Bridging the CX Gap
Customer Experience (CX) has emerged as a key differentiator. Businesses across BFSI…
In the past three years, the Banking, Financial Services, and Insurance (BFSI) industry has undergone a seismic transformation in response to evolving customer preferences. The emergence of Neo banks and Non-Banking Financial Companies (NBFCs) offering digital lending through mobile apps has not only reshaped industry dynamics but also established a new paradigm for contemporary banking practices.
This transformation has been notably fueled by the rising demand from modern-age customers, particularly the tech-savvy Gen-Z and Millennials, who now envision seamless, digital banking experiences literally at their fingertips.
As our world becomes increasingly digital-centric, the traditional methods employed by banking and financial institutions may fall short in meeting the expectations of this discerning demographic. The looming challenge for BFSI stakeholders lies not solely in the adoption of cutting-edge technologies but in effectively aligning their strategies with the evolving expectations of their customers. Failure to bridge this gap may pave the way for CX Nightmares, jeopardizing the industry’s ability to thrive in the imminent future.
While these CX nightmares cast shadows, they also present opportunities for growth and improvement. The BFSI industry can proactively address these challenges by investing in cutting-edge BPMS solutions like ServoStreams, refining processes, and placing the customer at the center of every strategic decision.
Addressing these issues in traditional banking involves streamlining manual processes, improving in-person and phone-based customer service, and enhancing transparency. Although digital lending solutions can provide significant advantages, traditional banks can still prioritize customer-centric approaches and operational efficiencies to mitigate CX nightmares.
Servosys Solutions is a unit of EML Consultancy Services Private Limited, a company headquartered in New Delhi, India. We are one of the fastest-growing providers of software products and technology services for business process automation solutions that address challenges like process turn-around time, organizational productivity, regulatory compliance, business scalability, operational visibility and excellence.
