CX for Financial Services Asia Virtual Edition brought together customer experience professionals from banks, insurance, asset management, and other financial services institutions. The goal was to share best practices in transforming customer experience with new technologies and practices in line with changing market conditions.
Creating value and capturing opportunities amidst digital disruption post pandemic
Post pandemic, banks face challenges to drive new revenue streams and deepen relationships with their existing customers, primarily via digital channels. One of the ways banks can create value and create opportunity is to drive customer-centric experiences with AI and Automation. In this session, Ravi Saraogi – Co-Founder and President of Uniphore, shared insights on:
- Challenges banks face today
- How AI and Automation can drive a customer-centric environment
- Typical examples of how banks can create value using AI and Automation.
- Frank Yazdi, HSBC
- Murli Adury, Standard Chartered
- Manpreet Singh, CIMB
- Ravi Saraogi, Uniphore.
You can access the on-demand webinar of the CX Financial Services Asia 2021 now.
The discussion was opened by the moderator Sylvia Ng of Asia School of Business. Murli from Standard Chartered bank started by pointing out that the pandemic put an end to branch visits by the customers, and things changed overnight. He went on to say, “So, immediately we equipped our contact centers and our relationship managers with the tools to reach out to the customers.” It considerably increased the Net Promotor Score (NPS) for Standard Chartered bank, according to Murli.
The panelists shared their ideas on accelerating digital transformation in banking to enhance the overall CX. They discussed leveraging CX tools like front-office automation, AI-based chatbots, digital self-service channels, and customer interaction analytics to derive higher banking customer value. All the panelists agreed that AI in customer service is a central piece of banking digital transformation.
Cost Reduction & Enhancing CX
Ravi advised that the digital transformation roadmap that was initially planned to take three years has been expedited. Ravi said, “We at Uniphore work with large enterprises. Our business is to enable large enterprises globally to automate their front offices with the capabilities of voice and video AI and to usher in digital transformation”. According to him – pre-pandemic, digital transformation in banking was all about innovation and improving sales, but post-pandemic, it is more about cost reduction, maintaining the status quo, and ultimately enhancing CX.
Frank said, “COVID has accelerated the demand for digital channels, and we are getting a lot more requests from customers to be more digital.” He pointed out that at HSBC, it is all about understanding customers and serving them via a channel that they prefer and hence AI and automation were vital to achieving it. Manpreet said it was essential to map the customer journeys and personalize customer service to offer a holistic banking CX using digital tools.
A key theme that kept coming up during the event was removing silos and creating a seamless customer experience. Ravi explained that a Conversational Service Automation platform is built from the ground up to get rid of silos and provide a seamless customer experience. According to him, hitherto siloed functions like IVR, agent transfer, agent QA, compliance management, and NPS are seamlessly stitched together to provide a unique CX solution with Conversational Service Automation.
Overall, it was a highly interactive and impactful discussion with panelists answering audience questions. All participants unanimously agreed that banks today need to be a lot nimbler to understand the changing dynamics of customer needs and stay in sync with a changing world ushered in by the pandemic.
Though legacy banks face increased challenges from upstart fintech players and big tech firms, they still have a long way to go. Building solid human connections and fostering customer trust through thoughtful digital avenues is the way forward for banks, was a key takeaway from the event.
Watch the CX Financial Services Asia 2021 webinar now!