5th July 2022

In the Fintech Race, Client Experience Should Come First - Nicolas Shamtanis, BDSwiss CEO

Driven by technological advancement, the financial technology (fintech) industry has grown tremendously in the past two decades; while more recently, with the Covid-19 pandemic, we saw a real acceleration of the move to digital financial services. Technology and innovation have completely transformed the financial landscape, disrupting the investment services sector by providing new value propositions that allow for improved client experiences. Naturally, client expectations have also evolved alongside these innovations, with more and more people shifting away from the incumbent “traditional banking services” of brick-and-mortar institutions and opting to bank, trade, and invest digitally with neo-broker or neo-bank fintech services.

The reason behind this “fintech revolution” is clear –  fintech investment products have demonstrated their potential to bridge gaps between product and user in the delivery of financial services, and to enable the provision of new products and services to client groups who have been previously unable to access similar services through traditional banking institutions –  in fact, when it comes to trading and investing, brick-and-mortar banks tend to reserve trading and investment services exclusively for high-net-worth individuals.

Undeniably, the rise of online investment fintech companies has ushered in a new era of financial inclusion, providing equal access to the global financial markets through a simple click of a button and making previously inaccessible financial markets and investment options now attainable by everyone.

A Service-First Approach

The ability to perform any financial task with a smartphone and mobile app has shaped the user experience around fintech products, especially when it comes to younger investor generations. And while the majority of fintech firms focus solely on technological innovation, “client experience” goes beyond simply offering an intuitive app. Clients have come to expect far more than a multi-asset offering from their brokers; they demand a high level of service, a regulated trading environment, bespoke tools, competitive conditions, and personalised communications that empower them to make well-informed investment decisions.

The concept of customer experience is a multidimensional one, facilitated through cognitive, emotional, behavioural, sensory, and social responses to a brand or service. So how can fintech companies go about creating those seamless, integrated experiences that guarantee meaningful interactions?

Support Clients Can Rely On

In the financial services industry, the level of service offered to clients, coupled with a broker’s industry expertise is key to building satisfaction, loyalty and customer lifetime value. To this end, quality, omnichannel client support in multiple languages is crucial for fintech companies, as round-the-clock support is what clients have come to expect. Client calls should be answered promptly, and service agents should be equipped with all the necessary knowledge and tools they need to troubleshoot any problem the client may be experiencing.

As clients have grown accustomed to digital experiences that anticipate their actions and are readily available across platforms and channels, personalised, prediction-based, hyper-relevant journeys are now becoming the norm. At BDSwiss, we recognise the value of differentiated client experiences, which is why we have put in place omnichannel information and support systems that guide clients throughout their journey enabling them to quickly and efficiently access the help they need, when they need it most. From onboarding to trading, we ensure that BDSwiss clients are supported every step of the way.

Beyond Client Experience

Following on our commitment to providing a world-class trading and investing experience, at BDSwiss we have developed our custom VOX CRM in house, in order to cater to the needs of all key departments within the company in regard to client data management. Adopting a proactive approach to client service, our all-in-one CRM system enables our departments to analyse client behaviours so that they can provide personalised and context-based interactions. Of course, this presupposes that we support our front-facing teams with rigorous internal trainings and briefings on our latest products, conditions and technologies so that they have the know-how and the expertise required to make the most of our CRM client data and be able to provide a top-level service tailored to each of our client’s needs.

Communicating effectively with clients can not only significantly enhance engagement and client loyalty, but can also help companies truly understand their clients’ needs and gauge interest for existing or new product offerings. Client feedback provides a “goldmine of insights” that can help businesses identify areas of improvement and allocate the appropriate resources to enact positive change. Beyond analysing client interactions and behaviours through our CRM and Business Intelligence systems, at BDSwiss we have also found that conducting regular client surveys on all aspects of our business operations and at all stages of our product development has been instrumental in helping us drive operational excellence.

Investing In Knowledge

Another important aspect of a holistic client service approach is proactively educating clients on the different investment vehicles and trading products being offered. Navigating the financial services world can be a daunting and time-consuming task for many first-time traders and investors. The complexity of leveraged products, low level of awareness, lack of plain language can create information barriers that can ultimately lead clients to lose interest in a fintech company regardless of how revolutionary its investment products may be.

At BDSwiss, we believe that client skilling and education are powerful retention tools as they can help our clients understand the benefits and risks involved in online trading and empower them to make more informed decisions. At its core, financial literacy is about extending equal opportunities to all clients, arming them with the knowledge, skill, and training they need to navigate not just our tools and platforms, but also the rapidly evolving financial markets.

One of the most significant pillars on which any business is built on is “trust” — and by giving our clients a clear and solid understanding of the investment services we offer, we essentially communicate to them that we are investing in their education and are committed to creating long-term and transparent relationships with them. From expert-led webinars to trading courses, e-books, up-to-the-minute market analyses, and on-location seminars and workshops – all of which are translated into many different languages – we make a point of offering curated educational content that empowers our clients with the knowledge they need to embark on their trading and investment journeys.

Offering Bespoke Digital Experiences

Fintech brokers need to consider client experience as a decisive factor in their ability to achieve sustainable business growth. As fintech innovations and democratised access to the global financial markets become mainstream, value-added services including real-time personalisation, bespoke support, and access to quality financial education and market research could become key differentiators for a fintech company.

In line with our mission to democratise finance for all, at BDSwiss we have committed to continue to deliver bespoke trading and investing fintech solutions under a comprehensive one-stop-shop, while providing our clients with the tools, support, and education they need to forge their financial future.