Software Support: Building a Reliable System in FinTech
In today’s fast-paced world, the financial technology (FinTech) sector stands at the forefront of innovation, transforming how money is managed, invested, and conducted in transactions. From online banking to mobile payment apps, FinTech is making financial services more accessible and efficient. Yet, with this rapid evolution comes a crucial challenge: ensuring reliable software support.
Reliable software support is the backbone of any successful FinTech operation. Users expect seamless experiences, especially when their finances are at stake. Downtime, bugs, or poor user experience can lead to loss of trust and potentially substantial financial losses — a deciding factor as to whether a FinTech product will make it or break is its software support. Therefore, building a robust support system is not just an option; it’s a necessity.
To understand software support’s impact on FinTech operations, let’s explore how this functions.
What is Software Support?
Software support refers to the help or assistance provided to users of software products. This assistance can include troubleshooting problems, answering questions, providing updates, and fixing bugs to ensure the software runs smoothly. It involves reactive measures, like resolving issues as they arise, and proactive measures, such as maintaining and improving the software to prevent future problems.
Well-built and effective software support ensures that issues are resolved swiftly and efficiently, minimising disruption for users. This involves addressing immediate problems, anticipating potential challenges, and implementing preventive measures.
Software support aims to ensure users have a positive and seamless experience with the software.
Effective Software Support’s Role in Building a Reliable Product
Fincra, a leading FinTech company that offers all-in-one payment solutions for fintechs, platforms, and global businesses across Africa, is a compelling case study of how effective software support can ensure seamless financial operations for its merchants. Working at the forefront of providing support at Fincra, I witness firsthand the impact of implementing an efficient software support system.
One of the critical challenges we tackle is developing payment infrastructures with different use cases for our various clients. While we build a secure and transparent payment infrastructure for online payments anywhere in the world, it is essential to optimise the products and enhance user experience as human behaviour keeps evolving.
We recognise the imperative of optimising payment transaction processes for enhanced efficiency and reliability. To address this challenge, we employ proactive monitoring tools that monitor these products 24/7. This allows us to identify and resolve issues before they affect the end users. By addressing potential problems early, our clients maintain high uptime and service reliability.
Despite our proactive monitoring tools, we strongly emphasise customer support. Fincra offers multiple channels for support, including Slack (customers can have dedicated Slack channels created for them), Skype (customers can have dedicated Skype channels created for them), live chat, email, and phone support. The support team is available around the clock, ensuring that help is always accessible, regardless of time zones. This multi-faceted approach ensures that merchants can reach out quickly and resolve their issues promptly. We have also developed an extensive knowledge base that merchants can access to troubleshoot common problems. The support knowledge base documentation is detailed and user-friendly, making it easier for merchants to understand and follow. This reduces the volume of support tickets and empowers merchants to resolve minor problems independently.
Through continuous training and development of the support staff, Fincra keeps the team well-informed about the latest technologies and support strategies. These learnings help stay updated with the newest updates, ensuring that systems always run the latest, most secure versions of their software. This proactive approach helps mitigate risks and improve performance. Merchant feedback is invaluable, and we have established robust feedback mechanisms to learn from user experiences and continuously improve their software and support systems. This repetitive approach ensures they are constantly evolving and improving.
Building a Reliable Support System in FinTech
In FinTech, reliability is everything. Users must trust that their financial information is secure and that transactions will go through without a hitch. Imagine a user trying to transfer funds, but the app crashes. Or worse, the app encounters a security glitch that risks sensitive information. Such incidents can erode user trust and damage the company’s reputation. This is where a robust software support system comes into play.
1.User-Friendly Interface: The first step in building a reliable software support system
is ensuring users can easily access the support options on the product. Offering multiple support channels, such as chat, email, and phone, ensures that users can easily reach out for help. Most of these support channels should be accessible from the customer/merchants dashboard, websiteFAQ pages, or product/technical documentation pages.
Accessible FAQ sections and self-help resources can also empower users to resolve common issues independently. If users struggle to find help, their frustration can quickly become distrust.
2.24/7 Availability: Financial transactions happen around the clock, so support should
be available 24/7. This can be achieved through automated chatbots and live support agents. For B2B systems, where you have large base customers/merchants doing large-volume of transactions, let’s say in millions of dollars, you may want to create a Skype or Slack channel where you dedicate a minimum of 2-3 support engineers who can be on shifts during day time and night time as well as weekends.
Automated systems can handle common queries, while more complex issues can be escalated to human agents.
3.Proactive Monitoring and Maintenance: Constantly monitoring software
performance allows companies to detect and address issues before they escalate. Regular maintenance and updates keep the system running smoothly and securely. This could involve regular software updates, security patches, and performance checks.
4.Data Security: In FinTech, safeguarding user data is paramount. A reliable software
system includes strong encryption, regular security audits, and swift responses to potential breaches. Users need to know that their financial information is protected at all times.
A good software support system makes it easier for engineers to identify and resolve technical issues that could expose vulnerabilities in the system.
5.Effective Communication and Feedback Mechanisms: Clear and timely
communication can make a significant difference. Users should be informed of any maintenance, updates, or potential issues. For example, when managing external developers for an API product company like Fincra, having changelogs in your technical documentation is a necessity;where developers can see the changes you made to your API. Frequently communicating with your users via email, slack channels, or communities is also Ideal. It’s important to use every channel at your disposal to communicate with your businesses, most especially via email.
Transparent communication builds trust and reassures users that their concerns are being addressed. Encouraging users to provide feedback helps identify recurring problems and areas for improvement. This feedback can guide future updates and enhancements, making the software more effective and user-friendly.
6.Skilled Support Teams: A team of knowledgeable and responsive support engineers
is crucial. They should be technically adept and trained in customer service and programming to provide clear and empathetic assistance.
The Path Forward
Support engineers play an important role in maintaining the reliability of FinTech software. Their expertise enables them to diagnose and fix problems quickly, ensuring minimal downtime. Additionally, they work closely with development teams to understand the software’s complications and anticipate potential issues.
Investing in ongoing training for support engineers ensures they stay updated with the latest technologies and best practices. This continuous learning approach equips them to handle the evolving challenges in the FinTech landscape.
As FinTech continues to grow, so does the need for reliable software support. Building a reliable software support system in FinTech is about solving problems and creating a seamless and secure user experience.
FinTech companies must prioritise building support systems that are proactive, user-friendly, and backed by skilled professionals. In a field where trust is everything, a robust support system is the backbone of any successful FinTech product.
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Written by Efe Ebieroma, Lead Developer Relations Analyst and Support Manager at Fincra. Connect with him on LinkedIn.
