Digitization and functional convergence across the growing banking, financial services, and insurance (BFSI) sector makes customer experience an extremely important determinant of organizational success or failure. According to Allied Market Research, the global BFSI BPO services market size was valued at $85.12 billion in 2020 and is projected to reach $174.94 billion by 2028, growing at a CAGR of 9.7% from 2021 to 2028. The BFSI industry’s use of customer experience management stood at $17.8-18.3 billion at the end of 2020.
Macro-environment tailwinds and low interest rates, along with automation opportunities and government stimulus led to a surge in CXM outsourcing in the BFSI vertical through 2021. BFSI grew moderately in 2020 (10-12%) while firms adjusted to interacting with customers on multiple channels, compared to an overall 7% CAGR from 2016 – 2020.
Insider Intelligence shares that the adoption of digital technology is accelerating in the banking and financial services sector.
The COVID-19 pandemic sped an already rapid decline of paying with cash, in-person meetings with financial consultants, and use of ATMs. Financial activity of every kind is becoming increasingly digitized, leading financial institutions and startups to sharpen their technology toolkits and expand remote services. At the same pace the financial services sphere is replacing physical facilities and activities with digital models, consumers are expecting more out of customer support from BFSI brands
Customer experience (CX) is a critical competitive differentiator in the BFSI industry. Financial institutions that invest thoughtfully in CX strategies have higher rates of recommendation, greater wallet share, and better up-sell/cross-sell outcomes. Following are some of the CX-centered trends shared by Hitachi Solutions that are reshaping financial services-related support:
A longtime ResultsCX client in the banking and financial services space adopted a new digital platform for customer interactions, which further strained support agents’ use of multiple unwieldy knowledgebase components.
Implementing SupportPredict Agent AI, an AI-driven knowledge delivery engine, made sifting through content far easier and led to quicker resolutions. This change was complemented by an enhanced training program and the use of advanced voice and digital behavior analytics to create significant additional client value and improve performance across myriad KPIs.
While companies were advancing their digital CX strategies prior to COVID-19, the pandemic has changed the pace at which it is occurring. Brands are scrutinizing customer journeys like never before to understand how best to provide support. By adopting AI-powered tools, like the SupportPredict digital experience platform from ResultsCX, customers’ individual support preferences can be matched for ultimate effectiveness. Read our white paper to learn how AI can drive enhanced customer satisfaction and operational cost savings, while meeting customers where they want to be and reducing talk time.
Banks and other organizations connected to the financial services industry cannot risk neglecting their online reputations. Social media must be monitored for any mention of a company’s products or services, and customers may use it as another avenue for seeking support. Whether in product reviews, posts on a brand community site, or elsewhere, every word carries the potential for support and damage and cannot be ignored. Learn about the benefits of protecting your organization’s online reputation in this white paper.