CX & the way ahead
Fino Payments Bank is a phygital bank. It acquires customers physically and then migrate them onto its digital platforms. The bank focuses on driving financial inclusion and this would require an efficient mechanism to solve problems of access to the system. The bank has made the process simple, so the customer can access his or her money from wherever they want.
Anand Bhatia, CMO, Fino Payments Bank, shared the details about the merchant points: “Today, we have 160,000 merchant points to provide basic banking services to our customers, who are essentially from the lower strata of the society. The merchant points are also helpful when someone needs cash on the highway, where there may not be an ATM. The merchant point functions as an ATM and helps people to access cash.
“Our sales team and merchants tell the rural customers that their savings, which are normally kept under their mattresses, should be entrusted to the bank and they can have access to these funds as the merchant point is just 200 meters away and their money is safe too,” he said.
In the case of an insurance company, the total revenue that it expects to earn from a customer over his or her lifespan is the driving force. It is therefore relevant that they provide a seamless, frictionless and intuitive experience to the customers, who have very modest requirements from a life insurance company. Rakesh Wadhwa of Future Generali India Life Insurance Co said the velocity of transactions in the insurance business is not so high. “When our seller or distributor goes out to meet the customer, he/she should be fully equipped with information about the customer. We have launched ‘Bolt’, an easy process for our existing customers. We get data not only from our sources but also from open sources, which helps us get a richer view of the customers. Now our sellers can show a personalized video to the customer based on his/her profile.”
Future Generali India Life Insurance has created 2 steps for buying an insurance policy and the customer does not require to provide documents or undergo medicals. The customer may pay premium online and policy is issued within a few hours.
Kotak Mahindra Bank aims at offering simple, instant and effective experiences to its customers. It believes that offering right product or service results in a lasting positive experience. For example, if a bank customer swipes the credit card at a retail outlet, then the customer gets an instant message with an option to convert that transaction into an EMI payment. This offer, delivered within a fraction of a second, impresses the customer and most often the customer would avail the facility. “We extensively use technology and high-end algorithms to produce consistent customer experience across multiple touch points with bank,” says Devendra Sharnagat, adding: “Our attempt has always been to ensure that we get the customer identity right at the time of transaction. Priority has always been to establish correct customer identity before we start predicting what the customer wants.”