Monday, January 30, 2023

Strategies to improve the customer service experience at financial institutions in Latin America

There are already 2,482 financial technology companies, known as “fintechs,” in Latin America and the Caribbean, according to a study by the Inter-American Development Bank (IDB) and Finovista.

The figures speak for themselves and are a clear reflection that the sector combining financial services with digitization is in full expansion in the Latin American region, as it is a market with a lot of potential and yet to be discovered And it needs to be satisfied.

On the other hand, a survey conducted by Mitto on customer service experience at financial institutions in countries such as Argentina, Mexico, Peru and Colombia revealed that 60% of users still opt to visit physical branches to communicate with their bank. choose, but 39% would prefer to speak publicly before going to the bank.

Undoubtedly, traditional financial institutions are faced with new needs from their customers, who are increasingly looking for digital, instant and efficient services, all the more so at a time when the fintech ecosystem in the region is growing rapidly around the world. Represents approximately 23% fintech across the globe. ,

Given the importance of the above, fintech industry leaders must implement effective strategies that improve customer experience, innovate customer service through technology, and reform the traditional methods that banks have used throughout history. have used.

But how to improve the customer service experience at financial institutions in Latin America? Carlos Losada, regional director for Latin America at Mitto, a leading provider of global omnichannel communication solutions, says that although the implementation of chatbots, WhatsApp messaging and SMS and email notifications are already commonplace in users’ daily lives, customers report that only 31 % of their banks offer communication through WhatsApp and 29% through chatbots.

This represents a growing opportunity not only for fintechs, but also for businesses that want to build loyalty, increase their interactions and grow their opportunities and sales channels; All this through conversational trading: for example, if used in a financial environment, a formal language is what the average customer would expect, but it is also a friendly and swift language. Thus, the user engages with the given meditation.

Past data suggests there is still a long way to go when it comes to service improvement, for example, 35% of Latino users expressed that their experience with their bank was affected by poor communication methods. Undoubtedly, something that cannot be allowed, even less so when, according to the IDB, the fintech ecosystem in Latin America and the Caribbean (LAC) has grown and developed over the past three years. The number of platforms grew at a rate of 112% since its last measurement in 2018, reaching 2,482 by the end of 2021.

Mitto’s study also showed that 22% of Latinos would be more willing to open a bank account than if they didn’t have one if the institution offered easy assistance by SMS or WhatsApp, and nearly half of those surveyed (39%) expressed they are more encouraged to shop online if the page features third-party payment platforms such as PayPal, Apple Pay and QR.

Providing a good experience in terms of customer service requires that providers facilitate the use of channels between companies and users such as: SMS, email, voice, chat applications such as WhatsApp Business, and where evidence of direct communication and user are attended with complete agility and safety.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
Latest news
Related news