It’s no secret that fintech is the current sweet spot of the financial industry. But just merging finance and tech isn’t enough to keep consumers interested. Here are the tactics fintech darling Robinhood is banking on to capture consumer attention, while also establishing itself as an esteemed player in the evolving industry.
The expectations of wealth management clients have changed. In fact, nearly two-thirds of millennials and one-third of older cohorts now expect to begin their journey on some sort of self-directed software and/or portal to help them reach their financial goals. One way Robinhood sorts this situation out for itself is by untraditionally approaching customer service and brand strategies on Twitter with an account dedicated to each. Even though Robinhood has a robust, searchable FAQ page organized by topic, the brand does not have a Contact Us page. Instead, the brand’s site funnels customers to social channels by consistently linking its social media accounts as the preferred method of communication.
Additionally, Robinhood launched @AskRobinhood, its Twitter account dedicated to customer service, in March 2015—the same month Robinhood launched to the general public—which built anticipation and allowed the brand to differentiate itself immediately upon entering the industry. The account responds to all inbound requests, ranging from forgotten passwords to server failures. Since launching, it has tweeted 28,300 times. Furthermore, Robinhood continues to innovate the “typical” customer service experience by posting social-media-friendly GIFs that include step-by-step click paths for frequently encountered issues and/or new features, according to Gartner L2’s recent report on the topic. Mobile payment service Venmo employs a similar tactic with its inclusion of consumer-created emoji and captions per transaction. Peppering platforms with familiar words and symbols can serve as a sigh of relief and a spark of interest from young consumers on the hunt for easy ways to manage their new wealth.
Striking a balance between keeping consumers engaged and informed is key to the success of brands across sectors, but especially to brands in the financial industry, as the content isn’t necessarily conducive to building excitement, despite being a vital part of most people’s daily lives. Robinhood’s decision to eliminate the classic Contact Us page reflects the new route of the financial industry. Customer service should begin pre-login, through brand sites, social media accounts and apps that allow users to explore products and find answers to their questions. For brands looking to make an impression on the new financial consumer, trading some traditions for trends might be the way to go.