How to empathize with (y)our customer

Tim Oskam
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What is empathizing all about? Why is it really necessary, not just for the financial markets but for any business?

To understand a business, you first need to understand the language of the trade. Developing a rich common vocabulary helps in understanding the system more deeply and thus leads towards a better interaction between the customer and the company.

This resolves one of the biggest issues that customers face: Service agents not being able to show sufficient understanding or sympathy towards the subject.

This leads us to the question: How to empathize with your customer and their clients? The solution begins with being able to speak with the customer on the same level.

The situation is definitely important when it comes to financial markets because here the gap of understanding has widened between Finance and Technology, last year especially. Technological leaders try to provide solutions to the banks and financial institutions but are sometimes unable to do so because of idiosyncratic operating models that they follow. Established financial institutions speak in their own language based on Financials and not on the Technology. This leads us to the question: How to empathize with your customer and their clients? The solution begins with being able to speak with the customer on the same level.

We take the following steps at VI Company in getting the most out of the mutual interaction that happens between our partnerships, as we believe in developing a long lasting relationship.

  1. We keep ourselves equipped with the essentials of finance including ethics. The established financial industry is a potential business market in the FinTech industry. Since many of these businesses have old ways of doing things we can help by bringing these outdated methods up to speed by combining our financial knowledge with technology. To help narrow the gap of understanding between the needs of the Financial Industry and Technology providers we are getting ourselves certified by programs like Claritas by the CFA. What we are trying to achieve here is a basic knowledge foundation.

  2. Knowing the latest developments in the financial industry at a global level is another important step. We know that the customer service segment is spreading through a wide spectrum of industries which includes retail, private and corporate banking and their supported platforms such as brokerage, investment, financing, advisory and trading solutions.

  3. Understanding the risks and challenges of the financial industry will make us much more empathetic with our customers. In this regard compliance is the key. Providing high security and meeting rigorous standards are major concerns of financial regulators. An example is that of a FinTech company that processes sensitive data of a bank and delivers services to its customers. The regulator will require a higher level of requisite security and knowledge. Any data mismatch or misbehavior can therefore severely damage the reputation of the company and the markets.

For the established financial industry to realize its full potential and be relevant in the future, coherent action by several parties is required. We need to become collaborative partners. VI Company is focused on equipping our team with Claritas and moving upwards to other certifications. We are deeply involved with current developments in Finance and Technology and are committed to meeting all the necessary prerequisites necessary to maintain a strong hold of our partnerships. We have developed this niche business to serve your present and anticipated needs.

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