Banking Financial Services Insurance (BFSI)
Banking Financial Services Insurance
BFSI organizations have long competed by realizing economies of scale, by expanding branch networks and investments in brand and infrastructure.
Four secular shifts are changing the way BFSI will compete going forward:
- The traditional branch-led growth formula is losing relevance, with a breakdown in the relationship between branch footprint and growth;
- Banks are now competing on better customer experiences; with leaders growing faster than their competitors;
- BFSI’s that excel at deploying new technologies have a structural cost advantage;
- The retail banking relationship is getting unbundled along product lines, fueled by digitization and regulation. New players are entering the market.
BFSI’s will have to adapt by using superior data analytics capabilities to build deeper and broader relationships with customers, and take bold decisive steps to capitalize on the shifts that are reshaping the industry. Winners will be players, who use their agility, strategic aggressiveness, and sharp execution to attract customers.
The New Rules
Changing customer behavior and the emergence of new technologies spell not the end of the branch but rather the advent of the “smart branch.” Smart branches use technology to boost sales and improve customer experience significantly. Transforming the way a BFSI branch operates with reduced staffing, significantly lowers real-estate requirements, and alters customer interaction (targeted, relevant sales and service-to-sales programs)—with a resulting 60 to 70 percent improvement in branch performance, as measured by cost savings and increased sales.
For BFSI, technology has several goals:
- The migration of transactions to self-service and digital channels,
- 24/7 customer access for most interactions,
- A personalized and targeted approach to sales, and
- A superior and unified omni-channel user experience, every time.
Multi-branch technology solutions provided by 4POWER enable these goals. Customer Visit Management & Service Delivery Solutions take care of the consistent, personalized and improved customer experience while at the branch, whereas Self Service Machines provide a non-stop and no waiting business environment. Managed Services enable improvement in efficiencies and competitiveness with no capex.