Best Practices for a BFSI CX Program
Best Practices for a BFSI CX Program
To drive growth and a sustainable future, using customer experience to achieve brand loyalty and repeat visits has become the core of any business, including banking & financial institutions. The increasingly competitive environment means the BFSI sector needs to accelerate its focus on the overall brand experience that it provides to its customers.
As a representative of a reputed insurance company said, “When it comes to CX, [our customers] are comparing us with Swiggy and Zomato.”
So, while your customer is getting exposed to the highs and lows of brand interactions, they’re expecting similar agility from the banks they transact with.
What are some best practices a BFSI CX program must contain? Let’s find out.
1. Journey-driven approach as opposed to touchpoints
The offline and online worlds are colliding and your customer may engage with you through various touchpoints. Adopting to measure every touchpoint may become tedious and meaningless in the long run. A better approach would be to select critical customer journey maps and measure those.
2. Comprehensive mechanism to close loops
Complaints raised by BFSI customers can be time and money sensitive. Categorizing issues by level of urgency and closing the loop with the customers can help you improve your Net Promoter Score (NPS)® considerably. Not only is it necessary to track if an issue has been resolved, but it is also necessary to measure how effective the resolution has been.
Time to time audit of how complaints are actioned can also help you to improve to close the gap between an issue raised and an issue resolved.
3. Real-time integration
Reaching out to a customer hours or days after they have engaged with your brand can lead to you missing out on contextual feedback. What you need to do instead is to reach out to them at the moment of experience. This will ensure their digital micro-journey is captured allowing for deep dive at ground level and real-time flow of data into internal business systems.
4. Organize feedback communication to drive engagement
You may have designed the perfect survey to capture customer feedback but getting a customer to respond to it can be challenging. To drive response rates, you must:
- Use regional language where necessary to have contextual conversations with your customers
- Have an engaging UI/UX for higher completion rates – like deploying only 1 pager surveys or 2-minute quick surveys
- Nudge frontline employees to remind customers to provide their feedback
5. Huddles to enable a customer-centric culture
A CX program is as successful as the people backing it. If the responsibility of customer experience is only with the frontline employees or the customer care executives, then it will not translate into a great program. You need CX to be a part of your culture and a part of every employee’s DNA.
Huddles for cross-departmental learning and oversight can bring about learning and accountability leading to the understanding that everyone is a part of the process to ensure only the best is provided to the customer.
Another way to showcase this culture is to do a branding campaign that communicates this brand promise to the customers as well as the employees.
6. Combine multiple data sources to uncover actionable insights
You can combine data generated from customers, frontline and business metrics to analyse and inform business decisions. For example, an understanding of what delighted the customer can help you pinpoint what the frontline is doing best thereby focusing more on those skills, or processes.
An understanding of what delighted the customer can help you pinpoint what the frontline is doing best thereby focusing more on those skills, or processes.
An understanding of what product provides the most satisfaction to a customer with cross-examination of costs can help you map the profitability of your offerings.
7. Driving systemic changes to CX
No program that you deploy, no matter how foolproof, can run indefinitely without reviews. A review of actions taken by the frontline by the senior management can help verify the efficacy of your CX program.
Correlating the action taken to the change in NPS and other metrics can help you set internal benchmarks to ensure the effectiveness of your CX.
Another way to promote cross-team collaborations is to celebrate the wins of employees who were exceptional in their delivery of service.
The BFSI sector must stay with the times to deliver a consistent customer experience, whether online or offline. The above practices can help you re-focus your attention on areas that can provide your CX the boost that it needs.
Got questions? Contact us to get a detailed understanding and a demo from one of our CX experts.
