One thing has become more important than ever in the FinTech industry: Customer experience (CX).
No matter how advanced the product, without smooth and pleasant CX, they’ll surely look elsewhere.
BCG believes four major trends are shaping this mindset shift:
Embedded finance (projected to reach $320 billion market by 2030)
Connected commerce: “A long-awaited killer app for banks”
Open banking, the enabler of timely and targeted personal offers
And GenAI: The productivity game-changer
Businesses working in FinTech must realize that customers are having a great experience. This imperative has become the key to staying competitive in a crowded marketplace.
Are you leveraging the right technology and approach to stay ahead in an ever-changing landscape? Read on to explore what makes CX a top priority and derive insights from how your peers nurture delight in a customer-centric landscape.
CX as a Differentiator
People aren’t as logical as they’d like to be. Many think they make decisions based on reason, but, in reality, they don’t. And FinTech knows this.
That’s where CX comes in.
Take Monzo, for example. They’ve convinced us that banking doesn’t need to be a pain. Just give people a bright card, a smooth app, and a friendly customer service rep.
Instead of selling a bank account, Monzo is providing a feeling of control, ease, and empowerment. They didn’t need to beat big banks on features; they just needed to make the experience feel better.
The Need to “Design for Delight”
The best brands have figured out that CX isn’t just about making things easy—it’s about creating moments of delight.
Revolut, for a while, let users order a physical metal card that was almost ridiculously fancy. It didn’t do much more than the plastic version, but people loved it. Why? Because it felt like a little luxury, an indulgence in an industry that’s usually about being serious.
And that’s the beauty of it: we’re dealing with a product that’s usually…not exciting. Add a bit of fun, a little surprise, and maybe even a touch of extravagance, and you’ll crack the CX code.
In a nutshell, don’t strive for perfection; deliver memorable moments.
One Size Fits None
Personalization moved beyond being just a fancy add-on. Today, it’s a baseline expectation.
Real personalization means knowing what your customer needs before they do. It’s about anticipating that they’ll need a savings reminder after a big purchase or suggesting smarter spending habits when payday is still a week away.
Innovative companies do not bombard clients with irrelevant offers. Instead, they subtly nudge them toward things they didn’t even know they wanted. And that’s magic.
In fact, 80% of consumers are more likely to buy from a brand that offers personalized experiences. You either get personal, or you get left behind.
AI Enters the Game
Last year, the market size of AI in FinTech was estimated at $42.83 billion. In 2024, it grew to $44.08 billion, with a CAGR of 2.91%.
AI can supercharge your CX in ways you didn’t think possible. Many regard it as the secret sauce that allows FinTechs to:
Make real-time decisions
Deliver hyper-personalized experiences
Scale their operations without losing that personal touch
Think about chatbots. What was once a glorified FAQ machine has become so advanced that it can handle complex questions, provide sound, personalized advice, and even predict customer churn.
AI also helps FinTech companies analyze mountains of customer data in seconds, learning from every interaction and optimizing the customer journey at every step.
In addition, this modern technology helps you surprise and delight your customers, prerequisites in today’s customer-focused world.
Self-service
According to Gartner, customer service and support will experience major changes by 2028, where generative AI will lead 70% of all customer interactions.
That’s why forward-thinking professionals increasingly consider delivering self-service features.
In addition to serving as a straightforward cost-cutting measure and reducing pressure on support teams, self-service capabilities help your customers feel empowered. With ongoing refinement, iteration, and continuous enhancement, Fintechs will keep both customers satisfied and support costs down.
Transparency Above All Else
One of the mainstays of customer retention is transparency, and nothing erodes loyalty faster than “lack of transparency”, as seen in hidden fees and charges.
Moreover, seven out of ten organizations fail to provide readily available information on geographical distribution and sustainability.
In the world of FinTech, clear communication about fees is non-negotiable. Users need to know exactly what they’re paying for, without surprises lurking in the fine print.
Ensure your transaction fees are clearly stated, as if you’re explaining them to your sharpest but most cynical customer. This isn’t just about ticking a box for compliance; it’s about empowering users with the confidence that they’re making informed choices.
Fintech companies proactively discuss fees—because transparency is the foundation of any healthy relationship.
In doing so, they’re not just avoiding backlash, they’re also building loyalty.
Negative Experiences Resonate
In a hyper-connected world, reputation is everything—and bad news travels fast.
If a prospective buyer comes across a review or social comment highlighting a mediocre experience, that feedback significantly influences their purchasing decision.
That’s why building a brand is not solely about acquiring new customers, but about fostering loyalty and repeat business. Customer acquisition is expensive ($784 for the Financial Services industry), and in order to scale efficiently, you must optimize customer lifetime value.
This requires consistently delivering a superior experience that not only meets but anticipates customer needs, ensuring it stands above what competitors offer.
What’s more expensive, is the long-term costs of poor CX. Managing dissatisfied customers, repairing a tarnished brand image, and ramping up marketing efforts to compensate for lost lifetime value all surpass the investment in delivering a remarkable experience from the outset.
Conclusion
In FinTech, the real challenge lies in creating experiences that customers barely have to think about. Finances are inherently complex, but the companies that succeed are the ones that simplify the process in ways that truly resonate with users.
Monzo, for instance, rose to prominence by refining the way users interact with their money.
Revolut made waves with its sleek metal cards—not as a novelty, but as a way to make the everyday feel elevated.
And your brand must focus on transforming routine financial tasks into something that feels intuitive and stress-free. Prioritize ease of use and eliminate unnecessary friction to stand out.
As competitors race to outdo each other, those that deliver simplicity and convenience are positioning themselves for long-term success.
