IMPROVE CUSTOMER SATISFACTION WITH RPA IN BFSI

Banking, Finance, and Insurance form the holy trifecta of auxiliary functions that grease the wheels of the economic engine. The nature of such functions are predominantly people centric and require organizations operating in these spaces to be nimble, agile, and quick in identifying and serving their customers. Automation has long been the talk of the town, and its applications in the BFSI segment have only started to take precedence. The pandemic’s onset meant that personal interactions were no longer feasible, and companies had to scramble to put in place digital alternatives to ensure the continuation of core functions such as lead sourcing, dispute resolution etc. The continued evolution of technologies such as Robotic Process Automation (RPAs) means that a bulk of low-value and routine functions can be delegated to robots, which in turn can reduce lead times. In BFSI rms, it has been documented that the greatest transformational changes lie in the top 10-20 end-to-end processes, most of which happen to be customer-facing. Investing in RPA technologies that enable automation by way of integrated IVR systems, bots that can collect and route queries effectively and efficiently, and centralized help desks can enable rms to realize immense gains. These benefits translate to operational improvements as well as improvements in overall customer satisfaction.

How Can Automation Help In Improving The Overall Customer Experience?

Most businesses today find themselves in an accelerated reality where constant connectivity and perennial streams of information have crowded out attention spans. This means that customers not only spend less time in individual interactions but also jump to conclusions much more quickly. A botched response towards a query or one dissatisfactory resolution would put them off and drive them towards competitors. Consequently, companies ought to re-examine their existing customer experience (CX) journey and seek to automate portions that are low value, repetitive, and divert your workforce’s attention away from individual interactions, which tend to make or break any given customer’s loyalty. The most standard areas of improvement tend to lie in the initial stages of the CX journey, which, despite being the most important, also tend to have one of the lowest impacts relative to the effort that is put into it.

Reducing lead times would mean that companies will need to deliberately pull their workforce away from catering to customers in the initial stages. They will then be placed behind a series of steps that are designed such that only the most complex, nuanced, and high-value interactions are brought to them. To effectively replace the much-needed ‘human touch’ in the front-end, automated solutions will have to be deployed and ne-tuned to address a majority of the common complaints.

These solutions can be implemented across two stages: the stage where the customer has a problem and is attempting to work out solutions independently, and the stage where they contact customer care. The first stage could be solved by putting together a comprehensive helpdesk, accompanied by detailed guides/FAQs and manned by a bot that adds a layer of interactivity.

Such a help-desk ensures effective filtering of non-critical leads before escalating it towards one of the agents. The second stage can also be layered by way of introducing a well-designed Interactive Voice Response (IVR) system that can collect crucial information and route queries to the most relevant agent.

Read more.