Whatever part of the banking industry you fall into, there’s no denying the relevance of - and ongoing conversation around - fintech startups. Definitions of fintechs can vary, but what all fintechs share is that they’re “businesses that aim at providing financial services by making use of software and modern technology.” These rapidly emerging companies compete directly with banks and credit unions, and in 2017 received $13.7 billion in funding - showing just how much belief there is in their staying power.
So whether you lead a traditional bank, or run a fintech, the status quo is quickly changing. Here are some of the trends we’ve seen since fintechs have come on the scene.
One of the biggest concerns we hear from companies that are considering outsourcing their customer service to us is how it will impact their customers. They’re worried that their customers will detect a difference between talking to their own reps versus the ones we provide and as a result,customer satisfaction and loyalty will be impacted. But, we’ve found the opposite to be true - and it’s rooted in an unlikely reason.
As the CEO of a startup, you’re probably all too familiar with the statistic that more than half of businesses fail in the first four years. This can be a sobering realization, but it can also be a call to action. If you’ve gotten your startup through the first few years of business growth, you’re doing really well.
There’s no question that the Internet age has given businesses a wealth of opportunities in terms of marketing, customer reach and much more. But there’s also a flip side to this equation that isn’t so positive. With so many digital channels to choose from, disgruntled customers (or competitors that feel threatened by you) can discredit your company online and weaken your reputation by posting negative comments in a variety of places.
Whether it’s on review sites, social media sites or on your own website itself, unfavorable feedback can really end up hurting your brand image and dissuading potential customers from giving your company a try. Here are three ways you can bounce back from the impact.