Delightful customer experiences: The key to customer loyalty in BFSI sector

Digital disruption is reinventing customer expectations across industries, more so in the banking, financial services and insurance (BFSI) sector. Exposed to “always-on” connectivity and dynamic devices, today’s customers demand hyper-personalized experiences at every step of the customer lifecycle. Businesses are under constant pressure to meet these ever-changing demands and make customer interaction a strategic priority. But, do BFSI providers in India know the art of wowing their customers?

The Accenture customer experience survey (ACES)

We conducted a survey to assess customer experience across three sourcing channels—website, call center and branch—for more than 50 commercial BFSI providers in India. Insights reveal that poor customer experience across channels makes prospects walk away from the doorstep of providers. It’s, therefore, crucial to ensure that every interaction with the provider leaves the customer delighted.

A reality check for Indian BSFI service providers

  • 85% prospects end up not getting a call back from providers after website registrations.
  • 92% of customers refuse to go ahead with product purchase because of poor lead management and unsatisfactory sales interaction.
  • ~47% of customers who visit branches are highly unlikely to choose the provider, based on the experience at the branches.
  • Follow-up calls are made for only 30% of interactions. Of these, only 10% call backs are made on the same day. This could lead to ~85% business loss.

Walk the talk on customer experiences

BFSI providers have a huge opportunity to step up performance across all customer touch points. To transform experiences and become the providers of choice, they must rethink their strategies on issues such as: How to set up robust lead management and follow-up processes? How to train staff better to delight customers? How to move to customer centricity from product centricity? For more insights on these key issues, download our report.

Rohit Lal

Managing Director, Financial Services – Accenture In India

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