As the FinTech industry continues to grow at a rapid pace, with all the technological advances that have come out of it and customer service needs are being met in new ways than ever before. As Christmas is soon approaching, this week’s blog post looks at the extent to which customer service needs are met during this consumer-centric period and what could be in store for the future.
AI (Artificial Intelligence) tools
It is well known that festive periods are one of the busiest consumer periods and fortunately, AI tools help make it a lot easier for consumers to shop and find their desired products. This can be seen through a range of things like recommendations based upon previous searches and even price matching helping the consumer establish where the best discounts are. Although this is very different to an in-person shopping experience, it still aims to provide consumers with a good level of assistance in order for them to feel confident with their shopping experience.
One of the benefits FinTech services have to offer consumers during festivities is a good range of payment options and plans. With most online shopping sites having the popular option of a BNPL (Buy Now Pay Later) scheme, this makes pricier items accessible to all no matter their financial background and could be a big help during a season of gift-buying and mass consumerism. Although BNPL can encourage consumers to spend recklessly, when used in moderation it can provide meaningful benefits.
Whether it is through a website or app, FinTech companies tend to offer a lot of advice on mobile banking, online shopping as well as how to manage your finances. This can be especially beneficial throughout the festive period as it encourages consumers to know more about handling their savings and budgeting for large amounts of purchases. Not only does it promote further financial literacy but also enables consumers to have a better understanding of their spending habits which could help when shopping for festivities.
What the future holds
From looking at the various ways in which FinTech and AI services help meet consumer needs during busy periods such as Christmas, it is clear that both offer useful solutions to an extent. As AI tools help boost the online shopping experience for customers and aim to answer their queries, FinTech services also offer beneficial financial advice and a range of payment options. Ultimately, there is no doubt that future innovations will enhance customer experiences and further meet consumer needs in the festive periods to come.