Prioritising the Customer Experience Doesn’t Have to Be So Hard

All aboard the high-speed digital banking fintech railway. There’s no doubt that Australia’s fintech industry is having its moment of glory. During the pandemic, the industry was an outlier, experiencing phenomenal growth as demand for accessible digital banking skyrocketed. As Simon Joyce, Chairperson of FinTech Australia, said: “The pandemic has condensed at least five years of growth into six months.”

In a relatively short period of time, Australia’s fintech industry has grown rapidly. In 2015, the industry was worth just an estimated $250 million and lagged behind other countries in the region (e.g., China, Singapore) and the rest of the world (e.g., UK). As of May 2022, Australia has about 850 active fintech companies that serve numerous customers and cover a broad range of services. The industry now brings in $4 billion in revenue each year.

This growth has also been fueled by the evolving regulatry landscape which favours open banking and grants customers more control over their personal financial data. The launch of the Consumer Data Rights (CDR) has proven to be the gamechanger, opening up the traditional banking sector. New open banking regulations also give customers more control over their financial data by letting them choose which bits of information to share with third-party providers.

What’s next for Australian fintech companies?

With banks no longer being the “custodians” of customer data, fintech companies are now able to offer new digital banking services that are more efficient and convenient. However, in reality,  this is a double-edged sword. While customers are enjoying the convenience of digital banking services, they are also missing the human touch.

In a 2021 survey by CPA Australia, the top three barriers to fintech adoption are:

  • Cybersecurity concerns (53%)
  • Data privacy concerns (48%)
  • Reliability and trust concerns (48%)

Two things stand out here. First, with constantly changing regulations, it’s never been more important for fintech companies to provide accurate and timely information exchange. And to do so while delivering the best possible customer experience, they need to review the capabilities of their internal communication systems.

Second, the demand for trust (an innate human emotion) shows that fintech companies need to find a way to maintain the human touch in their communications with customers. While no company would want to reverse their achievements in the digital realm, there is a need to find a happy medium. Fintech companies that provide digital banking services with a human touch are more likely to be noticed by customers.

The good news is, this doesn’t require reinventing the wheel. Simple and cost effective communication APIs do not require an overhaul of existing tech infrastructure, nor significant capital investment. They’re also compatible with legacy systems—a win-win-win.

Let’s take a look at two such APIs: SMS and Video Interaction.

Simplify messaging workflows and keep customers in the loop with SMS APIs

We know what you’re thinking: “SMS technology is old-school.” Well, it might be, but did you know that SMS has the highest open rates? With a 98% open rate, there’s simply no better way to keep your customers informed.

8x8's SMS API makes it possible to reach your customers anywhere, anytime. With this solution, you can send branded SMS marketing messages, and segment customers according to their preferences to ensure that they only receive relevant promotional messages. And there’s no limits! Send thousands, or even millions, at a single time. The icing on the cake is that you also get advanced reporting, delivery receipts, and customizable API fields.

Give face-to-face customer support remotely with Video Interaction APIs

Lockdowns may have eased, but two years of staying at home have caused some lifestyle habits and work arrangements to cement. Nearly twice as many employed Australians worked from home at least once a week in April 2022 compared to March 2020, But again, we know what you’re thinking: ”Surely there are a lot of video interaction tools out there, so why do I need a video API?”

Well, 8x8’s Video Interaction API gives your customers live support with the click of a link. This video solution is completely web-based (meaning customers don’t need to hassle with downloads), fully customisable, designed for mobile phones, and comes with end-to-end encryption.

Once your customers click your link, they’ll immediately connect to your live agent who can walk them through documents, improve conversion rates, and most importantly, build that much-needed trust factor. Other features include annotation, photo capture, remote camera control, recording, and integrated chat.

Expand beyond borders anytime with flexible and scalable communication APIs

The bottom line is that the combination of rapid growth, aggressive competition, and heightened scrutiny means that customer experience is more important than ever. While the fintech industry in Australia is experiencing a time of great innovation and investment, its trajectory could falter if the customer experience is not prioritised. 8x8 Communication APIs provide an easy to implement, secure, and affordable solution in the battle for customer trust and attention.

The other advantage of communication APIs is that they make it possible to scale beyond Australian shores while maintaining that personalised human touch.

In a survey by KPMG, 38% of Australian firms conducted business in the UK and US markets combined. Another investigation by Glassbox showed that 51% of UK respondents and 43% US respondents stated that human-centric communications were important to them.

However, regardless of where your company is in its digital journey, it’s important to bring customer experience to the top of your agenda. Companies that provide customers with timely, relevant, and accurate information are more likely to be a frontrunner in today’s hyper-competitive market.

If you want to gain a competitive advantage without breaking the bank, contact us at hello-cpaas@8x8.com to schedule a demo or learn more about how communication APIs can help.

If you enjoyed this article, take a look at the below blogs and ebooks for more information on how communication APIs can help the fintech industry:

  • https://www.8x8.com/blog/winning-trust-in-digital-banking-with-voice-apis
  • https://8x8.turtl.co/story/cryptocurrency-for-all-winning-the-trust-of-fence-sitters/page/1
  • https://www.8x8.com/blog/customer-engagement-digital-banking
  • https://8x8.turtl.co/story/detangle-insurance-in-real-time-with-video/
  • https://8x8.turtl.co/story/digital-security-has-never-been-more-mission-critical/page/1