By Raouf Mhenni, Chief Commercial Officer at SBS
Banks are some of the world’s largest and most heavily regulated organizations, making them uniquely challenging for fintechs to serve. They aren’t only looking for innovative products, banks need highly secure solutions backed by customer service that’s fast, reliable and always available. Meeting these high standards is no easy feat–even for the most agile fintechs.
It’s largely why many fintechs aim for a 80% customer satisfaction rate–a figure that most of the industry sees as ‘good enough.’ Four out of five happy clients sounds like a solid goal, but leaving the remaining 20% underserved leaves revenue on the table.
Fintechs don’t have to make every single customer happy–it’s unrealistic that they will. But settling for 80% satisfaction limits growth and keeps them focused only on what customers like, rather than uncovering opportunities for improvement and innovation. By striving higher, they can even convert some of the remaining 20% into loyal advocates.
And here’s the irony: we all know the 80/20 rule. Usually, 80% of impact comes from 20% of causes. But in customer satisfaction, flipping that equation the wrong way—settling for “just 80% happy customers”—means you’re accepting that 20% of your client base is consistently unhappy. In fintech, where trust and reputation mean everything, that’s a risk few can afford.
Here are three practical ways to measure customer sentiment, uncover the root causes of dissatisfaction, and foster a culture that drives satisfaction well beyond the typical 80%.
Spot the warning signs of unhappy clients early.
Customer dissatisfaction almost always stems from three root causes: unmet expectations, miscommunication or broken trust. Addressing these issues early can be the difference between an unhappy client and a lost one.
Unmet expectations can occur when a fintech overpromises and underdelivers. For example, a 90-day implementation that drags into six months can quickly erode a bank’s confidence in its technology partner. Similarly, if a product complicates workflows instead of solving the intended problem, banks’ initial expectations are not met, leaving them dissatisfied.
Communication is also critical to customer satisfaction–and a lack of it can lead to major issues. Suppose a company has relied on the same payment-processing software for years and suddenly faces a higher price per transaction fee without notice. This unexpected charge–with no explanation–can cause frustration. Fintechs should proactively communicate everything from fee increases to product downtime to management changes before they take effect, to keep customers in the know and prevent backlash.
The third warning sign of customer dissatisfaction stems from broken trust between vendors and clients. Partnerships between banks and fintechs rely on confidence that sensitive data remains secure. A cyberattack compromising critical information can shatter that confidence–and customer satisfaction as a result. Banks, in particular, hold highly sensitive assets, including personally identifiable customer data and financial records that make them prime targets for attacks. A single breach can damage reputation, erode customer loyalty and even trigger regulatory fines.
Each of these issues is preventable. Fintechs can reduce dissatisfaction by setting realistic timelines, communicating any business changes early and often and maintaining uncompromising security standards to keep small issues from turning into lost customers.
Track every compliment and complaint in real-time.
Maybe the early signs of dissatisfaction weren’t caught–or maybe they weren’t there at all. That’s why fintechs need to stay in constant contact with the client base, and measure it in real time. For most companies, this comes in the form of a net promoter score (NPS) or customer health score (CHS)– metrics that indicate how likely a customer is to recommend your products, based on survey responses.
But fintechs can’t rely on a single annual survey–especially when the banks they serve and the broader industry is changing every week. Measuring customer satisfaction requires continuous engagement through surveys and customer communication through emails, texts, phone calls and other touchpoints. This ongoing dialogue allows fintech to garner honest feedback from clients, monitor the tone of their communications and better understand customer sentiment in real-time.
When a customer starts to show signs of dissatisfaction, such as an angry email tone – teams need to ask directly why, rather than waiting for the issue to surface on its own. Maybe it’s a product issue, a service issue or something entirely different–whatever the case this feedback needs to be shared widely with the sales, engineering and product teams so it can be fixed. For example, if a product has a bug the product team may be able to implement a simple fix that can quickly improve a customer’s sentiment–and benefit other users as well.
With surveys and one-on-one interactions with customers, fintechs can not only track what they’re doing right but identify areas for improvement. This can ultimately serve as a wakeup call to help teams enhance service and deliver better products to their customers.
Make customer satisfaction everyone’s priority.
Turning customer dissatisfaction into lasting changes requires action across the entire organization.
The first step to fostering a culture that centers on customer satisfaction is rejecting the idea that a fixed percentage of clients will always be unhappy. When a Chief Revenue Officer accepts a 20% dissatisfaction rate, that complacency trickles through the company and impacts motivation. By contrast, when the CEO sets an ambitious goal–say 92% customer satisfaction–and makes it a shared metric, commitment cascades from the executive team across the entire organization.
Every client interaction should be treated as if it’s the first day of the relationship. The white-glove attention that new clients typically recieve–coffee meetings, quick fixes and constant check-ins–should be extended to every client. Sometimes that urgency can fade over time, and the service quality may decline along with it–maintaining that “new client energy” for everyone will keep long-term clients just as engaged as new ones. And it’s not just the customer-facing teams that drive satisfaction–every team should consider the end user in their work. .
If a partnership gets to a point that it no longer serves either side after repeated efforts to resolve issues, respectful offboarding can be the healthiest option. Not every product or service fits every customer, and that’s okay. Ending a misaligned engagement can free resources for new customers and ensure that teams are at their best to serve their existing client base.
It’s time fintechs move past “industry averages” and challenge the 80/20 thinking. Don’t let the 20% dissatisfied become “just the way it is.” By spotting issues early, listening in real time, and making satisfaction a company-wide mission, fintechs can raise the bar far above 80%—gaining more loyal clients, happier teams, and stronger business growth along the way.
