CX: The Final Frontier

Institutions today, especially banks and financial services institutions, are engrossed in creating strategies to enhance customer experience. Banking Frontiers carried out a 3 part-study on this topic and sought to understand (i) top CX initiatives, (ii) CX initiatives for complaints and (iii) technologies that institutions use for improving customer experience. The findings are narrated in 3 different articles:

Serving the customer right is a doctrine today for banks, insurance companies and other financial services institutions what with increasing challenges from fintechs and technology-enabled enterprises that promise to make the whole of financial service a totally new experience. Most of the Indian banks and financial services institutions consider it an exciting opportunity to optimize customer experience and user journey. Availability of vast sources of information online empower customers and enable them to have greater choices.

The financial services institutions have tools to enhance customer experience to a new level. For example artificial intelligence, which cannot just create more delightful and personalized experiences, meeting the customers’ diverse needs and contexts, it can also do a whole lot of things that can bring in conveniences. We have UIs based on AI that can make a customer’s interaction with a bank quick, convenient and intuitive. We have blockchain-based claim settlement facility, AI-based claims intimation process and claims settlement process, analytics tools to measure customer behavior and product simplification, chatbots and virtual voice assistants to help customers as also to sell products and WhatsApp banking.

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