Posted On: June 21, 2019, By: Rachit Mehra107 Views
The financial institutions have adapted brand new avatar, as the world transforms from brick and mortar to everything digital. Be it delivering multiple new and innovative financial services with an anytime-anywhere approach, or automating numerous business processes for onboarding, payment processing, etc, digitization has totally revamped the way banking and financial services industry works.
Business Process Management helps in transforming banks by providing better visibility and control of its critical processes, terminating errors, and enabling fast response time to customers. The banking and financial services industry (BFSI) is already driving BPM both at the domestic as well as at a global level and it is said that BPM projects in BFSI will be big money-spinners. As per a report by the Indian Brand Equity Foundation (IBEF), BFSI is a key business vertical for the IT-BPM industry. Export revenue from the vertical stood at around US $62.40 billion in FY 2017, accounting for 53% of total IT-BPM exports from India.
Customer experience plays a vital role in brand’s advocacy. And managing the business to the core is even more important when businesses are getting technology oriented. So, how firmly we can make our services more likable for customers should also be well defined. Take a look:
Digital banking services are interactive and deliver a superior customer experience. By motivating customers to interact and share the experiences, you will be able to drive loyalty as well as brand awareness. Keys to improving customer engagement –
In financial institutions, customer service and agility are major concerns. Your response to customer queries should be clear and favorable in such a way that customers could utilize your brand and services happily. A customer service representative needs to have interactive Skills. In a time where everything has moved beyond traditional infrastructure, business is consistently on a search for empowered employees who can deliver a solution to queries of the clients with critical thinking. Technical skills combined with rich communication skills give a great competitive advantage to businesses. Customer service representatives should have good communication skills and problem-solving abilities.
For example, if a banking customer contacts the support team when he is not able to do the transaction through phone; he will only get a perfect resolution when the support team is dedicated towards a brand and its procedures.
To increase customer loyalty and provide more value to the experience, banks need to meet rising consumer expectations with a real-time engagement strategy which drive value for both customers and banks. With interactions moving to digital, financial institutions need good strategies to unlock user-level data across all channels in order to serve customers pro-actively. With mobile-app support management, you can indulge your customers in real-time communication. Lack of real-time communication or delays in fixing issues can lead to negative reviews or even removal of the app, however, with live chat, voice calls and other modes of real-time communication help in increasing app engagement and in turning passive users into active ones.
When we talk about industries going digital, the first thing comes to our mind is engaging with customers over multiple channels. Omnichannel strategy can help any business to locate customers, interact with them and close queries briskly. Having support from business across preferred touch points, customers feel satisfied with services.
Financial institutions need to put their customers at priority in order to expand revenue while providing efficient resolutions. Business Process Management permits financial institutions to analyze workflow and initiate best practices to support their products and services efficiently. It helps optimize business processes, increase revenue, and provide a greater competitive advantage.
To conclude with, BPM enables greater efficiency and reduces OPEX with existing applications and procedures. It accelerates client management processes and makes the decision making easier. While accelerating value in customer service, KocharTech is one of the largest technology enablers assisting brands in creating new opportunities to drive revenue in business. To focus on business benefits that technology can bring and empower brand value, get in touch with us.