The strategic adoption of Digital technologies has resulted in a consumer-centric approach across industries. Considering the example of the banking industry, it is observed that digital transformation has helped banks and other financial institutions optimize processes both from a back-office and customer perspective. The current pandemic and the growth of Digital India have forged the way for digital products to become an integral part of every customer’s banking experience. Thanks to the emergence of digital banking products various touchpoints between a customer and the institution, gathering data became imminent. However, the growth of digital banking has been a double-edged sword for banks. While banks have catered to customers from various touchpoints, customers’ expectations also increased. Simply put, banking customers are looking for:

●      Anytime, anywhere access to banking facilities

●      Uniform service across channels

●      Tailor-made rewards and offers

●      Traditional services that are easily accessible

Omnichannel for Customer Experience

To win customers over, banks must offer seamlessly designed customer experiences. Players in the BFSI sector must move from a transactional mindset to a more customer-focused approach where they can anticipate future needs. This is where banks and other financial institutions have the upper hand. As they have access to high volumes of customer data, they can improve their offerings by using the right tools and approaches to decipher the data. Taking an Omnichannel approach allows banks to focus on the customer journey as it offers a contextual understanding of the customer’s needs at every digital touchpoint. This is possible as omnichannel creates an integrated line of communication by leveraging a single source of truth. Even when customers interact from various channels, the experience is seamless and contextualized. Some of the benefits of the omnichannel approach are listed below: 

●      Improved customer support by eliminating the need to repeat information

●      Helps collect relevant, contextual data for analysis

●      Creates efficiency within the organization as data can be used to deploy bots, thus saving cost and time

●      Information is readily available to customers irrespective of the channel of communication

●      Better customer retention rate as customers receive quality service from bank staff

The onus of omnichannel offering lies in the customer experience personalization that caters to different generations and requirements. This is achievable through hyper-personalization.

Understanding Hyper-Personalization

Hyper-personalization is the most advanced way banks can customize their offerings to suit individual customers. Using the right channel helps send highly customized communications to specific customers at the right place and time. However, for hyper-personalization to be a successful digital transformation activity, banks must acquire a comprehensive view of their customer base, assimilate information from varied communication channels, correlate the data in real-time, and use predictive models to make relevant offers across their choice of channels.

Hyper-personalization is considered a powerful business differentiator that financial institutions can gain from significantly. Those players in the financial sector that seize the challenge most rapidly and deliver true end-to-end hyper-personalized products and services will have a significant first-mover advantage over their competitors. To fully embrace hyper-personalization as one of the main areas of focus in the digital transformation journey, banks must focus on three areas:

●      Infrastructure capabilities to identify and assess data

●      Improvements to existing products and services functionality

●      Product design innovation that creates a connection with customers

Financial institutions focusing on these three areas will be able to make significant progress in differentiating their brands and multiplying their revenues.

Conneqt Digital for Banking

Conneqt Digital CX from ConneQted Experience & Efficiency Stack helps customers reshape the brand, focusing on the customer journey through hyper-personalization that helps improve key business outcomes. The solution helps shift from the channel mix to a more digital one, giving customers a seamless omnichannel customer experience through remote or on-premise agents. The solution offers

●      Omnichannel automation first orchestration

●      Voice automation and bots

●      Automated marketing ops

●      Omnichannel deflection reduces the cost to serve

●      CSA/NPS/Feedback Management

●      Transaction-based pricing shift.

For more information on our CX services for the BFSI sector, visit our website – https://conneqtcorp.com/in/customer-lifecycle-management/.

The post How can Hyper-Personalization and Omnichannel Presence Drive Customer Experience? appeared first on Digital IT and BPM services company.