Customer Experience is the new holy grail of marketing.
And, for good reasons, too! Improving customer experience leads to outstanding results in terms of loyalty, satisfaction and revenues for any business. Companies that focus solely on customer experience gain a significant edge over their competition. Think about market leaders in the digital age – Apple, Disney, and Tesla – what do they have in common? Great customer experience sets them apart from the competition.
Why is there a shift from operational excellence to customer experience improvement?
It’s simple – customer experience fosters loyalty and satisfaction, and satisfied customers end up spending more, are more loyal than dissatisfied customers, and engage further with a brand. According to EY, customers selected ‘the way I am treated’ as the 2nd most important reason for trusting their banking institution.
Not just tech giants, the financial institutions are undergoing a major transformation in terms of reinventing processes to increase productivity and attracting new customers. Let’s face it – customers are expecting more out of BFSI institutions than ever before. The rise in mobility and widespread use of social media, and other online channels has left the customer with a wide array of choices, when it comes to communicating and transacting with a bank or financial institution.
The wide array of choices available to customers has resulted in personalized banking taking over the industry. Customers are now engaging in seamless banking across a variety of channels, seeking exceptional experiences. According to Gartner, 50% of product investment projects will be redirected to customer experience innovations by 2017. This, however, is a double-edged spear – BFSI institutions are constantly having to adapt themselves to ever-rising demands of customers and deliver experiences that WOW customers.
Banking Challenges
Despite the level of digital transformation taking place in the BFSI industry, many institutions have yet to embark on the much-needed transformational journey. Essentially, there are 5 key challenges faced by BFSI institutions in the digital era:
- Differentiating themselves in a competitive market with innovative products and services to better serve customers
- Tracking, monitoring, and analyzing customer journeys across silos in an organization
- Reducing costs and increasing efficiency through process optimization & process re-engineering
- Provide positive customer experiences to foster loyalty
- Leveraging advanced technologies, such as Artificial Intelligence, Machine Learning, and Chatbots to deliver personalized customer experiences
It’s high time such institutions start focusing on meeting the ever-evolving customer demands – or risk losing them forever as a result of a single negative interaction. In fact, did you know – it takes 12 positive interactions to make up for one negative interaction! Can your business afford to lose a customer just because of a single negative interaction?
Banking CX Event
To address the various transformational & operational challenges faced by BFSI institutions in the modern age, Inventicon Business Intelligence conceptualized the OPEX in BFSI Summit 2017 (in association with Perfios) – an event purely focused on the BFSI industry, brings together leading industry professionals under one roof.
OPEX in BFSI Summit 2017 is going to feature innovative technology providers who will exhibit their latest line of solutions & services for the BFSI industry. Attendees can expect insightful meetings, panel discussions, roundtable sessions, and meet speakers who will highlight the best practices and pain points of the BFSI industry.
Improve Banking Experience with Ameyo
Ameyo, a market leader of contact center technology and customer experience solutions, is all set to attend the landmark event to offer customer experience solutions. The event will take place at the Holiday Inn Mumbai International Airport on 22 & 23 June 2017, under the theme – ‘Transformation during times of innovative disruptions in financial services’.
At the event, Ameyo is all set to bring its revolutionary Fusion CX Customer Experience Platform to foster engagement and customer delight. Built on Ameyo’s award winning platform, Fusion CX combines the power of Ameyo’s Omnichannel capabilities & Ameyo CX CRM, empowering businesses to ramp up customer journeys across all touchpoints, along with customer intelligence and case management features to understand customer behavior across channels and derive powerful insights to result in informed business decisions.
