If you own a fintech product, chances are you are helping businesses:
- Create budgets
- Track complete business expenses
- File taxes
- Manage and pay loans
- Improve payroll systems
And, a lot more.
In a nutshell, your fintech business is becoming a one-stop financial technology solution for clients who wish to manage and streamline their economic activities at work.
Great! However, your clients need help when using your tool intermittently because:
- Most of them are new to the tool ecosystem and don’t know where to find certain features of the tool
- Many won’t know how to tailor the tool to their business needs
- Some won’t know if the tool is keeping up with the latest financial regulations
If that’s the case with you, you will need a knowledge base for your fintech business.
What Is a Knowledge Base?
A knowledge base acts like a product support repository for your customers, allowing them to find answers to their product-related queries faster. Your support, sales, and success teams can use this to enhance the customer experience at large.
Whereas a knowledge base in the fintech industry refers to a centralized digital repository where customers can find information on the latest compliances, products and their functionalities, product requirement documents, product policies, and more.
Since it is made accessible for users, they don’t have to contact support teams separately to find solutions to their product challenges.
Merits of Having a Knowledge Base for a Fintech Company
Given its use, a knowledge base brings many benefits to the table. Some of them include:
1. Minimizes customer support dependency
When customers have access to a well-structured knowledge base, they can find answers faster, reducing their dependency on support teams.
But how do you create a well-structured knowledge base?
- First, you can add a search bar to your KB to ensure customers can find relevant articles that answer their queries faster. With AI capabilities, you can even offer article summaries that offer a solution faster.
- Second, create relevant topic categories and sub-categories that help customers find information about a certain functionality faster.
2. Enhances user experience
Your knowledge base can also enhance customers’ user experience. That’s because a knowledge base offers instant access to answers that help customers quickly navigate complex financial products or troubleshoot issues without frustration.
But the best way to make it accessible is to increase its visibility. Here’s how you can do it:
- Optimize articles so they appear in search engine results
- Add the repository link on the top navigation bar to encourage customers to check the document out
- Add the link at the bottom of your website so you leave no stone unturned
- Add the repository option inside the product so that the customers don’t leave the product ecosystem
3. Reduces user onboarding time and costs
If your repository articles are well-written and explain technical terms in layman’s terms, you accelerate the learning curve for new users. That means some can skip through the demo stage and start with direct product sign-ups.
But ensure you have the following elements to help new users understand your fintech product better.
- A getting-started guide that walks new users through product basics
- A sign-up guide that allows users to start using the product
- A few video tutorials where your technical team walks the new users through the product and how it can be used
4. Provides comprehensive documentation for developers
This is a crucial benefit of using a knowledge base. The repository helps customers understand the product and its use and enables better implementation. That means your in-house developers won’t have to search for separate APIs, developer tools, code samples, or integration guides that make implementation easier. You can find them all in one place, therefore reducing extra work at their end.
Additionally, the incorporation of knowledge management in finance keeps teams aligned with compliance, regulations, and financial tools that streamline operations.
Here, we’d only advise fintech companies to regularly update and upgrade their product’s technical documentation so that product implementation and updates occur seamlessly.
5. Boosts customer service through AI and chatbots
If your KB supports AI elements, customers will likely find answers without the support team’s intervention.
Integrating your KB with an AI-powered chatbot quickly retrieves relevant information, providing instant support and freeing up human agents for complex issues.
While all that sounds great, having an AI-powered KB with powerful search bar options is more beneficial as it:
- Offers a quick article summary
- Provides a list of related articles
- Identifies the category where customers can find more information on the same feature
Tips to Manage Knowledge Base for a Fintech Company
With its list of benefits, a knowledge base easily becomes one of the crucial support elements for a fintech business. However, managing it can be a hassle as it contains much information. Here is a list of five tips to help you manage it efficiently and avoid data management challenges.
1. Audit the content of your knowledge base regularly
Set a monthly date to review your content. It’s like giving your info a health check – ensure everything’s accurate and up-to-date, especially those complex financial products and ever-changing regulations.
2. Choose a knowledge-base software wisely
Your software should be a powerhouse – think robust search features, smooth integration with your current systems, and room to grow. Don’t compromise on quality!
3. Gather customer feedback to improve your content
Add a simple “Was this helpful?” button to each article. Your users’ opinions are pure gold – use them to refine and enhance your content continuously.
4. Design with user experience in mind
Create a clean, intuitive layout with clear headings and helpful visuals. Remember, it should look great on all devices – your users might be on the go!
5. Make it easy for customers to contact support
While self-service is excellent, sometimes people need a human touch. Ensure there’s a clear, easy-to-find way to reach your support team when required.
Onboard a Fintech Knowledge Base Solution for Improved CX
Implementing a robust knowledge base is a game-changer for your fintech business.
That is because it empowers customers, streamlines support, and keeps your team aligned.
If that has encouraged you to look into a knowledge base system, we suggest you start the search by:
- Assessing your current information management,
- Analyzing current support needs
- Identifying the ICP and the users for your knowledge base
Only then will you arrive at a suitable platform option.
Remember, an excellent knowledge base evolves with your business and customer needs. So, make sure it expands based on your product’s functionalities. Also, invest time in regular updates and user feedback.
The result? Improved customer experience, reduced support costs, and a more efficient operation. Your fintech’s success story begins here.