Show Me the Money! Exploring Fintech & the Customer Experience

At the TaskUs CX Summit, our goal was simple: to engage CX change-agents in honest conversations about the challenges they face today and their predictions of what the future holds.  As we looked to do this, we turned to the fintech industry - which is bursting with innovation in a traditionally antiquated environment - for guidance.  Thomas Corwin, Betterment's Director of Customer Experience, and Josh Sorchik, Coinbase's Director of Customer Support, led a panel discussion on the topic.  Here's what we learned.  

In order for companies in the fintech space to thrive, they must put customers at the front of their mind and tailor operations accordingly.  Customers are increasingly complex and demanding, and the industry must adopt or be left bankrupt.  Therefore, fintech, and other industries ripe for disruption, must be: You guessed it, disruptive.

The fintech industry has been through multiple iterations in the last decade as new technologies have come on the scene and customers have become increasingly tech-savvy. What started with automatic deposits, mobile banking and check cashing via a picture on your cell phone has escalated quickly with the adoption of virtual tellers, cryptocurrency, and coin exchanges.  You can continue to compete on new shiny features, but eventually even those too will be ubiquitous.  So, what's left?  Now, more than ever, the customer experience is what differentiates companies in this complex, competitive space.


But as much change as fintech has experienced, one constant remains: customers have to trust their financial institutions, whether online or in a brick-and-mortar branch. Betterment is a company that helps people easily manage their investments by blending proven investment strategies with technologies that drive down costs so people can make the most of their money. They are at the intersection of people in the traditional financial services world and people who want change.  For them, earning their customers' trust is critical and it's something that happens over time as they educate their customers about how to best manage their finances in today's new world.  So, don't expect this to be a quick or easy road; companies that use this as a constant guide will truly earn their customer's loyalty.  One wrong move to compromise this will be their detriment.


Much of that trust is built through dynamic customer interactions using the medium and platform that best serves the customers' needs.  If a customer has questions about items as sensitive as his account or investments or why something doesn't seem right on his account, he wants instant reassurance.  It's likely then that he will want to communicate directly with a knowledgeable live agent via phone for complete satisfaction and comfort.  

As companies and customers alike look for efficient, productive and easy customer support solutions, they can turn to a chat support solution, or better yet in-app or SMS solutions.  But just when you think you know your customer's preferences, you don't.  Thomas shared with us some head-scratching stories of customers chatting in their deep investment inquiries like whether to invest in a Roth IRA or traditional 401k.  The answer isn't simple - it depends on the customer's risk appetite, her current and long term wealth objectives, the predicted fluctuation in the market. Furthermore, in order to provide investment strategy advice, the agent must be a licensed advisor to do so; so they had to rethink their escalation procedures to accommodate such inquiries even through these tech channels.


Panelist Josh Sorchik from Coinbase, a cryptocurrency exchange platform, discovered bitcoins in 2013 while traveling in New Caledonia and worked in Support for Coinbase before returning stateside. His perspective is interesting and he discussed Coinbase's objective to make cryptocurrencies more accessible to the world.  To do so, Coinbase developed a suite of products such as mobile wallet, insurance protection, instant exchange, secure storage, full control and recurring buys by listening to their customers.

In closing, we learned from the panelists that you have to have a finger on customers' pulse - and their money. Customers won't stand for mediocrity and tradition anymore, even in the most sterile environment like financial services. Listen to your customers, and push the boundaries of accepted norms.

Want to learn more about our CX Summit, and even how you can be one of our panelists? Contact us at for more information, and check out our next CX Summit in New York on April 12, 2018.


October 24, 2017