US firm targets PHL fintech firms to sell messaging chatbots for better CX

SAN Bruno, Calif.-headquartered software company Freshworks Inc. plans to position itself in the local financial technology (fintech) market via its customer experience (CX) technology.

Simon Ma, Freshworks Director and Regional Manager of Sales for the Association of Southeast Asian Nations (Asean) region, told the BusinessMirror that the software-as-a-service (SaaS) provider’s messaging chatbot allows fintechs to offer better CX.

Ma claims the technology “also increases operational efficiency and saves costs.”

He said the company’s messaging chatbot – a software that simulates human-like conversations with users via text messages on chat – has helped an Indonesian fintech firm achieve a 98 percent customer satisfaction score (CSAT).

Ma said the Indonesian fintech is complemented by its customer relationship manager (CRM) offering, which allows financial services and customer data platforms (CDPs) to monitor complex customer records, such as banking history, credit scores, transaction activity, payment preferences and financial goals.

“CRM also allows our customers to store and update this information based on their unique interests and needs,” said Ma. “In the world of fintech, our offerings help clients predict customer needs and create personalized experiences through product recommendations and financial forecasts.”

He added that by leveraging these technologies, their customers are “certain to gain a competitive advantage” in terms of operations and revenue.

Ma said the firm’s CRM software “ensures that customer data and activity history will be available across multiple touchpoints” in the customer organization, “be it with sales, marketing or support teams.”

Holistic view

According to Ma, employees of a fintech firm using Freshworks’ technology “will be able to provide a better, more engaging and more relevant customer experience, consolidating customer loyalty and retention, to drive business growth.”

By partnering with support software, a company can gain context on a customer’s past interactions and help them solve their problems more effectively, he added.

“You can also track the customer journey and data across multiple stages of the transaction, whether it’s a loan, deposit or investment,” said Ma. “This way, your organization will have a holistic view of where each customer is, across the pipeline, where there are bottlenecks and what strategies need to be implemented to help initiate or close transactions.”

Ma said their CRM technology also helps fintech firms facilitate engaging communications with customers by allowing them to set up personalized campaigns and emails, such as wishing them on birthdays or anniversaries or promoting relevant products and services .

These campaigns and emails allow fintech firms to engage customers and build a relationship with them, he added.

Although Freshworks has a strong customer base in the Southeast Asian market and among verticals, Ma emphasized that fintech has been a major focus as it has experienced rapid growth and interest in this segment.

As FinTech customers continue to develop their business and expand their services to a wider range, we can help them create personalized experiences for their customers,” said Ma.

Ma said creating personalized sales cycles is critical to generating key data points and using them to create individual campaigns based on each customer’s unique needs.