The importance of client success in fintech: a TFB example

Author: Meriam Cherif

Companies in the financial market, such as retail brokerages, hedge funds, liquidity providers, and prop trading firms, deal with a variety of minor challenges daily, in addition to the long-term issues that the ever-changing financial industry is notorious for.

If the company made the right choice and selected a reliable and trustworthy technology partner, most of its problems will be associated with something other than the IT infrastructure. Still, a lot of the time, the tech provider is capable of mitigating the risks and managing any ongoing issues that the client is facing.

Whatever it is that impacts the client, the TFB team handles it with two approaches:

• Technical issues are rare but can happen as no solution is perfect. The experienced tech support team addresses them. They also conduct how-to calls and advise on the best configuration and approach in a given scenario.
• Everything else, sometimes even tech support, is handled by TFB’s Client Success (CS) team. The CS team goes beyond the standard “Is everything working fine?” narrative to ensure that the client gets the maximum benefit from working with us.

What exactly does the Client Success team do for clients?

Client success in fintech goes beyond adopting a proactive strategy focused on ensuring that the client achieves their desired outcomes. The team also does the following:

• Carries out the initial onboarding process (every TFB client is assigned a dedicated CS Manager from day one).
• Hosts regular follow-up and check-in calls to see how the client is doing. During those calls, the CS Manager uncovers whether the client has everything they need, whether they potentially missed helpful functionality, whether they could use some help from tech support to optimise performance, etc.
• Assists with proof of concepts (POCs) and other ideas and plans that clients have to ensure the technical side of the question will be uninterrupted and perform just as spectacularly as before.
• Helps escalate or sort any upcoming concerns, issues, or queries.
• Updates the client about any changes in terms of licensing, technology, or anything else TFB-related.
• It even helps with questions that are not TFB-related. Just like our tech team is knowledgeable about the industry in general and not just our own solutions (although we always ask clients to double-check the tips with respective vendors), the CS team is capable of helping out or pointing clients in the right direction on several issues that they may reach out with. We pride ourselves on being industry experts, and sometimes even the act of talking with a CS Manager, and not someone within the client’s company, helps them progress with their project or task.

The key benefits of the Client Success team (at TFB and overall in fintech)

The CS Manager and client partnership creates a lot of added value for the client. 

#1 Maximising return on investment

Investing in robust technology like liquidity bridges and risk management software solutions is essential, but merely purchasing and installing the solution is not enough.

Many companies, whether TFB clients or not, buy complex solutions but only end up using a fraction of the options available to them. That’s where an experienced Client Success Manager comes in. They dive deep into the client’s case and understand their needs and preferences, future plans, and everything in between. Next, the CS Manager pairs those wants and needs with the setup and functionality that helps them achieve their goals.

TFB example 1: The education and training sessions that CSM provides clients maximise ROI by using all available features. Besides that, Client Success Managers ensure swift onboarding of our products, shortening the client's payback period and the time to value.

TFB example 2: Once, we had a call with a mid-size broker operating in the EU who used the solution for a short while, but wasn’t aware of the automated report generation functionality. As a result, they were running manual reports and wasting a lot of their precious time. This was discovered during one of the routine catch-ups, and the CS Manager quickly arranged a call with the tech team who helped the client set up automation, saving them several hours of work every week.

As you can see from the examples, working closely with a CS Manager translates into better financial performance and efficiency through the training and education that the Client Success Manager constantly provides from onboarding onwards. In an extremely rapidly evolving industry, such as finance and trading, this ensures clients remain updated with the latest developments and utilise new features effectively.

#2 Facilitating customisation and scalability

Financial markets require tailored and customised software solutions. Client Success Managers have the capability to understand their clients' business models, discussing them with their developers to offer solutions that fit specific needs. They are also able to scale accordingly as the client company expands, accommodating increased complexities.

Moreover, CS Managers gather feedback from a diverse range of clients, allowing them to continuously refine and enhance the offerings. This feedback loop ensures that the solutions remain relevant, effective, and aligned with the evolving needs of various market participants.

TFB example: The Client Success Manager works daily on feature request tasks that are initially requested by clients during the onboarding training session.

#3 Building mutually beneficial long-term partnerships

Client Success fosters long-lasting relationships. Trust is built by consistently delivering value and supporting the client’s growth.

This results in higher retention rates and a long life cycle that opens doors to new opportunities for both parties. The tech provider is able to maintain their clients, better understand their needs, and provide solutions that match the market’s core needs and challenges. The client, in turn, gets a real partner who knows their business inside and out and is able to solve their issues or grasp their vision faster, providing them with tools that enhance their operations.

Furthermore, Client Success Managers naturally have extensive connections and a deep understanding of various market players. They are qualified to map different players in the industry, illustrate the interconnected landscape of financial services, and leverage these relationships to provide clients with valuable insights and opportunities. This comprehensive approach enhances client satisfaction and drives innovation and growth within the financial ecosystem.

TFB example 1: Client Success Managers participate in Expos and business trips quite often. We believe that face-to-face meetings impact, foster, and empower relationships with our clients.

TFB example 2: It’s not uncommon for our Client Success team to introduce clients that end up partnering either on their services or on something else. It’s also pretty standard for us to use the best practices that we’ve learned in the past to assist the client with similar issues.

#4 Improving risk management and regulatory adherence

Client success teams leverage advanced risk management tools to effectively identify and mitigate risks. This proactive approach supports stability and prevents potential losses. Additionally, by complying with regulations, we shield clients from fines and disruptions. This safeguarding protects reputation and ensures uninterrupted operations.

TFB example: TFB Client Success Managers introduce clients to different partners who can help them with their business, such as regtech companies, liquidity providers, or other emerging platforms.

Final thoughts on Client Success in the financial sector

Client success is imperative for financial market participants. By prioritising it, companies can easily navigate their challenges and drive sustainable growth. It's an investment in mutual success, propelling both clients and service providers forward in the financial ecosystem.