Powering Fintech Innovation: Mitto’s Omnichannel Solutions Are Redefining Customer Experiences

India's top fintech leaders

Mitto tools, like Mitto Conversations, were created as a tool to improve the customer experience while simultaneously improving business ROI. Started by experts in the telecommunications field, the goal of Mitto’s omnichannel tools was always to link businesses and their customers together in a seamless customer experience. The average modern consumer communicates through text, phone, and social media platforms. Companies miss out when they can’t communicate with their consumers on those platforms. 

But communicating effectively via SMS, social media platforms, and other modern communication platforms is nuanced. Since the global pandemic, there has been a rise in brands around the world adopting omnichannel communication methods. However, not all are harnessing the full potential of these platforms. Mitto is committed to changing this. Financial institutions are among the types of brands leveraging the new age of communication, and their ability to adapt non-traditional communication methods has been the key to their survival through the pandemic. Now, Mitto and Fintech companies are going all in to redefine the customer experience for an evolved world.

Here’s a look at how Fintech has propelled financial company customer service into the modern age and how companies like Mitto AG fit in.

Omnichannel Solutions & Customer Connections

Companies understand that appealing to their customers is the right way to drive customer conversions, as well as being good business practice. But engaging in conversation without the right tools or tactics can be a good way for a business to send customer engagement belly-up. Unfortunately, there’s not one strict set of rules for how consumers want to interact. For instance, Millennials and Gen Z might be active Instagram users, but they aren’t going to want to use Instagram for every interaction. Mitto recently learned that consumers are more likely to interact with multiple different communications platforms based on the nature of their interaction. 

To begin with, speed and convenience are key to almost all customer-brand interactions, including those in Fintech. Most conversations had between consumers and businesses are short. With Americans specifically, 80% reported that these two aspects of communication as the most important aspects of communication. SMS is a great way to address questions & simple financial issues – in fact, another survey listed 46% of those surveyed as favoring SMS vs. email. And the younger the crowd, the more the SMS approval went up. 

SMS is relatively simple to use. However, it is not the preferred method for many financial transactions. That’s where Fintech comes in. Tools like banking apps are supposed to make communicating easier. Unfortunately, statistics show that over one-third of mobile users and one-third of online consumers find their banking tools simple and easy to use. Therefore, banking & financial businesses must use their apps to connect in a way that is simple, customized, and easy for customers without cutting corners on trust & satisfaction. 

Using customized omnichannel tools can allow businesses to reach out to customers in ways that enhance trust, optimize engagement, and expand the impact of a campaign. Omnichannel tools also look beyond the basic customer resolution software, like chatbots. While chatbots may seem like the obvious go-to for quick resolution, the real solution for long-term conversational commerce involves a human touch. This is ultimately what enhances trust, which is critical when companies are dealing with sensitive consumer data. 

Conversational commerce, in conjunction with omnichannel tools, allows companies to maintain their brand image and optimize their conversation while also letting AI create a human-like conversation with customers. Humans prefer to feel as though they are talking to other humans. This doesn’t necessarily mean that companies need to abandon automation altogether. Instead, Omnichannel solutions like those offered through Mitto AG can utilize customer data and pair it with messaging tools to make them feel as though their automated options feel less robotic. This does go a long way toward addressing other customer issues, such as speed. 

In Fintech, where Two-Factor Authentication (2FA) is commonplace, Nearly 60% of customers expect a confirmation message immediately. For regular commerce, a slow 2FA response can equate to cart abandonment for over 40% of individuals. Brands may utilize 2FA for larger purchases, as over 85% of consumers ask companies for brands to confirm their identity when making larger purchases, with nearly 50% of customers making purchases over $200 wanting some sort of verification. The same goes for customers of financial companies. For customers in the financial section, this can equal a loss of trust in their company. SMS can be an excellent way to confirm, as it is secure, comes directly to the customer, and is instantaneous. 

But SMS is not the only way to successfully communicate with the modern customer – though studies show that the younger the demographic, the more likely they are to appreciate nonverbal communication, like messaging apps. 50% of consumers surveyed reported that messaging was their preferred way of communication due to its ease of use. A company utilizing omnichannel solutions builds new customer relationships & retains old customers, increases the amount and size of sales, and makes a company’s job easier by doing these things without added effort. Add in popular messaging solutions like Facebook, Instagram, WhatsApp, and Viber; Fintech can offer so much more to consumers. 

What’s added to the conversation when omnichannel solutions are added to the equation? Synchronicity. When customers have just completed a transaction on one application and then communicate from a different platform only to have to repeat their communication process, it can cause disconnect at best and panic at worse. Since 75% of banking customers use online banking regularly, and even more use Fintech for other financial transactions, connecting these can go a long way to increasing customer satisfaction. 

Going beyond communication, omnichannel solutions with the help of artificial intelligence help financial companies from experiencing “customer amnesia” and rather helps them continue to help their customers from app to app, preventing customers from becoming burnt out on a company’s financial processes. In essence, omnichannel solutions and synchronous messaging help banks and financial institutions anticipate customer frustration and step in to help before it escalates. Consider SMS and messaging platform payment reminders. Push notifications that help customers with their financial literacy. Security measures take no time to complete but go a long way in helping customers feel secure. This sort of AI helps customers and will allow those using it to cut their operational cost by nearly 25% within a decade. That’s a win-win situation for all. 

How Mitto’s Tools Fit In

So, how do omnichannel solution providers like Mitto AG fit into the equation? According to CEO Andrea Giacomini, omnichannel communication experts can revolutionize the omnichannel strategy to incorporate all aspects of successful consumer outreaches. Says Giacomini, “The level of communication that consumers are requiring from brands can only be completed successfully with a full omnichannel strategy. Using omnichannel communications, e-commerce brands can meet customers where they are already spending their time. By going one step further and integrating fintech and payment tools that already leverage popular digital communications channels like SMS and WhatsApp, e-commerce brands can deliver a positive experience throughout the consumers’ entire journey.” 

The bottom line for companies needs to be maintaining loyal customers while expanding the customer base. The only way to do this is to make the customer experience feel second nature, which is accomplished by securing their trust, maintaining their attention, and growing the customer-brand relationship.

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