The pandemic has caused a major shift in consumer behavior, and the business landscape is forever changed. Every organization must deliver exceptional customer experience management in addition to its value proposition. Companies without a customer experience management system risk being left behind. CX must be viewed as a moment in truth. Every interaction with customers should be a moment when a brand can communicate its true meaning, identity, and service levels it wants to offer to its customers.
Digital customer experience management is the new battleground for BFSI marketers. PWC Research found that 86% of people used digital channels more often in 2020 than during the pandemic. Marketers in the financial services, insurance, and banking industries compete to grab their attention with great digital experiences.
Customers used to go to the BFSI provider branches to make basic inquiries or to do transactions, such as updating their bank passbooks. As companies began moving to digital, this slowly changed. The arrival of digital transformation within BFSI was at the beginning of the last ten years. Digital was the only way for companies to survive the pandemic by 2020, thanks to COVID-19.
Digital customer experience management presented its challenges. Digital CX is expected to offer a similar in-person experience to customers.
What Makes a Digital customer experience management platform Great?
A digital customer experience management platform is when the customer is truly impressed by the service provided. Here's an example.
A customer who wants to purchase a car receives a personalized message from his bank about a car loan plan with a low-interest rate. The customer can click the CTA link to be taken directly to the loan application page. By entering the required information, he could submit his loan application. He receives a confirmation message from his bank informing him that the bank is reviewing his application. He receives a call from the bank a day later. An employee asks questions about the loan and provides additional details. Finally, he receives a message approving the loan, and the funds are transferred to his account within 24 hours. It took only 2 days to complete the entire process digitally.
This is only one example of many digital customer experience management solutions use cases marketers can consider. Each customer's needs, intent, and channels will affect the use cases. The BFSI company must create a pleasant experience for customers from beginning to end. Only then can they reward their customers with loyalty and advocacy.
Digital Channels that Work for BFSI Marketers
Once you have mastered the art of crafting memorable customer experience management services, it is time to ask how this can be done. What can be done to understand each BFSI customer's needs and intentions? What are the best channels?
These questions can be answered by looking at the customer data. Marketers will gain insight and clues from this data to help them understand the customer's needs. Many tools on the market can help you unify and analyze customer data. The Customer Data Platform is the most well-known and popular platforms that should be utilised regularly. The CDP allows you to unify customer data from different sources and provide a 360-degree Customer view. This allows marketers to determine the customer's intention and preferred communication channels easily. Below are the most popular digital channels:
Website
BFSI companies' most important marketing channel is the website. Customers can search for financial products and services on the website and apply for or avail of them. The website is a crucial channel for marketers to deliver in depth information, address the pain points of customers, and deliver exceptional customer experiences. Many website channels are available, including browser push notification and onsite notification, homepage banners, notification bot, chatbot, and notification robot.
Mobile
The company's mobile application is the primary interface for customers to access their financial products and facilities via the mobile channel. 95% of bank desktop features are integrated into the mobile app. Customers can access all bank functions on the bank's mobile app. SMS banking, which provides basic banking services, is also available. Marketers can reach customers via SMS and app push notifications.
Facebook, Google, and Other Exchanges
BFSI marketers can target customers on third-party websites using Facebook Ads, Google Ads, or another Ad targeting strategy. These channels allow them to display personalized, contextually relevant ads. A mutual fund customer may see a relevant display ad on Facebook that explains a specific fund. This brings him back to the website.
Moving Forward
The evolution of the internet and technological advancements have influenced the BFSI industry to move to digital instead of traditional customer experience management. BFSI companies today are investing in and building solid digital technology infrastructure.
2021 marked the beginning of a new digital customer experience management era in the BFSI industry. Marketers must be equipped with current technologies to foster digital growth and build strong customer relationships.
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