Indian BFSI. What Next?
Indian Banking and Financial Services Industry is in good health today with record profits, low NPAs and strong capital adequacy ratios. But there are some endemic challenges. Talk to any senior bank executive and two issues keep cropping up repeatedly.
- Cost of acquiring and retaining customers is still high
- Employee churn, especially at front office level, is high
The underlying reasons for both these issues are interlinked.
The current systems and processes are too fragmented. Data resides in silos. There is no integration between back-office, middle office and front office.
Customers and employees struggle to get relevant and correct information. Simple queries result in multiple hops across departments and unclear or indefinite answers. The result is customer and employee dissatisfaction and consequent churn
The way forward is to provide end to end digital journeys for customers whether they approach the banks for loans, insurance or any other financial products, which may or may not be the banks’ own. Digital journeys ensure a seamless experience for the customers and efficiency and productivity for the bank’s employees.
At Right Prompt our approach is to
- Build customer loyalty through customer services
- Provide wide choice of financial products to customers so that they can find the best fit
- Provide the best possible and most appropriate advice and avoid mis-selling
- Make it easy for Bank Agents and Relationship Managers by proving all relevant information at their fingertips
- Reduce processing times so that they can do more in less time
- Make it easy for Bank Front Office staff to learn about new products and answer customers confidently
We, therefore, decided to build our portfolio of BFSI solutions like Bancassurance, Insurtech, Loan Origination, Lead Management, Compliance Tracking and others using modern workflow platforms like ServiceNow that are quick to build and customise.
ServiceNow also acts as an integration layer providing end to end visibility of all operations by integrating front office, middle office & back office. In addition, ServiceNow offers customers peace of mind of a true enterprise grade platform in terms of performance, scalability, high availability and security.
Right Prompt is also investing in building dedicated AI powered solutions to automate routine cognitive tasks, add processing velocity and create self- learning platform that can help banks and customers with more complex automation and better decision making.