While no digital alternative can ever replace the synergies that arise from physical, interpersonal interactions, it is safe to say that the pandemic ushered in a digital transformation of brands and processes on two broad levels – the complete digitization of infrastructure and a focus on the creation and delivery of holistic, empathetic, and meaningful customer experiences.
This was especially pertinent to the global Financial Services and Insurance (FSI) business.
In today’s market, FSI industry business leaders must investigate innovative methods of Client Experience Management (CXM) to meet changing customer demands.
Adopt a more rapid pace for digital transformation.
Many FSI providers pushed the use of digital and mobile channels to relieve congestion on branch services and telephone lines. This provided an opportunity to provide more meaningful contacts to clients while also providing convenience during a period of turmoil. This momentum should be used by FSIs to continue investing in digital transformation.
Max Bupa launched its website in 2020, and it was quick to sharpen its digital experience and create a wholly unassisted model where clients could buy insurance end-to-end online.
Reassess Technology
Every year, FSI firms invest much in their core systems; nonetheless, the epidemic demonstrated that complicated and obsolete technology remains a key challenge. Almost two-thirds of retail banking executives are frustrated with legacy systems, while more than a quarter of financial services and insurance respondents use various martech solutions. This fragmented approach not only frustrates and wastes time but also stops businesses from having a cohesive client journey.
This is an excellent opportunity, particularly at a time when record numbers of customers are migrating online. For many years, HDFC Bank has been at the forefront of harnessing digital and technological platforms to offer products and services. Last year, it crafted smooth digital journeys for clients with innovative services such as 10-second personal loans, Zip Drive and Zip Ride for four and two-wheeler loans, Insta Account, and more to support zero or minimal physical interface.
Prioritize the data
Data is the key to future success in efforts such as automation, integrated technology, and customer experience. According to the 2021 FSI Trends Report, just 25% of organizations stated that a lack of consumer insights was impeding their marketing and customer experience initiatives. At the same time, only 27% indicated they have a good understanding of the client’s journey.
Focus on meaningful interactions
FSIs should keep focusing on bridging the gap between the client, the channels they utilize, and, most importantly, the experience they expect. They must consider their customers and prospects like individuals, not data sets, and give an excellent and relevant experience at every touchpoint to convert them into brand loyalists, adding further value through advising and support.
Embracing the future
There is no doubt that the financial services industry is undergoing a fundamental transformation. With the role of digital having surpassed all businesses in the pandemic, the time has come for organizations to consider and implement a digital strategy that will enable expansion and operational efficiencies for years to come.
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