kustomer enables seamless customer interactions across multiple channels, including email, chat, phone, social media, and messaging apps like WhatsApp and SMS. This unified approach ensures that every conversation, no matter the channel, is tracked and managed in one place, providing agents with a 360-degree view of each customer’s journey. 

The platform is mostly suited for large companies and enterprises. Plans start from $89/user/month, and there is a free trial of 14 days. 

Choosing the right tool for fintech customer support

Selecting the right software for customer service is super important for any fintech company looking to make their operations smoother and improve how they handle customer service. It’s kind of like finding the perfect pair of shoes; you want something that fits well right off the bat. 

Find a tool that feels like a natural extension of what you’re already doing. If it makes your team’s life easier and grows with your business, you’ve hit the jackpot. 

Hiver, for example, just slides right into your existing email setup. It’s like it was made to be there, helping you handle all those customer emails efficiently. Hiver is great because it blends into your workflow and helps keep your fintech firm on the leading edge, making sure you’re always delivering top-notch customer service.

Take a free trial for 7 days.