Fintechs Need to Deliver the Promised Customer Centricity

Since the Global Financial Crisis, traditional banks have suffered from a loss of trust and loyalty. Bank culture has often been described as toxic, with self-serving business practices. Fintechs usually position themselves as 'not being like big banks', and offering a more customer centric culture. However, most do not end up delivering such promise. Why? It's because the technology and rigid processes end up ruling the relationships. Over time, some users question the rigid ways that fintechs answer customer questions, and the various issues that arise in any relationship. (For instance, fintechs often try to save on customer interactions by relegating service delivery to chatbots that cannot answer nuanced questions.) If a fintech's ability to respond in a satisfactory and timely manner outside the established process is very limited, many customers will be left unsatisfied.