The Banking & Financial Services Industry (BFSI) is evolving. And With the advent of digital, the industry has undergone changes that would otherwise have been unimaginable. Yes, that’s how powerful the internet is!
Today, with banks and other financial institutions representing themselves as digitally accessible entities, the whole idea of engaging in financial activities has become so much more convenient and beneficial. And to add to that, advanced functionalities keeping consumers engaged digitally as well as physically, are totally revolutionizing the entire experience that a BFSI consumer finds.
Let’s explore further.
It is no secret that like pretty much everything else today, consumers’ financial requirements too are thrown into search engines. And with limited time and greater demand for convenience, consumers look for easily accessible and reliable solutions. So it is critical for BFSI players to build robust digital business profiles that can appear as top search rankings, and make themselves available and beneficial for consumers. What this digital interface leads to, is physical visits and further engagement. According to a McKinsey report, 28 percent of consumers still prefer accessing branches for various services. This percentage rises to nearly 50 when it comes to highly sensitive financial activities.
This pattern, that starts with a digital touchpoint, and ends up in a physical activity, is quite prominent today. BFSI entities are strengthening their branch-level digital ecosystem, to ensure that they are available to the right people at the right time. Digital business profiles enhanced by automated chats and local web-page links can further attract consumers offering them the kind of assurance that is required, in connection to financial activities. This contributes to a positive consumer experience and greater branch-level growth opportunities.
Localization is a concept that BFSI brands are implementing strongly these days. They want to keep consumers convinced about every touchpoint in their journey. For instance, while several consumers smoothly adopt mobile and net-banking tactics, segments like senior citizens feel the need to have easy access to branches where they can continue to find the comfort of traditional banking, with all their queries answered, and all their financial activities successfully executed. So, awareness about the physical presence of these local banking units through digital accessibility, becomes a critical component of the consumer’s overall experience. Similarly, in rural areas, where mobile banking adoption is low, the presence of banking branches and the necessary financial assistance, powered by digital channels, is something that BFSI players are increasingly paying attention to.
As competition continues to rise, BFSI brands are making dedicated efforts to deliver enriching consumer experiences keeping localization in mind. This helps with enabling consumers to make informed decisions towards their financial needs, which eventually contributes to an improved quality of life.
Security measures in BFSI continue to remain a subject of serious discussion. As unscrupulous operations become more and more prevalent, financial institutions want to ensure complete safety and protection for their consumers and themselves. Consequently, actions such as verifying listings to prevent potential scams, and ensuring solid digital security at every point, allow BFSI brands to boost their consumer’s confidence. The more there is access to secure and credible information, the greater the chances of consumers expressing interest in a brand’s financial services.
So, if consumers are searching for ATMs in close proximity with search queries such as “ATMs Near Me”, it becomes imperative for Banking brands to keep the details of their ATMs furnished on their digital listings, offering accurate information without the slightest chance of any kind of duplicity or grey area. Similarly, for the rising number of consumers considering investment options and trying to explore Stock Brokers close to them, keeping the details of the respective BFSI branches digitally accessible is highly important. Such approaches strengthened by digital capabilities, build a distinct identity of the branches and help them engage meaningfully with consumers. These also increase the chances of unbranded consumer acquisition and growth opportunities. It is through such holistic measures that BFSI brands are able to win the consumer’s trust, assure them of safe financial activities, and expand business avenues for themselves.
BFSI has undergone and is continuing to undergo a significant transformation in the digital world. This has enabled BFSI players to provide delightful consumer journeys and experiences, and has unlocked new business opportunities. To fully leverage this transformation, BFSI players need to deploy strategies that can productively serve today’s intertwined digital and physical consumer requirements. As they aim to deliver the best of services, using effective digital technologies to strengthen their branch-level association with consumers, will be key to achieving growth. With BFSI continuing to evolve, modern-day digital technologies and consumer-centric strategies will be essential for players to stay competitive and meet the changing needs of their consumers.