With digital CX taking centre stage in most organisations, the role of CX Leaders is to assess emerging technologies and build a business case internally for their adoption.
A key decision CX leaders need to make is which services should remain in the hands of a human and which of them can be outsourced.
Where are we heading in the next 2 years from now? Two observations are:
New age organization coming in and taking over the CX
Traditional BFSIs taking the normal route to CX
BFSIs have traditionally not relied on CX for product development. The CX and Customer Journey have not been profound for BFSIs, therefore product development was never aimed at creating a strong CX. The process re-engineering has also never been driven by product.
For emerging technologies, AI and IA to re-imagine business processes, product and CX, they must achieve deep penetration and implementation at scale. A fresh approach is required and startups like Paytm and Stripe have showcased that amazing success stories can be crafted if these are deployed well.
Anshul Srivastav, CTO, Proton Insurance
Other industries where technology adoption has been achieved with stealth and success is the retail and hospitality sectors in the Middle East. There have also been great examples of augmented and virtual reality being leveraged by Automobile sector during the pandemic. Thus, CX though a buzzword has not achieved epitome in the BFSI sector.
Boutique services that are offered by a bank, whether in-person or virtually, must start focusing on delivering customer experience and product experience.
- Sreedhar Suragouni, CIO, Oman Insurance
The key factors that make this important post pandemic are:
Agility – speed of service is key
Security – data security, fund security and maintaining privacy guidelines is now extremely important
Compliance – CX must reduce the burden on compliance
Thus, personalization in service is important and this is where AI and IA come to the rescue. Through data mining and AI you can offer great customer service, to eventually ensure onboarding. The typical AI applications in banking include:
Quick credit analysis through big data
Ensuring regulatory compliance
Determining the risk appetite for the customer
If BFSIs can utilise data as fuel, then in 2 years AI will be the new norm, driving decision making and new product development. But if structured data is not available, it will not possible to harness the data and draw meaningful insights to deliver exemplary CX.
- Dr. Joseph George, CIO, National Bank of Fujairah
Next: Do BFSIs understand the race to tech adoption, how are they coping post-pandemic? Read on.