By FintechOS · October 08, 2021
6 minute read

Smart self-service is a key component to digital success

Smart self-service is a key component to digital success-updated

A smart self-service strategy is key to digital success. FintechOS explores some best practices.

In the age of a pandemic, it’s incredibly important for a financial institution to be able to effectively implement a smart self-service strategy. As banks and insurers are pushed to embrace all things digital, leaving customers without a human guide to smooth out potential bumps in the journey, smart and thoughtful self-service becomes a crucial line of defense to ensure that potential customers don’t drop off, and existing customers are consistently satisfied with their interactions with your platform.  

At FintechOS, we think a compelling self-service strategy starts with empowering customers to facilitate their own customer journeys.  And because existing users have different needs to potential customers, we’ve divided the journey into two parts: onboarding and account management. 


These days, most banking customers think of a good mobile banking experience as standard, and they aren’t afraid to change the status quo for a better fit.  Younger customers, particularly millennials and Gen Z for instance, are known to switch providers much more easily than their older counterparts, especially if they think another provider’s ideals and beliefs are more closely aligned with their own.  And they will most often do this digitally. 

You can turn this to your advantage by making sure your own onboarding and KYC self-service strategy makes it easy for new customers to complete the signup process. 

First things first – make sure your interface is optimised for the platform it’s on.  Iphones and Android phones are coded differently.  iPads and laptops will also have different screen resolutions.  Make sure you check your interface on all digital touchpoints, and ensure they are properly configured – including any images, text and CTA buttons. 

Give an overview of the steps and documents your potential customers may require.  There is nothing more frustrating than initiating a process and discovering that it takes longer than you think it should or being asked for a document you don’t have after you’ve already spent 10 minutes on an application. An overview prepares a potential customer in the proper way, while also ensuring they have enough time to complete the process.  

Highlight any technical requirements and minimum eligibility criteria a customer may need to proceed with their application. This ensures you are not a source of frustration for your customer. Remember, chances are your customer will only attempt to sign up once, and if that experience leaves much to be desired, that customer may never attempt to sign up with you again. 

Use visual aids whenever they might be needed.  Not only are most people highly visual, but this also removes a barrier to entry for potential customers whose first language may be different from yours. It also leads to fewer mistakes. So, if you need a national ID code or a routing number, a well-executed image of where to find the information on a document may be much more helpful than a paragraph of instructions.  

Use the technology available to ensure security and minimize risk. At FintechOS, for instance, we not only offer facial recognition and ID validation, but we are also able to integrate liveness detection and video calling to combat the fraudulent use of masks, deep fakes and dolls in the KYC process.  You want to make it easy for your customers, but you also want to protect your institution from unnecessary risks.  Machine learning and AI can help you do both.   

Account Management 

Of course, smart self-service doesn’t end with completing the sign-up process.  To keep your customers happy, they need to be able to feel the benefits of your digital platform. That means they need to be able to access and manage their accounts in an easy and convenient way. 

Make sure your customer can find what they’re looking for. Smart self-service goes hand in hand with good design. Ideally, your customer should be able to access a dashboard that allows her to get the information she needs or make the changes she wants in a quick and intuitive manner. 

Make sure the actions are clear. Use industry standard terms that your customers already know – this is not the time to be experimental! A deposit should be labelled as such, a transfer a transfer, a payment a payment, and so forth.  Clearly mark any additional fees that may be incurred and authenticate actions as necessary. 

Confirm before you act on a request and confirm again when the action has been taken.  This is a simple rule that will substantially decrease headaches later on – always ask for confirmation before you proceed with a request and confirm again once an action has been taken.   

For example, if a customer wants to transfer GBP 1500 to another account, make sure your interface asks if this is accurate, and then once the action is completed, confirm again that the deed has been done. This will make self-service more efficient and decrease contact rates, because your customer always knows what’s going on with her money and her account. At FintechOs, we do everything we can to ensure confirmation is written into a customer journey as standard.  

Make sure the information you have on hand is reliable and credible.  Without a live agent, it is paramount that your information is always accurate and up to date. Fees, interest rates, and exchange rates, for instance, should always be on the mark, especially as this is easy enough to automate on most digital platforms. For self-service to be effective, you need to make sure your customer can trust you even in the absence of a human authority.  

How we can help 

FintechOS specializes in personalized customer journeys and effecting digital transformation without having to rip and replace complicated legacy technology.  Our low-code Innovation Studio also allows you to create bespoke end-to-end products according to your customer personas. Even better, we have already incorporated these self-service best practices into our platform.  Find out more today by downloading our Lighthouse brochure. 


Main photo credit: Unsplash

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