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Link: Acquired.com
Summary
In this podcast a discussion on how the right financial software can enhance the customer experience, streamline payment arrangements, and empower lenders to adapt to individual customer needs. Flexibility in the front end, back end, and deployment of software is crucial, especially for businesses with legacy systems. The conversation also touches on the significance of offering multiple payment methods to consumers, considering consumer vulnerability, and using data to tailor payment solutions.
Key Points and Ideas
- Flexibility in financial software is essential for creating a seamless customer experience.
- The right software should be adaptable to both the front end and back end, enhancing customer engagement.
- Legacy systems can benefit from software that wraps around them, rather than replacing them entirely.
- Customer-centricity involves tailoring payment solutions to individual customer needs.
- Offering various payment methods, including open banking and digital wallets, provides flexibility to consumers.
- Detecting flags in a consumer’s financial behavior can trigger vulnerability checks and proactive outreach.
- Data-driven insights can help businesses understand and respond to customer needs better.
Key Statistics
- A 21% degradation in customer experience satisfaction was reported over the last 12 months in the financial industry.
Key Takeaways
- Flexibility in software solutions is crucial for enhancing the customer experience.
- Legacy systems can be improved by wrapping them with adaptable software.
- Customer-centricity involves offering flexible payment methods and proactive vulnerability checks.
- Data-driven insights are valuable for understanding and responding to customer needs.
- Financial institutions need to prioritize customer engagement and adaptability in their technology solutions.
- Open banking and digital wallets are becoming increasingly important payment methods.
- Businesses should be proactive in reaching out to customers who show signs of vulnerability.
- The customer should always be at the heart of financial software and decision-making processes.
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