4 CX Transformation Trends Driving the FinTech Industry in 2022 and Beyond

Published on December 21, 2021
Last Updated on April 28, 2023

The COVID-19 pandemic changed the way people interact with financial services, with most consumers preferring to transact online rather than go to banks or other financial institutions. This drastic behavior change accelerated the shift towards digital transformation.

The use of digital technology, however, is not enough to ensure the happiness of customers. The truth is, Customer Experience (CX) transformation is still the driving force behind digital innovation. FinTech companies that invest in digital technologies have partnered with a comprehensive customer experience strategy to enjoy higher rates of recommendation and customer retention. In fact, in a survey conducted by Gartner, 81% of companies say that they compete based solely on CX, proving that customer-centricity in crafting customer experiences is what makes or breaks customer satisfaction and loyalty1.

This, in turn, incentivized FinTech organizations to take a closer look at their CX journey, making way for the discovery and removal of inefficient processes and the creation of innovative solutions that will transform customer experience. We’ve listed below 4 CX transformation trends driving the FinTech industry in 2022 and beyond.

  1. Hyper-personalization of CX through the use of Big Data

    Daily, FinTech companies collect huge amounts of data—data that will not be of use to anyone if left untouched. Through data analytics platforms and machine learning (ML) algorithms, financial institutions can extract valuable information from the data collected to optimize processes, develop products, and produce a well-crafted CX strategy backed by customer insights.

    By leveraging big data, your financial institution can obtain a 360-degree profile of individual consumers, creating unique experiences that matter to your customers and your business. According to Boston Consulting Group, hyper-personalization of CX can lead to a 10% annual revenue increase2.

    For Petal, a financial innovation company, they use the data they collect to empower consumers on their credit journey. They created the Leap feature on their app that encourages healthy financial behavior based on individual customer data. According to them, “Leap is designed to make building your credit more rewarding. It’s built just for you, offering practical steps on how you can take action to build your credit score. That sets Leap apart from other credit education tools that offer general information on factors that impact your score but don’t offer clear guidance tailored specifically to your financial life3.”

    Data is not meant for mere collection. To turn raw data into something valuable for consumers, FinTech companies should take advantage of Artificial Intelligence (AI) and ML capabilities to create a hyper-personalized CX experience that will benefit their customers.

  2. Simplify processes through RPA

    Consumers usually have to undergo an overwhelming amount of processes before they can avail themselves of financial services. During onboarding, for example, they face stacks of paperwork that need to be manually signed and checked by the onboarding team, causing delays to the overall process—which results in a negative customer experience. 

    Robotic Process Automation (RPA) simplifies such processes. It makes use of AI and ML to automate repetitive tasks such as calculations, queries, and the maintenance of records and transactions normally assigned to humans. RPAs perform these time-consuming tasks 24/7 and at a rate 5 times faster than humans, making this not only efficient but also cost-effective4. This quick automation allows employees to focus on other high-level analytical tasks, improving the overall customer experience

    BNY Mellon, a global financing company, saw the benefits of RPA firsthand. In a statement, they said, “These robots are doing manual work. They’re doing stuff that humans can do, but don’t like to do, and often don’t do that well. That allows our employees to spend time on more value-added activities, like spending time with clients and spending time on more complicated cases5.”

    While RPA presents many benefits, FinTech companies should not immediately rush into implementing this into their CX strategy without considering their overall goals and the initial problems they may have in their current processes. To get RPA right, they must not cut corners and have the right partner that can provide valuable insights on how to successfully blend their internal processes with RPA.

  3. Improve Trust and Safety 

    Data security has always been a cause of major concern for consumers who transact online, with financial institutions implementing complicated security measures to keep their customers safe.

    While safety will always be a key component in any CX strategy, what many FinTech companies fail to consider is the “trust” component. Today, consumers expect complete transparency. In a research conducted by Verizon, 69% of customers say that honesty and transparency on how personal data is used are crucial to building trust6.

    In an article, eToro, a global trading platform, emphasized on how they operate in complete transparency. They launched several programs and features, including the Popular Investor program and the Social News Feed, to showcase valuable information that traders can use to make informed choices in their trading journey7.

    This proves that financial services must incorporate trust and safety measures into their strategies to satisfy their customers’ growing demand for transparency and security. Trust and Safety are key components of the CX strategy and they must go hand in hand to provide consumers with a holistic customer experience. 

  4. Provide an omnichannel experience

    As consumers, there is nothing more frustrating than having to repeat our concerns to multiple support representatives. According to HubSpot Research, 33% of customers dislike this repetitive cycle between agent and buyer8.

    To address this concern, financial organizations must put into place a cohesive customer support experience at every touchpoint. This means putting together an omnichannel experience that can support multiple channels, including chat, voice, in-app, email, social media, and SMS text. This will allow customers to reach out using any channel they have available, resulting in a unified and seamless experience.

    An omnichannel environment puts the customer at the center. It focuses on the customers’ needs, allowing them to easily access information from any channel. The more comfortable a customer is in interacting with your financial platform, the more confident they are in using it and even recommending it to other people.

How can FinTech companies develop a comprehensive CX strategy?

While all these CX transformation trends have their benefits, these are not a one-size-fits-all solution. Every financial institution has unique goals, processes, and needs—all of which have to be considered before incorporating any of these trends into your CX strategy. Having the right FinTech outsourcing partner that could meet the demand of your fluid and transformational goals and processes is crucial to the success of your CX strategy.

At TaskUs, we are leading the charge in the CX space. As the preferred partner of some of the world’s most disruptive FinTech companies, we understand the importance of crafting a comprehensive CX strategy for the growth and success of our client-partners. We act as extensions of their in-house team and craft recommendations that guide them throughout the ever-changing needs and expectations of customers. 

  1. Establish a dedicated CX team
    Crafting a successful CX strategy is not a one-man effort. Financial institutions must consider assembling a team of CX experts who can give them unique perspectives and valuable insights on how to create a successful end-to-end financial customer service experience.

    At TaskUs, our team of leading CX experts works hand-in-hand with our client-partners in crafting an effective CX strategy. We ensure collaboration among our partners, our Teammates, and our partner’s customers, making way for proactive solutions that improve the overall CX experience. 
  1. Select the right agents 
    The face of your financial service is your agents. They must not only be knowledgeable about your platform, but also have the training to perform highly complicated tasks in a timely manner. 

    At TaskUs, we carefully select and train our Teammates, equipping them with the right tools to support our client-partners. We created a bespoke facilitator-led curriculum, coupled with a custom and interactive learning management system (LMS) to enable them to work as accurately as possible in every situation.
  1. Create a People-First environment
    It must always be people who are at the center of your CX transformation. Transformation for the sake of transformation will only prove futile as it may not necessarily fit the needs of your customers, your workforce, and even your company. Always listen to feedback because it is where you will find the pain points that need to be addressed.  

    TaskUs takes pride in our people-first culture. We have always prioritized the goals and well-being of our client-partners, our Teammates, and the community at large. This way, we can proactively support them and immediately provide innovative solutions to challenges that may occur.
  1. Seek policy consultations
    The FinTech industry is continuously evolving. Financial institutions have to continuously anticipate changes in customer expectations. Failure to do so can lead to poor customer satisfaction rates and even financial repercussions. 

    TaskUs is prepared to take on the ever-changing landscape of the FinTech market. Our team of leading experts continuously review and reassess the market to provide consultative and value-added services on a wide range of CX transformation strategies.

Successful digital transformation can only happen through the implementation of a robust CX transformation strategy. TaskUs’s years of expertise in the CX space can help your FinTech business deliver a customer experience that will not only satisfy your customers but also bring success and growth to your business. Learn more about our Digital CX solutions and how we help disruptive companies like yours.

Want to know more about our studies and significant findings?


Scott Peters
Dir, FinTech, HealthTech