February 1, 2021 | Tyler Staton

Lessons from Banking and Fintech: 

Reducing internal friction is first step in improving customer experience

 

I just got a phone call from @Aspire (digital banking for businesses). They called to check how my experience with their services had been going and to see if I had any issues or questions. I had signed up to Aspire on a whim, just to explore, after getting frustrated with my traditional bank, and it was so EASY.

 

 

For comparison, I’ve spoken with my bank 5 times this month, but all cases were initiated by me as a result of issues that couldn’t be addressed online. Their recommended form of communication is to print and fill out a paper form and snail mail it in. Their idea of enabling digital services is to now accept the same forms in PDF, but only if you download the latest version of Adobe and wait 3 days for it to be manually processed. 

 

I get it. I run a startup and am not their most valuable customer. But, the pain I feel every time I have to deal with my account is real. I will leave that bank, and I won’t go back. 

 

I think there is an important lesson here for Real Estate. Fintech may be further ahead than Proptech, but the direction of the trends are exactly the same. Not being able to provide client’s with frictionless interactions will cause them to go elsewhere. 

 

That said, it’s easy to get caught up in the exciting possibilities and latest hyped-up functionality but the truth is that real estate businesses need to start with the fundamentals. Digitizing and optimizing internal systems and processes has to be the first step, otherwise you are not building on a solid foundation and your attempts to digitize and provide better customer experience will inevitably miss the mark. 

 

Don’t be the company **that now accepts PDFs!**. 

Tyler Staton

Co - Founder | Talox

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