Meeting the Customers in ‘New Bharat’: BFSI’s Journey to Personalised Telecalling Experiences

Rishabh Ladha

As a nation, we’ve arrived at a juncture where the phrase ‘digital transformation’ resonates across every business landscape. Today, customers in the ‘New Bharat’ face the challenge of navigating an era of heightened digital penetration. This experience unfolds across
the diverse demographics and landscapes that define our country.

In my experience of this transformative customer journey, the BFSI sector is now at a crucial crossroads. As financial institutions seek ways to stand out in a competitive market, the spotlight on Customer Experience (CX) in BFSI has become the linchpin for sustained growth, customer loyalty, and market prominence.

Humanised Digital Experiences

The heartbeat of success in BFSI now resonates in the art of providing unparalleled CX. With an expanding middle class and the BFSI sector’s increased reach into Tier 2 and 3 markets, the customer landscape has transformed significantly, with more New-to- Market players occupying a large chunk of the customer base. ‘New Bharat’ demands not just financial products but seeks partnerships that understand and cater to their unique financial needs and goals.

Based on a recent report by Salesforce, 67% of consumers now prioritise customer experience over price in purchasing decisions, especially with the increase in overall purchasing power in the last few years.

Digital transformation and adoption are essentially DIY models, which fall short in front of the Indian market seeking assistance at every stage of the customer journey. BFSI companies are stepping up and re-inventing their focus on customer satisfaction to cater to this ‘Do-It-For- Me’ model. Customer experience statistics reveal the importance of catering to customer needs, with 89% switching to competitors after a poor experience and 85% ready to invest more for an enhanced experience.

The Role of Telecalling in Improving CX in the BFSI Sector

With a heightened demand to prioritise customer experience, contact centers have become the frontline of CX evolution. This evolution spans various communication channels, including messaging, social media, and voice calls, positioning BPOs as a key driver of market growth.

In the Indian context, the Business Process Outsourcing (BPO) market is set to witness substantial growth, with a projected worth of USD 12,378.73 million by 2030 and a growth rate of 9.3% during the forecast period.

We continue investing millions in digital, but contact centers are still trying to replicate the same excellence. When it comes to customer assistance and support, BPOs and call centers operate as ‘body shops,’ making it difficult to curate personalised assistance and drive enhanced customer experience.

Take the example of investment platforms like UpstoX. Based on a study done in 2021, 70% of over 4 Million UpstoX customers are first-time investors.

Sales in Fintech brokerage is primarily selling to users who do not know what they are getting into. When they start as a lead in their sign-up and onboarding journey, they don’t know the steps they need to take to make a transaction.

Also Read | Acko Transforming Customer Experience: Underwriting to Data Protection, Empowered by Emerging Technologies

The complexity of this entire process makes converting the user into an active transacting customer a huge challenge. Without a proper team that can assist their customers through onboarding and activation, the customer experience and the active user base of the business would drastically suffer.

Additionally, with rapid digitalisation, there is a need to re-introduce the concept of humanising interactions and experiences that are deeply digitised.

In line with this, leading Tele-calling platforms like SquadStack showcase a departure from conventional norms, crafting a sales transformation platform that blends the proficiency and expertise of highly-trained callers with cutting-edge technology. Positioned as a tech-first alternative to traditional call centers, the focus lies on serving as an end-to-end telecalling outsourcing solution. The impact of this model is far-reaching: it enhances connectivity, increases conversions, reduces CAC, and provides rich insights through AI-led call and performance analytics. Leading businesses in Banking and Financial Services, E-commerce, Logistics, and Healthcare swear by these solutions to improve their business results and customer experience.

Views expressed by: Rishabh Ladha, Co-Founder & CBO, SquadStack

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