In a constantly changing environment, staying competitive is a huge task.
Customers’ needs and preferences change quickly. Coupled with emerging technologies like machine learning, artificial intelligence (AI), blockchain, and the Internet of Things (IoT), they’re redefining how financial companies deliver their services.
Any slight change can considerably impact customers, and not all of them are willing to embrace it with open arms.
But many financial institutions still do business the way they’ve always done it – often serving their needs more than those of the customer.
It’s no wonder they struggle with low user adoption rates, which usually indicate that users adopt the product short-term — and then jump ship.
With the global FinTech market predicted to be worth $26.5 trillion by 2022, why are there still issues around user adoption? Let’s look at some of the industry challenges contributing to the problem.
Challenges that Hinder User Adoption of Financial Services Technology Systems
Four critical challenges hinder software adoption in the financial services industry:
- Rising customer expectations: Today’s customer is tech-savvier, smarter, and better-informed while expecting high-level service and personalization.
- Cybersecurity, privacy, and trust issues: Financial services companies are prime targets for cybercrime. Cyberattacks hit them 300 times more than other sectors. Vulnerabilities are more discreet, potentially impacting customers as their data and money are at stake.
- Keeping up with technological advances.
- Regulatory and compliance issues: Too many regulations and increasing regulatory fees.
Financial institutions need big picture, board-level strategies to prepare for their technology’s impact on their customers and operations to alleviate these challenges.
How to Improve User Adoption of Your Financial Services Software
So how do you ensure that users stick with your product rather than abandon it at sign up? Add these strategies to your software adoption plan.
Continuous user onboarding
It’s easy to assume that because a user signed up for your product, they’ll stay forever. They’re probably trying out several others from the competition to find the best fit.
Think of onboarding as a continuous process to scale your company and increase user adoption of your technology systems. Adapt and evolve the onboarding process alongside your company, and don’t stop working on it for your new and existing customers.
Content, communication, and a good UI design pattern
Good product onboarding is more than just a beautiful user interface (UI) design pattern. It’s about delivering the right message, in the right place, at the right time.
Give your customers high-quality content that explains how they can get the most out of your product. But don’t stop there — provide user support in context at a specific time and place, so they know how to navigate the technology. You can use anything from articles, blog posts, orientation videos, webinars, demos, live chat, and other helpful documentation.
Make the process quick and easy for them to access and use so they’ll stick around.
Find your activation criteria
Your activation criteria make your customers more likely to stay on longer with your company beyond the first trial and subscription. For example, you could offer XX worth of free credit for first-time signups.
The idea is to provide value to the user right away to increase the likelihood of retaining them.
Invest in retention
Instead of waiting until users gradually start losing interest in your project, keep them engaged and coming back for more.
Be proactive about retention by ensuring your product keeps giving them value. As you do that, you’re giving them a reason to stay longer.
Drive Behaviors that Matter…When They Matter
Choose your messages and information very carefully during the onboarding process. You may be tempted to share every little detail about your company and product with new users, but that could also be the reason you lose customers.
Get a Centralized Database System
How can you manage the customer experience while keeping operations streamlined, effective, and efficient? By getting a CRM.
A CRM is designed to help improve the customer experience, grow relationships, and optimize revenue opportunity management. Plus, they keep your customers’ data secure, so you can focus on customer satisfaction and improving operational processes.
Need an IT user adoption strategy for your company? Let MasterSolve help.
Our services are designed to help you avoid risks, save resources, and accelerate business growth when it comes to CRM platforms and other high-value business technologies.
Learn more from our resource on how to align your CRM with your business goals.