Guest Column | November 15, 2021

What B2B Financial Companies Can Learn From The Hottest Consumer Fintech Companies

By Stephanie Trovato

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The pandemic has put the B2B fintech sector in the limelight, and it does not seem to be slowing down; on the contrary, the B2B fintech industry is thriving.

The year 2021 is nearing its end, and B2B fintech businesses have already secured over $910 million in capital. Companies in the field are maturing, with increasing sales and client accounts. As a result, the overall aggregate value of B2B fintech is expected to exceed $1 trillion.

With all of this investor interest, competition is heating up among B2B fintech. As a result, these businesses are continually seeking new methods to keep their consumers happy. Bringing in new consumers in B2B requires a significant investment of resources; therefore, keeping them satisfied is critical.

Scaling in new customers requires finding methods to scale the customer success function for many high-growth organizations. But, how? For years, the B2B sector largely focuses on the business side of things rather than building a relationship with their clients. However, with the shifting mindset, more B2B companies rely on best practices from modern consumer financial companies to level up their customer experience.

Based on this, we’ve listed the top tips or rather lessons that B2B fintech companies can learn from modern consumer finance companies.

Tip #1: Transparency Is Key

A great deal of skepticism stems from the perception that information is being suppressed. You won't be allowed to express some things because of the nature of financial services. Though you may not want to seem opaque or distant, it may look that way to a customer if you’re not careful.

For example, if a customer inquires about the expected return on a certain fund or asset, there is no way for you to anticipate it since no one knows precisely. You might, however, give past facts and be transparent about where your projections originate from.

Fees are another area in which you may be forthcoming. You could even create a web page on your website dedicated to typical fees, including where they originate from and how they're calculated. And if there is information you cannot disclose, you must be even more eloquent in explaining why. You might utilize the headless CMS paradigm for this.

Tip #2: Make Use Of Digital Process Automation

When it comes to creating appealing client experiences, 61% of financial services organizations believe they overlook the ramifications of system change. According to The Financial Brand, the most difficult challenges in financial services' customer experience initiatives are data analytics, technology, and obtaining a comprehensive customer picture.

This is expected given the complicated IT architecture of most banking and financial institutions. However, when it comes to establishing an automated and engaging client experience, their rigid old systems are often a massive impediment while also increasing the challenges for compliance and fraud prevention.

Similarly, Accenture discovered that the complexity of banks' present legacy environments was the largest impediment to driving digital transformation.

A digital business platform that supports digital process automation (DPA) may revolutionize an IT infrastructure by linking inflexible but dependable older systems to current digital services. For example, DPA solutions in the financial services business enable:

  • Banks will expedite transformation by swiftly adding a layer of agility to old systems by utilizing platform technology. As a result, legacy systems can be encased in an agile, process-centric application layer that empowers employees while improving customer experience.
  • Banks to model and automate the procedures required to fulfill regulatory standards in data privacy and reporting, ensuring regulatory compliance while also encouraging innovation.
  • IT and business teams may efficiently communicate by adopting processes as a shared language. For example, using digital business platforms, banks' IT and business teams can co-document, curate, and share processes – as well as automate them.

Tip #3: Upgrade Payments Infrastructure

The COVID-19 epidemic has driven all industries to adapt and become part of a cashless society, including the B2B fintech business. In the early 2000s, merchants had to deal with banks, checkout providers, domain names, and design consultants one-on-one. In 2020, there will be hundreds of independent software vendors (ISVs) from which enterprises may simply construct a storefront to communicate with merchants.

Shopify, for example, offers several value-added services through its app ecosystem. For instance, Shopify integrates banking services into its e-commerce platform, allowing them to earn payment income while assisting merchants in getting up and running rapidly.

Disposable cards are another concept that is gradually gaining traction and proving to be incredibly advantageous. Many transactions in the B2B sector are one-time payments, and thus disposable cards are highly useful in such situations.

Tip #4: Be A Consultant, Not A Salesperson

We've all heard the stereotype of a fast-talking salesman who would go to any length to clinch a transaction. But, at the heart of every cliché is someone who is absolutely and utterly driven by their own self-interest.

Selling in the "do whatever it takes" mode might provide short-term success, but it seldom succeeds in the long run. The main reason is that if someone finds it out, they no longer trust you, and if they don't trust you, they will not conduct business with you.

Many contemporary businesses — and salespeople — have begun to take a consultative approach. Rather than attempting to impose an agenda, they take the time to get to know their customers and learn about their objectives and requirements. Then, they may give relevant and practical suggestions based on such information.

For example, if you are a financial adviser, you might have prospective and arriving customers take out a brief questionnaire to understand their objectives better so that future communication may be tailored to those goals.

Tip #5: Sales & Service Need To Work Together

Both selling and providing service need a significant amount of time. It might be difficult to explain time away from selling activities if a portion of your income or performance measures is related to sales. There will always be tension between the two, but there are methods to reduce it.

Aligning sales and service objectives is the best strategy. For example, if you do customer satisfaction surveys, you may reward individuals who get the top ratings in a quarter with incentives, additional vacation time, or something similar.

You may also think about increasing the commission rate for agents who keep clients for extended periods. Providing the incentive accomplishes two goals: First, it demonstrates that it is a corporate priority, which is quite effective on its own. Second, it may alleviate any concerns that employees may have about devoting more time to service and taking time away from selling.

Tip #6: You Need To Set Proper Expectations

Because the financial industry is so competitive, starting with the best-case scenario for things like rates and returns is typical. Though it may be an excellent way to bring someone in the door, it might lead to problems if they don't receive what was promised.

When speaking with clients, be completely honest about what they may reasonably anticipate from a product or service. For example, if they're looking for a loan, inform them that only individuals with near-perfect credit are likely to qualify for the best interest rates.

Set expectations early on about what you can achieve for them in your capacity. You may not be able to provide counsel or make specific product suggestions, for example. Being truthful from the outset ensures that there will be no surprises for the customer, which helps develop trust.

You should also establish payment expectations with your clientele. Whether you're a solopreneur or operate a small business with 20 workers, make sure someone in your organization correctly explains your invoicing and billing procedures to each new customer and client. In this manner, you'll create clear standards from the start, allowing you to better manage your invoicing.


The pandemic has been a hotbed for innovation, quickening digital trends, and increasing the need for new payment mechanisms. Consequently, the B2B fintech industry has prospered, and investors are flocking to it like bees to honey.

The B2B fintech industry may genuinely be a domain leader in the next few years by concentrating on customer service. Taking a page from B2C fintech firms, all they need to do is create a financial checklist centered on delivering clients with the greatest goods and services that surpass their expectations!

About The Author

Stephanie fills her days with content creation and marketing strategy for publications in tech, SaaS, and ecommerce spaces. She also works marketing strategy as a freelancer with Optimist, while balancing duties as a Content Strategist for EverCommerce. She is a graduate of the Fashion Institute of Technology and is based in New York.