Digitalization provides significant benefits both to service providers and their consumers. Fintech companies offer progressive digital services, create new customer expectations, and influence the dynamics of costs and profits related to services.

Digital Customer Service Transformation (DCCT) allows businessmen to explore the consumer in different interaction concepts and interaction channels, organize continuous communication with them and individualize the provided service. It is worth distinguishing between digital transformation of client service and digital transformation of the business as a whole.

In the first case, we are talking about the implementation of specific solutions, the effect of which will be visible immediately. The second is a long-term strategy and a serious investment that will pay off in the long term.

Why do we need a digital approach

Standard business tasks are increase of profit, gradual growth of revenue and value estimation. Positive dynamics of these parameters guarantees a high average check, an increase in the number of solvent customers, the growth of profit, which the client provides for the entire period of interaction with him.

It is worth noting that for most B2C companies the price of initial attraction remains quite high. In some groups, the cost is even higher than the amount of the first purchase. This means only one thing: it is not enough just to interest the customer once, it is important to create the conditions for a gradual increase in conversion of leads into customers, regular orders and consistently high average check.

A digital approach to customers and operations

To ensure this it is necessary to:

  • have as much information about customers as possible;
  • constantly work to improve the quality of the provided service;
  • to maintain a continuous dialogue with each customer through different communication channels, answering questions and solving customers’ problems;
  • increase the adequacy of the offer.

Combined automation of user experience reduces the cost of consultants and call center operators. Customer data analysis based on Machine Learning methods will enable the entrepreneurs to have a continuous dialogue with the customer in different channels, quickly answer their questions and make regular additional sales.

Analytics, implemented with the main communication channels, can reduce the cost of advertising campaigns. Advertising for a product that a person has already purchased will be turned off automatically rather than popping up constantly, wasting the advertiser’s money inappropriately. To re-engage users, set up ads for related products that provide a cross-sale.

To comprehensively transform the entire service cycle, it’s important to organize interaction between operational, technological and business units within the company. Businessmen might require new skills, expertise, incentive systems, and metrics. All these may significantly differ from what has been established.

There are a variety of opportunities for financial companies to collaborate and scale up innovation in the organization: centers of excellence, state-of-the-art labs, proactive program management services, and venture capital funds. They must also be approved by the company’s top management.

The changes will affect all industries in the near future. The main secret of a successful business is to focus on the customer and the product. The task of modern companies is to organize direct communication with the consumer.