Realizing the Might of CX in Modern Businesses
A recent survey done by Sinch revealed that almost 50% of customers switch brands if they have had a bad experience. This underscores why customer experience has become a business priority for every organization. In the post-pandemic world, there is an increasing reliance on digital tools, implying that organizations must look at catering to digital-first customers who are well-versed in using their smartphones for the services they need. This generation of customers is ready to explore new and interesting channels that can help them connect with brands, so businesses need to be accessible on multiple channels and facilitate a seamless omnichannel customer experience. By leveraging technologies that keep the audience engaged and assured of competent responses quickly, organizations can improve their CX, leading to the success of their brand.
Balancing automation and the human touch in accelerating Customer Experience
In the quest to satisfy mobile-first consumers, businesses need to consider how they deliver real-time customer information and give accurate guidance and service support. There has been a surge in the volume of customer conversations managed by businesses. When customers have not engaged adequately or are provided with the support sought, chances are that they will switch to a new provider. With their finite human responses, there is a limit to how brands can respond effectively. This is where automation comes into the picture. Brands can create value among millennials and the digital-first generation by opting for conversational AI that can manage up to 90 percent of routine and simple queries. For more complex queries, businesses can rely on their well-trained human agents. This will lead to a reduction of repetitive work done by customer service agents and make them more motivated and confident of providing focused and accurate responses to customers. The key is to get the balance right and not focus only on one option.
Banks Rethinking their CX data strategy and technology
Banking is becoming increasingly competitive. Now, more than ever banking customers are willing to explore an omnichannel banking experience provided they trust the financial institution. The arrival of modern digital banks and payment platforms has introduced the idea of fast, near-real-time services. Customers are unwilling to stick to a bank if it fails to keep up with the times. This is where data-driven insights that help identify even the smallest of factors that influence customer decisions, are invaluable. For instance, knowing which touchpoints see maximum traction or where consumers positively react to something. Do they have a pain point that leads to them switching to other players, and other areas that can help banks improve their CX strategy and technology? These insights help in enhancing the end-to-end customer journeys and boosting acquisition and retention.
Impact of personalization on customer experience in the BFSI industry
Personalization is making a tremendous impact on customers today. The ‘we know you and your needs approach is helping brands across verticals including the banking sector boost customer experience and engage and retain customers effectively.
Not too long ago, banks were seen as enterprises bound by rules and regulations with almost no personal touch. Customers would follow the rules, do as they were told, and only then get the required service. Things have changed today and banks that authentically connect with people on an individual, scale, as well as community level can achieve better growth.
For example, giving customers control by enabling two-way messages or anticipating their problem areas and offering a quick solution, say, a personalized video tutorial that shows how customers can boost their credit score or even a personalized financial assessment. To make this happen, the right mix of technology and human touch is critical. Customers now also want to use Apps they are familiar with and like, such as WhatsApp or Instagram, to communicate with companies and so this degree of personalization means enterprises need to consider multiple communications channels to engage best with customers and not rely on simply their own app or chatbot.
Trust would play a crucial role in establishing long-standing relationships between customers and their financial partners and is a fundamental requirement for people to act on their finances.
Future of CX in the BFSI industry
One of the major trends in FinServ is the adoption of less traditional communication channels and technology like AI. That is because customers are craving for real-time, empowering experiences that make life easier, for example, receiving and responding to banking alerts via messaging.
So, when we talk about the future of CX in banking and financial services, it is in building authentic, technology-driven conversations with the customers. Brand value, market reach, and functional infrastructure cannot make the cut alone. The way financial institutions operate currently, they are providing excellent services but in an impersonal way. This is where technology and data-driven insights, conversational intelligence, and human efficiency need to combine to create an empathetic, quick, and efficient CX that can drive loyalty.
Unsurprisingly though, customers are only willing to embrace new experiences if they feel secure. So, banks would need to work to ease customers’ concerns about digital conversations and experiences.