REGIONAL ROUND-UP
AFRICA APAC EUROPE MIDDLE EAST NORTH AMERICA
SOUTH AFRICAN FINANCIAL INSTITUTIONS ADOPT OMNICHANNEL STRATEGIES TO RETAIN CUSTOMERS AND REDEFINE CX
Dean Baker , Industry Team Lead : BFSI Southern & East Africa at Infobip , explains below how financial institutions in South Africa are redefining customer experience . especially in the case of traditional banking institutions that are still heavily reliant on legacy technologies and processes that are inhibiting their response to fast changing customer expectations . of speaking to an agent , it does not negate the fact that they still want the channel to communicate with them timeously and provide a speedy response that is not restricted to traditional working hours .
While digital banking has gained widespread popularity in South Africa due to its convenience , some customers still demand one-on-one personalised interactions with financial advisors . As a result , banks are responding by moving away from multichannel communication and adopting omnichannel strategies that cater to the digital-first customer while also providing a seamless connection to advisors .
The demand for personalised interaction with brands has largely been driven by changing customer expectations , with customers expecting to engage with banking organisations over the channels of their choice . This has largely been enabled by shifts in technology , with emerging technologies such as Artificial Intelligence ( AI ) and enriched messaging playing a big role in the communication transitions of some banks . However , there are challenges around adopting omnichannel strategies ,
To overcome these challenges , financial institutions must start viewing technology as more of an enabler rather than a disrupter , meaning that banks need to position their technology to support the evolution of their customers ’ expectations .
Leveraging customer data
For an omnichannel strategy to enable personalisation over different channels , it must leverage customer data to create a 360-degree view of the customer and utilise these insights to become proactive . Unlike a multichannel engagement , an omnichannel communication approach uses the customer datasets and intelligence that is built into the platform to enable switching between the channel without changing the context of the engagement .
Ironically , while some customers would rather message a business or a bank instead
However , banks that want to make the transition from multichannel to omnichannel engagement should not expect this to be a ‘ big bang ’, but rather a change that is use case driven . For organisations looking to adopt an omnichannel strategy , it ’ s not just a case of installing intelligence into their platform to have the capability available . Instead , they will need to consider consumptionbased services that are deployed via an API framework that enables these technologies to communicate with each other . They can be rolled out or developed individually based on specific use cases that address the customer journey .
Managing customer churn
Beyond just engaging with customers and offering them an enhanced customer experience , organisations in the Banking , Financial Services and Insurance ( BFSI ) sector can harness technology to manage growing customer churn rates . By utilising the data that provides a 360-degree view of the customer and enables personalisation , BFSI players can become proactive , offering loyalty incentives or Value Add financial services to existing customers .
Ultimately , it culminates in exceeding expectations by having the tools and systems in place to enable the customer life cycle and engagement with the organisation over an extended period of time . This will create a sense of loyalty that will ultimately increase the lifetime value of a customer . x www . intelligentcxo . com
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