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June 12, 2019

4 Ways to Drive Customer Engagement Success in Fintech

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Fintech companies are rapidly transforming and reshaping the financial services market. Technologies such as mobile payment via “digital wallet” are the new normal – empowering customers to make instant checkouts. 

Even as fintech leaders bring unprecedented speed and efficiency to digital transactions and payment services, they realize that without effective customer service, it is difficult to retain and grow their customer base.  

Why Effective Customer Service Should be an Integral Part of Fintech Solutions 

Let’s look at some scenarios where customers need instant assistance while making a financial decision or mobile transaction- and why they would switch to a competitor for a more effortless experience. 

  • A customer receives an SMS notification for a new charge in his digital wallet. The customer is not aware of any such transaction. He first interacts with a chatbot on the website and provides his account details. The customer then decides to call and speak with a customer support representative. However, when the call is connected, the account details from his chat interaction are not populated on the agent’s screen pop, frustrating the customer even more.
  • A loan applicant has submitted all his documents online and now wants to chat with someone to seek assistance about the terms and conditions, policy amount, and installments to be paid. But to his surprise, he can’t find a web chat option to get his answers instantly.
  • When customers forget to pay a loan installment, it is often because they simply forgot. Being able to run a custom report on overdue accounts and send a friendly email/SMS reminder helps customers avoid late payment charges, and in turn, improves the provider’s collections.  

Taking a customer-centric approach is critical to gaining a sustainable competitive advantage and tapping into the rapidly growing fintech market.  

According to a report from Statista, the Digital Payments segment alone is poised for massive growth from $4,137,523m in 2019 to $6,699,201m in 2023. In another report by McKinsey, in-person use of digital wallets in the United States will increase at a 45 percent CAGR to reach nearly $400 billion in annual flows by 2022.  

Strategies for Customer Engagement Success in Fintech  

Let’s take a look at the top strategies and innovation that fintech leaders are leveraging to facilitate faster, easier, and unified customer engagement. One common theme is evident from these initiatives – Fintech leaders are focused on accelerating digital and AI adoption while improving the human touch. 

  1. Expand Digital Engagement via Webchat 

Most fintech companies are using email and phone as their primary channels of communication for issue resolution. However, tech-savvy fintech customers are seeking more flexible, self-service options to resolve issues faster and at their convenience. Because of this, 60% of fintech leaders stated on our recent Fintech Contact Center Survey that they plan to accelerate web chat adoption in the next 12-24 months. 

On the one hand, web chat and chatbot interactions allow businesses to boost digital engagement and optimize the user experience by offering quick, responsive, and personalized interactions. On the other hand, Chatbots and live agent chat enable fintech companies to scale their customer support with fewer resources. 

2. Close the Cross-Channel Gap with a True Omnichannel Platform  

As fintech contact centers continue to expand to new channels, they struggle to close the cross-channel gap and integrate new channels into existing workflows. A true omnichannel platform solves for this by offering comprehensive and unified engagement channels. This eliminates the cost and complexity of integrating siloed channels, and more importantly, allows contact centers to offer a seamless, connected customer journey. 

3. Unified Customer Profiles to Know your Customers  

A unified customer profile is a must-have as fintech contact centers expand their engagement strategies to include multiple touchpoints. One of the most frustrating experiences for customers is having to repeat information multiple times on different channels. Centralizing a customer’s contact history across all channels enables companies to deliver a seamless customer journey.  

Unified Customer Profiles is key to smoothly transitioning a customer to Agents

Though adopting AI/RPA technologies enables automating repetitive interactions but providing easy access to agents remains critical for high-value and more complex interactions. 30%+ of financial customers want to talk to a real person when settling disputed credit card charges or getting investment advice

With the complete customer data at their fingertips, agents are more equipped to resolve any issues fasters. Agents can access real-time data from customer conversation with a chatbot or information from any recent digital campaigns.  

4. Performance Analytics to Evaluate and Improve Performance  

In a report from Adobe, 81% of financial services leaders stated that optimizing the customer journey across multiple touchpoints is a top priority. An integrated Business Intelligence system allows contact centers to continuously monitor and evaluate cross-channel and agent performance, helping fintech leaders understand what is working and what is not. And then further, they can use this data for realigning strategies to optimize performance and improve customer experience.

Cloud technology enables fintech companies to readily leverage the capabilities discussed above. A cloud-based contact center solution significantly minimizing integration requirements and can enable all core contact center functionalities such as CRM, Channels, and WFO in a single location.  

Contact us to learn more about how LiveVox, a cloud-based comprehensive customer engagement platform, is enabling fintech companies to achieve customer engagement excellence. 

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About LiveVox

LiveVox (Nasdaq: LVOX) is a next generation contact center platform that powers more than 14 billion omnichannel interactions a year. By seamlessly unifying blended omnichannel communications, CRM, AI, and WEM capabilities, the Company’s technology delivers exceptional agent and customer experiences, while helping to mitigate compliance risk. With 20 years of cloud experience and expertise, LiveVox’s CCaaS 2.0 platform is at the forefront of cloud contact center innovation. The Company has more than 650 global employees and is headquartered in San Francisco, with offices in Atlanta; Columbus; Denver; New York City; St. Louis; Medellin, Colombia; and Bangalore, India. To stay up to date with everything LiveVox, follow us at @LiveVox or visit

To stay up to date with everything LiveVox, follow us at @LiveVox, visit or call one of our specialists at (844) 207-6663.

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