The BFSI (Banking, Financial Services, and Insurance) sector has now acknowledged the core vitality of Customer Engagement Management. As we all know, Customer Engagement consists of interaction/s a customer has with the brand through various channels. Taking pains to improve Customer Engagement will ensure organizational development in the long run.

The concept of Customer Engagement in the financial services industry is quite different as compared to other sectors. Today, a good majority of the customers are digital-savvy and financially literate, hence financial services providers, like commercial banks, investment banks, insurance companies, brokerage firms, and so on have to go the extra mile to acquire and retain their customers. If you still believe Customer Engagement is just a pseudo concept, allow us to show some data to change your mind.

87% of customers would return to make another purchase from a brand if their previous experience(s) were recorded as very good. (Source: Experience Matters)

Customer-centric companies increase their revenue 1.4x faster than non-customer-focused companies. (Forrester)

It has been predicted that by 2025, 40% of customer service organizations will become profit centers by becoming de facto leaders in Digital Customer Engagement. (Gartner)

13% of unsatisfied customers will share their poor customer experiences with 15 or more people. (Beyond Philosophy)

A promoter of Customer Experience has a lifetime value to a company of 600 to 1,400% more than that of a detractor. (Bain)

As per the Pareto Principle, 80% of an organization’s profits come from just 20% of customers. (Forbes)

In this blog, Talisma Corporation will enlighten you about how the BFSI sector is undergoing an overhaul to ameliorate top-notch Customer Engagement Management. So, let’s learn more about it by going through the pointers below.

Absolute Digitalization

The days of standing in queues to withdraw cash or purchase insurance policies will be history soon. In the coming years, almost all financial services will become digitalized, thus, removing the need for customers to visit brick-and-mortar units of their financial services providers. The Juniper Research’s report has also stated that digital banking users across the globe are expected to cross the 3.6 billion mark by 2024.

Personalized Customer Experience

Just as other vast sectors, like healthcare, technology, retail, media, and entertainment are stressing upon hyper-personalization, similarly, the BFSI sector is following suit to serve the financial customers with professional excellence.

Complete Transparency

Transparency is the key to acquiring customer retention and loyalty. The financial clients are demanding and skeptical as they are trusting the financial organization with their money and hence financial service firms will need to keep transparency and data security on a pedestal because firstly, they do not want to lose customers, and secondly, they are under obligation to maintain compliance.

Hyperautomation

Hyperautomation has already transformed retail, manufacturing, and healthcare with the next BFSI in line. The BFSI sector is making the most of hyperautomation by automating manual and mundane tasks with almost no human supervision and reassigning critical stuff to employees. With hyperautomation, banks and insurance services providers will also ensure 24/7 live assistance for enhanced customer journeys.

Big Data Analytics

Since the BFSI sector’s main focus would be on creating personalized customer experiences, they will need to make great use of big data analytics to gain valuable insights into their potential and previous clients. With big data, financial services, like banking, insurance, and investment funds will become 100% customized to suit the requirements and aspirations of financial customers.

To sum up, the BFSI sector is about to unlock its great potential in the field of Customer Engagement Management via hardcore Digital Transformation. Let your organization achieve the inconceivable with Talisma’s Digital Transformation Solutions. To learn more, communicate with our support team at once.