Home Finance Battle for Consumers’ Attention: Expert Shares 3 Areas Fintech Should Focus On to Increase Client Acquisition

Battle for Consumers’ Attention: Expert Shares 3 Areas Fintech Should Focus On to Increase Client Acquisition

by uma
gawdo

 

With the fight for clients becoming fiercer, Yanis Chatziathanasiou, Head of Sales at ConnectPay, has shared what Fintech companies should be focusing on to stand out from the competition and attract new clients. 

April 25, 2022. The competition among financial institutions (FIs) has been intensifying as customer expectations for convenient, intuitive, and efficient services continue to grow. In addition, increased market tensions due to the war in Ukraine have emphasized the importance of strong compliance and security policies, as clients want to ensure their funds are secure, despite the turmoil. Yanis Chatziathanasiou, Head of Sales at ConnectPay, an online banking service provider, has shared what the company has been focusing on to retain as well as attract new customers.

Upping security and anti-fraud measures

Increasing cyber threats were a concern for Fintechs even before Russia’s attack on Ukraine. Now the invasion has amplified the scope and sophistication of the attacks on all financial service providers. While security should always be at the top of the priorities list, Chatziathanasiou emphasized dedicating additional resources to fortifying security efforts.

“Customers want reassurance that the transactions, as well as their personal information, are safe, especially when there’s uncertainty looming over the market,” the expert commented. “What we’ve done is taken extra precautions by making sure all of our systems and processing servers are based on fully secure cloud systems, deployed in Western Europe. Also, we’ve implemented advanced cyber security safeguards, supporting our capability to detect and immediately respond to any malicious attempts to keep infrastructure and services secure.”

He also added the necessity to clearly communicate the steps being taken to the clients, to reassure them that even in turmoil their funds are secure, which also contributes to building more tightly-knit client relations.

Compliance in spotlight

Following the sanctions enforced on Russia, many financial institutions had to quickly adapt to remain compliant and avoid interruptions in service. According to Chatziathanasiou, having a strong compliance regime plays a crucial role when it comes to acquiring new clients — they need to know that when new laws arise, however unprecedented, the service provider they have selected will have the competence to protect their resources and reputation.

“We are constantly reviewing, enhancing, and adapting our compliance program. For instance, following the war in Ukraine and the sanction regimes on Russia and Belarus, we established a dedicated compliance task force, which is authorized to take decisive actions to make sure our customers and the company are protected,” he shared. “Fintech has a big advantage here —  its fast-paced nature enables to adapt and implement changes quickly.”

He also noted constantly testing their third-party providers to “make sure the compliance program remains above market standards”.“We keep a close eye on all of our vendors, checking what was updated and when, to make sure any necessary changes in relation to sanctions are deployed in a timely manner,” he added.

Banking referral programs

Maintaining a high quality of service is crucial no matter the market conditions, as customers who feel their expectations are being met or exceeded are more inclined to refer other potential clients. Chatziathanasiou recommends taking advantage of this by setting up a referral program. However, this strategy will not bear fruit if it is not supported by a top-tier service.

“Getting referrals is a two-fold process — you need to not only build strong relationships with your current clients but also ensure being able to deliver quality services and support,” Chatziathanasiou shared. “For example, at ConnectPay we follow the “easy banking” motto, creating intuitive tools and guiding the client along the way. And, based on the feedback, this is what our referred customers value the most — the user-friendly system and account support that starts at onboarding and continues throughout the entire client’s journey with us.”

“Now, at least 20% of our clientele is coming through referrals, and, historically, most of them tend to become referrers themselves,” he added.

 

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