Customer Experience: Fintech Companies' Competitive Advantage

One of the disruptive powers of FinTechs comes from their ability to gain and retain loyal customers, but what's their secret? The answer is largely, if not wholly, customer experience (CX) and user experience (UX).

CX and UX are about the application of new technologies, strategies, and business models that, when taken all together, create a smoother and better customer experience no matter the industry or sector.

FinTechs have managed to provide new experiences, surfing on top of major economic and social trends that matter to modern consumers: mobility, on-demand access, and customisation, to name just a few. They provide seamless, intuitive, and easy solutions, available across multiple digital platforms, with 24/7 access—resulting in a personalised and technically optimised interaction. Consumers love it!

Since millennials are more inclined to use FinTech solutions than traditional ones, banking, as such, is no longer a place, but rather an experience. We have seen many traditional actors transform into more agile and digital financial services companies, with fruitful outcomes.

As user demand grows, some incumbents have formed partnerships or acquired FinTechs in a rush to fully digitalise...