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How do you offer tailormade services to your BFSI customers?

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Author: Vinith Kumar

Every organization under the sun is looking at the digital transformation to enhance the customer experience. Everyone wants to capture and analyze customer data to improve customer experience.

BFSI sector has invested significantly in digital technologies to enhance the customer experience. BFSI segment understands that every customer is different and has different needs. So, they don’t want to go the one-size-fits-all route.

They don’t want to go with assumptions. Instead, they would really like to see the customer data and the emerging patterns before starting to provide the custom services. For instance, look at this saying by Jacqui Workman on why one shouldn’t go with assumptions blindly.

“Everybody thinks that when someone is blind, they may want their information in Braille, but in actuality, only 1% of blind people can read Braille. There are other ways, such as audio messaging, which a blind customer may prefer.”

Regardless of their vulnerabilities, size, or scale of operations, every customer will have the same wide range of unique needs as anyone. They will also have their own preferences. A broad segmentation can only fail to provide the standard of service contact centers aim to achieve.

How do you go about providing custom service to your customers?

Firstly, the BFSI segment should address the housekeeping issues and put them aside. For instance, about 60% of the queries are non-complex transactional queries that organizations receive. So, move them aside by automating them using self-service and conversational platforms that can quickly address the customer needs.

Now, you are left with the remaining 40% of the queries that are complex and which need interventions, and customers may prefer to interact with real humans as opposed to chatbots. Potentially, half of these queries can again be handled by conversational AI bots.

Conversational AI can allow you to have intelligent, frictionless conversations more naturally and contextually.

However, you should allow the customers to seamlessly transition from the bot conversation to real conversations with live agents. The choice should be left to the customer.

This would address 80% of customer needs, and the good thing is that about 80% of your customers are happy with this experience.

What about the remaining 20%?

This is the piece that BFSI segment is looking at addressing in a custom fashion. Likely they are your privileged and high-value customers contributing significantly to your revenues and growth. It falls nicely under the 80/20 rule, where 20% of your customers bring 80% of the revenues.

When you address your premium customers, the most important aspect is collecting data from various sources – websites, banking & insurance apps, chats, call centers, social media, including their social profiles, and interactions with your relationship managers.

Once you have this information, you should have your analytics engine run through this data to gain further insights into your customers and their sentiments – based on this, understand what products and customized services would likely fly with them.

We have seen the following four things stand out with our BFSI customers:

  1. Voice analytics that analyses and assesses all interactions, including call storage has led organizations to structure specific products for specific customers
  2. Intelligent routing based on the customer’s ask, location, and time of day. This helps them reach the right agent for the right set of queries and helps them seek the answers they are after in the first attempt
  3. Integration of multiple contact center channels along with the integration of enterprise IT applications has led the BFSI organizations to derive the maximum information about customers and structure offerings
  4. The cloud platform ensured that the BFSI segment could quickly adopt work from home models without worrying about data sanctity and security. This helped them see benefits that they had never imagined earlier and allowed them to provide 24×7 services promptly.

The increasing adoption of digital-first by the BFSI segment and the demand for tailormade services by customers would push organizations to innovate to provide the best possible customer experience.

What we have covered or uncovered here in this blog would be the starting point, and from here, organizations need to improvise and engage their customers proactively.


About the Author: Vinith Kumar


Vinith is a person wearing many hats. Having his educational background in commerce and criminology he has spent all the years of his career at various levels of administration in different verticals of businesses like human resources, Exim Trading and Real Estate and Construction. He has been part of the ClearTouch team since its inception in 2016 in India. His vast experience has helped ClearTouch to set up its business in India and run the day-to-day functioning smoothly.
Vinith as the General Manager of ClearTouch oversees the Administration and the Financial aspects of the company. He as the authorised signatory of the company is the representative of ClearTouch in all the documentations having us as a party to it. He also handles the escalations received from clients and vendors and ensures the raised issues are resolved amicably for both sides.
Vinith has been a good team player taking along with him all his team members enabling each of them to be a part of the success story of ClearTouch. During the pandemic, he has ensured all the members of the ClearTouch family were safe and extended all possible support to each of them to overcome their crisis caused by it.