Driven by robust strategies and commitment to inclusion, India’s Banking, Financial Services and Insurance (BFSI) industry has been able to maintain an upward trajectory. Banks’ increased focus on investing in customer acquisition has led to a steady increase in customer grievances, with little or no attention being paid towards its redressal, revealed a latest survey by Kapture CX.
Despite being a sector that prides itself upon being a service vertical, the lack of robust efforts in effectively addressing customer grievances appears to be counterintuitive to its very essence.
The survey revealed customer service interaction to be the predominant issue, with 68 per cent of respondents including customer experience leaders and subject matter experts identifying the same, underscoring the need for its immediate redressal.
“As the BFSI sector continues to transform into a more digitised and inter-connected environment, the need for fortifying customer interest and addressing potential grievances is poised to become more poignant,” said Gaurav Juneja, Chief Revenue Officer, Kapture CX.
The BFSI industry needs to keep up with technological advancements, and learn to leverage the same for transforming the delivery of customer experience into a hyper-personalised one.
Following the advent of discrepancies and frauds which have made their way into the BFSI sector, the survey also highlighted that 18 per cent of respondents identify fees and charges transparency as the main cause of customer grievances.
It is followed by understanding product/service at 9 per cent, and account management ease at 6 per cent. With this crucial knowledge in its arsenal, the industry is paving the way for groundbreaking improvements.
BFSI companies need to prioritise improving customer service interactions to enhance overall customer satisfaction.
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