The world is becoming increasingly digital. Technology is interwoven in our lives in more ways than we can comprehend. The names of every new-age business sector today are combinations of a focus area and technology, like CleanTech, EdTech or FinTech.
However, in this quest for making technology do everything for us, the human touch is sometimes lost.
We have to remember that any digital offering is ultimately a service, and in service, the human factor is crucial. Imagine a robot coaching the Indian cricket team. It might have all the knowledge and data points coursing through its circuitry. It might look very cool when the camera zooms on it briefing the players in “the huddle” before a game. But will a robot ever be an adequate substitute for a human coach, who knows the intangibles about his players, and who can connect with them as a living being? Not in the foreseeable future.
Today, users expect much more than just technology from, well, their technology. What customers are looking for is attentive and personalised service.
That is why we have a new and distinctive approach to our business. It is called ‘ClienTech’, which combines digital innovation with human sensitivity.
Matters related to finance and investments often go beyond mere calculations and algorithms. AI and data may have an x-ray vision into the psyche of customers, but they can still fail to grasp individual aspirations and complexities.
This is where ClienTech stands out. And it does so because technology enhances the client’s experience and their expectations. It does not overshadow it. When two human beings share a close bond, they can sense what the other is thinking even without any words being spoken. That is what ClienTech is to a customer.
In the realm of financial services, a client is typically looking for experience from their adviser or app, not merely the ability to transact. Moreover, they are looking for an experience that is insight-driven and quick.
How does a company become customer-centric in the first place? McKinsey summed it up succinctly. They said commitment to customer experience begins at the top in any business. It starts with building a client-centric aspiration, and then enabling the transformation. At BlinkX we have created this much-sought-after experience for clients by delving deeper into these three areas:
Listening: Money is a subject of great importance to everyone and people can be emotional and volatile about it. Hence what a client thinks and wants becomes paramount for a ClienTech business. For example, a client gave feedback that they would like to see the last position of their portfolio even when they are in a no-network area. We worked on this expectation. Now BlinkX clients can access their updated portfolios even if they are out of network area. Listening more to clients thus helps deliver a better experience, and listening is a very human activity. This feature of ours therefore is a classic example of ClienTech.
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Hyperpersonalisation: To be a ClienTech in the true sense, we have to have a nuanced understanding of a client’s needs, behaviour and thought process. Hyperpersonalisation can only be achieved by following the well-accepted three-step process of (1) knowing the client better (2) collecting and understanding data and (3) acting on the data. For instance, building a Customer Data Platform before even launching our service was a commitment we made to ensure a superior level of hyperpersonalisation. Technology has played an integral role in the form of ML & AI to help get the right indications to work on real-time solutions for clients. The same level of hyperpersonalisation has resulted in a user interface and experience unique to our clients.
Data security and integrity: Increasing digitisation and digitalisation have increased the pace and quality of transformation and delivery of services to clients. However, like any new adoption, it has brought about some challenges. Users are more concerned about the security aspect of their portfolio and we are cognizant of it. We believe that secure layers and authentication are two key steps that ensure our clients breathe easy. We have SSL/TLS encryptions on our servers as well as multi-factor authentication. Being a completely cloud-based platform also enables a ClienTech to deliver on these expectations in a real-time environment.
All things considered, there is no doubt that ClienTech is the future of finance. It uses technology to help realise the financial goals of clients, while always knowing that clients are people with a heart and a soul. A ClienTech with a sharp focus is the right partner to educate, empower and enrich a customer’s life.
Views expressed by Shweta Papriwal, VP – Marketing & Communications, BlinkX by JM Financial.
