Empowering the BFSI industry for Unrivaled Customer Experience (CX)
Today, 81% of organisations globally compete based on customer experience, and the BFSI sector is no different. While we see digital transformation services in the BFSI industry pacing up in an attempt to fuel growth, only 30% of banks have successfully implemented digitalization. There is still a considerable gap to be addressed. Why, you ask? Digital transformation spending is estimated to reach USD 3.4 trillion globally by 2026. But most importantly, is the banking industry ready to make the most of it?
In this blog, we will dig deeper into different digitalisation strategies that the BFSI sector can deploy to offer delightful customer experiences while ensuring compliance, security and connectivity in 2024.
Digital Customer Experience (DCX) before Customer Experience (CX)
Digital customer experience, or DCX, encompasses all customer interactions with any brand online using digital technologies or solutions. This includes browsing your website, using apps, engaging with customer service through email, and more.
Since customer experience or CX is becoming increasingly strategic for any brand or business, enhancing digital customer experience (DCX) leads to elevated satisfaction, greater retention and loyalty, and accelerated growth via word-of-mouth marketing.
BFSI’s competitive edge – Critical Digitalisation Strategies
With increased smartphone usage, adopting a mobile-first strategy is critical for success. With features like account transactions, customer support, account management and a user-friendly and engaging interface, banks and financial institutions can offer a hassle-free surfing experience that can further enhance customer satisfaction.
Successful data synching and higher continuity are critical when customers interact with you at any stage of their journey. The Omni-channel feature ensures the conversation continues without breaks or gaps even when customers switch from one medium to another. It also tracks your customers’
experiences or feedback at any stage of their journey, giving you a complete picture of your customer and, in turn, helping you enhance customer experience.
As per a Salesforce report, 66% of consumers anticipate that companies comprehend their unique needs and expectations, and 52% expect personalised offers.
You can leverage machine learning algorithms to analyse vast data and offer personalised solutions and services. Personalised product recommendations, targeted marketing campaigns, and dynamic pricing models create a more delightful CX.
Digital transformation technologies often come with security risks, so it’s essential to establish robust security measures at all levels to maintain and enhance customer confidence. Furthermore, advanced encryption, biometric verification, and multi-factor authentication can bring comprehensive security. When customers feel secure, their overall customer experience is elevated and can build long-lasting relationships.
Efficiency is paramount in the banking and financial services industry, and robotic process automation can significantly enhance overall efficiency. By automating specific processes like customer onboarding, document processing, and data entry, the BFSI sector can hugely reduce human error, save time and enhance efficiency for more value-added tasks. This can further bring enriching customer experience.
Wrapping up
Today, more than 80% of businesses and financial institutions are ready to adopt digital-first strategies to fuel growth and innovation. However, there is still a dilemma in implementing it thoroughly.
That’s where Appstrail’s path-breaking innovative digitalisation solutions and business consulting services can bridge this gap and let you make the most of digital transformation technology in the direction of better and faster ROI.
