Banking and Financial Services industries are going through a phase of commoditization. In today’s scenario, separated and delightful customer experience has turned out to be more imperative than simply providing the budgetary administrations. Moreover, these businesses should comprehend the implicit needs of the customers the way airlines comprehend about the inclinations of the regular customers or the retailers comprehend the preferences of their customers, without taking direct input of the customers.
Each and every day, new devices/technologies are providing various customer touch points. Every time customers touch a computer or a screen, they are providing an information trail and its banks’ responsibility to understand how they use this trail to move their bottom line upwards.
While providing expedient, consistent and precise transaction processing ability is still critical, we believe that banks can learn from how retailers see the customers’ journey through an Omni-channel lens. Banks now needs to rethink the way customers are being valued, may be from the angle of the industries that greatly value customer experience.
A tightly coupled multichannel may provide a share of customer’s pocket, but successful implementation of Omni-channel can surely increase the size of the share though competitive advantage and also can help them to retain the same share for a longer period of time. Multichannel gives the flexibility to hop between channel, but not the continuation of the transactions among multiple channels.
The Insurance business confronts major changes like markets are changing, customer propensities are advancing because of the accessibility of information, there is an interest for better administration, administrative vulnerability wins, the web and mobility are assuming a basic part later on of business and rivalry from non-customary players are increasing. The business is at the edge of significant transformation, with innovation assuming a major part in development and profitability.