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How BFSIs are Leveraging Analytics to Enhance CX

By April 1, 2020July 29th, 2022No Comments

Banking, financial services, and insurance (BFSI) institutions are servicing their customers across multiple channels. Customers expect the experience across all the touch points, including online, app, IVR banking, in-person banking, and personal banking among others, to be not just seamless but also highly personalized.

In India, despite the introduction of digital services, millions of customers still visit bank branches to carry out different types of transactions that include withdrawing or transferring funds, updating their passbooks, opening a fixed deposit or trading account, or taking a loan. On the other hand, digital transactions through online and banking apps are gaining significant traction, with millions of consumers from diverse demographics purchasing goods and groceries through digital wallets across physical stores, ecommerce sites, and other shopping apps. Many more customers are buying or selling securities and bonds online, and even paying utility bills through the banking apps. Interacting with these hundreds of millions of diverse customers is a difficult proposition. Banks often find it difficult to understand and anticipate the unique needs of their customers, who are becoming all the more selective and demanding when it comes to the level of service they expect and the satisfaction they derive from their banking experience.

Key Takeaways:

  • Understanding Customer Data & Challenges
  • Customer Preferences
  • Moving beyond Siloed Systems
  • Predictive to Prescriptive Analytics
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