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Indian industry customer expectations have increased significantly over the past few years, driven by advances in technology, data and analytics. In order to meet or exceed these expectations, financial institutions strive to understand the use of technology and the implementation of data. The increasing use of technology is also improving the offline shopping experience for customers.
“Today’s consumers have much more complex needs and know much more about what they need. They are primarily focused on personalized offers and tailored communications,” said Sanjiv Bajaj, Co-Chairman and Managing Director of Bajaj Capital Ltd.
In order to make the customer’s shopping experience seamless, Bajaj Capital uses state-of-the-art technology. Interacting with customers and working on feedback is one of the company’s key strategies.
“With feedback, we have simplified the journey and also added more banks to make transactions easier. There are many touch points to attract a new customer, such as handling complaints efficiently and maintaining a great relationship with long term with customers where we have implemented cutting-edge technology to enhance the customer experience.Financial institutions that are able to meet customer expectations in these phases certainly enjoy a substantial competitive advantage for the growth of the customer base and profitability relative to others in the league.
Bajaj Capital launched a special offer BajajCapital EDGE Report which allows a client to view his investments and then discuss them with a client manager. “Today, with an incredibly volatile market, it is essential for a client to constantly review a portfolio that allows them to extract the maximum value from the investment.”
The ease of investing money with a constant barrage of sales profitability without any basis has led customers to make haphazard financial decisions. “In our view, the inability to process so many enticing offers has really created a sense of FOMO among customers.”
With the onset of the pandemic, online channels have grown at an exponential rate. Enabling offline last mile distribution helps provide multiple customer touchpoints and ease of purchase. Historically, the investment industry operated on a brick-and-mortar model through offline agents, banks or offices until online channels caused a paradigm shift. Customers are increasingly interested in enjoying the benefits of a hybrid model. The key factor in the popularity of the phygital model is bridging the trust gap.
“Phygital setups are the most viable solution for customers who want to change their engagement touchpoints seamlessly. They can either use a smartphone, tablet, kiosk, digital wall or touch tables to acquire product knowledge, or speak directly with one of the trained staff to discuss their concerns.The new financial services model is about merging technology and tradition, paving the way for the new phygital model, which is a hybrid of physical and digital distribution channels,” Bajaj added.