3 FinTech Businesses Acing Customer Experience
Financial services tend to get a bit of a bad rap when it comes to customer experience. And let’s be honest, there was a time when this perception wasn’t entirely unwarranted. Banks and insurers were once confusing, intimidating and had no desire to change.
However, with the widespread introduction of digital banking, financial institutions had a whole new category of service in which they had to compete. In addition to all the new offerings from traditional banks, many FinTech businesses emerged with a promise to make finance more user-friendly than ever before.
With an emphasis on convenience and accessibility, several FinTechs have swept up millions of users over the past decade and their market share grows larger every day.
Here are a few of the FinTech businesses that stand out among the rest for their truly brilliant customer experiences.
Monzo – Making managing daily finances a breeze
Monzo is a hugely popular UK-based banking app founded in 2015. Within just three years, it reached 1,000,000 customers. Monzo has a lot of the same functions as a typical bank, but it removes much of the friction that customers traditionally have to go through to manage their finances.
Opening an account is as easy as downloading the intuitive app and signing up. Within a couple of days, you’ll be sent a physical bank card that you can assign a chosen pin number. There are no branch visits to contend with, no lengthy credit checks and opening an account is free.
“Monzo has a lot of the same functions as a typical bank, but it removes much of the friction that customers traditionally have to go through to manage their finances.”
The app will notify you whenever you make a payment from your account, so you can always keep track of any direct debits or fraudulent spending. It also provides a feed of all your transactions and breaks down your spending based on the type of purchase.
Transfers to other Monzo accounts can be done in just a few taps. For people looking to better understand their spending habits, start saving or manage on a new budget, these kinds of features are incredibly valuable.
On a near-weekly basis, the Monzo team add new features and updates that make your account more flexible and useful. Last year, it introduced saving pots, joint accounts, overdrafts and more. They’re constantly striving to give their customers the best possible banking experience.
TransferWise – Fast, easy and transparent international money transfers
TransferWise has made its mark as a go-to solution for transferring money internationally. It’s up to eight times cheaper than a traditional bank thanks to its nifty technique of using two local transfers in place of a single international transaction.
In addition to saving its customers money, TransferWise has won its reputation as a company that’s nailing customer experience thanks to a focus on transparency and ease-of-use.
“TransferWise has won its reputation as a company that’s nailing customer experience thanks to a focus on transparency and ease-of-use.”
Unlike many other money-transfer solutions, TransferWise’s charges are fully explained upfront. On a pound sterling to euro transfer, the fee is just 80p plus 0.35% of the transfer amount. So, if you wanted to transfer £1000 into euros by bank transfer, you would pay just £4.29. Want to see how fees work for yourself? Check out their pricing calculator to see exactly what you would pay on a transfer.
TransferWise also stands out for making money transfers significantly faster than traditional solutions. It promises transfers in a matter of minutes as opposed to days and is always developing ways to make this even faster.
Making your transfer is simple. Just create your free account via the app or website, tell it where you’re sending your money to (the recipient doesn’t need an account) and make your payment. They take care of the rest.
Moneybox – Jargon-busting investment platform
To many younger people, investing feels like an inaccessible practice reserved for the wealthy and well-informed. FinTech businesses focused on investments have been battling to change this perception and the tide is slowly turning.
Moneybox is a “micro-investing” application that encourages people to save by automatically rounding up card purchases and investing the spare change in stocks and shares. Users can also make additional deposits either regularly or as one-offs.
You can get started with Moneybox in less than ten minutes. All you need are the details for your online banking or credit card and £1 to invest. (Plus your national insurance number if you want to get an ISA.)
By automating your investing, Moneybox makes it easy to contribute to your savings and takes all the hard work out of making investment decisions.
The app is intuitive and it’s easy to see exactly how your money is being allocated and how well your investments are performing. Need some help? There’s a chat function within the app that will connect you to customer support.
By creating a mobile-first investment platform that puts the emphasis on ease-of-use and jargon-busting, the team behind Moneybox have designed a near-flawless digital customer experience.
Following in their footsteps…
Want to create brilliant digital customer experiences of your own? Check out our e-guide for 15 Insights for Finance & Insurance Businesses Seeking to Boost Conversions and Loyalty Online.