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Three personal customer experience successes in BFSI

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Author: Uthaman Bakthikrishnan

I read an article by Phil Britt on ‘Financial Services Customer Experience: 3 success and 3 failures.‘ It spoke about how financial services companies spend significant amounts of their budgets on Customer Experience (CX).

According to a Microsoft Dynamics 365 survey of insurers, banks, and other financial services firms, 86% assign 25% or more of their overall budget to customer experience, whereas nearly half (45%) assign 50% or more. Among the 46% of companies in the study who expect their organizations’ CX budgets to increase in the next year, 59% will invest in leveraging customer data for real-time personalization at the branch level.

This article got me thinking, and I started recounting some of the successes that I experienced in the BFSI domain.

Success 1

I bank with one of India’s leading private banks. I opened an account with them in the year 2005, and I still do all my transactions with them. Initially, my Internet banking dashboard had only information about the savings account, and I was able to do transfers between accounts of the same bank.

Later, as things started gaining traction in the financial services domain in India, they quickly integrated all of the possible products and the channels.

Today, when I log in, I can access information on my savings account, payments, money transfer, tax payments, credit cards, auto loans, personal loans, home loans, investments, and insurance. Besides, I get to configure my dashboard to show what is relevant and vital to me, and it also gives me a view of my CIBIL score.

On the customer service front, I get to click and talk to a phone banking agent, chat with them using their messenger and chatbot, or access their FAQs while checking on the status of my transactions.

Everything I need in banking, I get to have all the access in one place. I get to access all of these on their mobile application as well.

Success 2

A few years ago, my son was diagnosed with Tonsils, which were severe. We had two options – one was to remove the tonsils, which his pediatrician advised against, or give him medication in a hospital for a few days to see if there is any progress before thinking of removing it.

We decided to go with the option of starting him on medication. We admitted him to a hospital, which was a part of the network hospitals of my insurance company. We went there and told them that we had health insurance, and they immediately admitted us. We just had to pay only the admission fee of Rs. 50. Then, they asked us to submit the insurance and identification details the subsequent morning.

We were told that we didn’t need to inform the insurance company and the hospital would take care of it. The following day, I submitted the insurance number and the KYC details. I promptly received a text from the insurance company that it was a cashless hospitalization, and they sent wishes for a speedy recovery.

The insurance agency also made a call inquiring about my son’s health, and they also wished him a speedy recovery.

Thankfully, he responded well to the treatment, and the doctors’ suggested that we could discharge him on the fourth day.

The morning of the fourth day, an appraiser from the insurance company visited my son and approved all the bills that the hospital generated.

They immediately sent a text stating that the entire bill was approved except perhaps a few consumables.

It truly was cashless, and I didn’t have to run around to get the approvals or pre-approvals on the insurance amount.

Success 3

I have been a customer of this health insurance company for more than five years now. I have insurance for about five lacs covering my family. Eighteen months ago, I received a text and an email from them speaking about a top-up policy with better coverage, and they also asked if I would be interested in knowing about it.

I responded yes, and I received a call from one of their advisors, who explained everything about the top-up policy and how the entire process of claims work.

I agreed to subscribe to the policy. I was sent a link to access the policy details and make the payment. Once I made the payment, I immediately received the insurance kit via email and a phone call from their call center, ensuring that everything went smoothly.

I received the entire insurance kit physically mailed to my postal address within three days.

Now, I am happy that we are sufficiently covered for our health needs.


In all of these cases, the organizations have tried to personalize the experience as much as possible.

I can’t stop talking about these experiences, which means that I have sent many of my friends and family to these companies for their banking and insurance needs.


About the Author: Uthaman Bakthikrishnan


Uthaman believes in the power of creation - it gives him a high to grow something from scratch and make it sustainable. Uthaman is the Executive Vice President and helps set the strategic direction and roadmap for ClearTouch, a pioneering provider of a cloud-based call center platform for enterprises, contact centers, BPOs, and financial services companies in India.