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Business Wire India
  • With customers preferring to use various digital channels, only 3% of companies displayed omni-channel presence by providing seamless phone to email conversations
  • Only 19% of the companies continued with a follow up
  • WhatsApp support was available only in 36% of the companies
  • 67 BFSI institutions participated in the comprehensive study including HDFC Bank, ICICI Bank, Citibank, IndusInd Bank, Kotak Bank, Axis Bank, Kotak General, United India, SBI Bank, PNBHFL, ICICI Lombard, LIC, Star Health, Bandhan Bank, SBI Life, LIC, SBI General, Birla, Nippon India, India Bulls

India’s Mutual Funds and Life Insurance sectors offer better digital customer experience today compared to other verticals in the country’s BFSI industry, according to Talisma CustoMirror Survey 2021. While E-mail support was provided in 93% of the cases, the Banking sector contributed to 7% with no email support for new customers.

Talisma CustoMirror Survey 2021, the benchmarking study on digital acceleration in India’s BFSI sector released today aims to provide insights into how new customers access and interact with brands in India. The study brings out significant differences in approach across verticals in BFSI and how this impacts new customers. Customer experience is a critical indicator of whether they will do business with a brand repetitively and advocate on their behalf. Talisma CustoMirror acts as a definitive guide on how brands can accelerate their digital journey towards superior customer experience.

Key Findings
 
  • Chat support was found in only 34% of the companies
  • While email support was provided in 93% cases, the banking sector contributed to the remaining 7% with no email support for prospective customers
  • 100% of Life Insurance companies follow-up with prospective customers for sales
  • Chat, Facebook, WhatsApp enabled but only to collect customer data
  • 38% of Banks do not support phone services for new customers. Only existing customers with bank details can reach phone service
  • 44 companies do not have chat service, 22 out of 44 companies are integrated with bot on their portal and majority of these are from Life Insurance & Mutual Fund verticals.
  • 13/67 companies displayed omni-presence between bot and CC Agent. This was mainly in Business vertical such as Brokerages, GI, LI, & MF.
 
The detailed report helps identify brands into 4 categories - Pioneers, Followers, Starters and Latecomers - based on the Acceleration Quotient (AQ) Index and allows for an understanding of a digital acceleration strategy for each category. Acceleration Quotient is an index to measure company’s ability to build superior digital customer experience based on multiple factors including channel presence, response promptness, response time and validity of response.

“Technology has enabled customers to be in charge of the whole buying process, displacing the brands from that position. The present-day customer expects brand experiences to be synced at all primary touch points. Hence, companies must actively take an omnichannel approach and allow for scalability across existing and new channels. While the CustoMirror report may be used by businesses to identify customer experience successes and challenges, brands may use it to improve their performance and create a more positive experience for the customer. I am certain that these steps can translate into higher brand recall and increased lead conversions,” said Raj Mruthyunjayappa, MD – Talisma Corporation.
 
Methodology

Talisma commissioned an independent research company to conduct a mystery shopper style audit of 67 brands in the BFSI industry in India, across communication channels from the perspective of a new customer. The team of researchers contacted each brand to create a new account via each of the 6 channels identified and recorded individual responses as well as interactions. The research team also tracked the conversations across channels to measure omni channel presence and capabilities.


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