Edge Insights

Future of CX in Financial Services - The Next Frontier

Investing in exceptional customer experience (CX) is critical for financial services—and it pays off with interest. Financial institutions that excel in CX stay ahead of their competitors in areas such as brand reputation, customer lifetime value, employee retention, and ultimately financial performance.

In the age of digital, how can firms reimagine a seamless and personalized experience for their customers? How can they enhance customer engagement in this highly competitive, regulated, and complex industry? How can innovations such as AI and automation contribute?

To dive deeper into the subject, the challenges, and the way forward, Ashwin Moduga, Head Research, Mosaic Digital had an invigorating conversation with Prashanth Kancherla, VP-Products, Ozonetel Communications at the FinServ Innovation Summit on April 27, 2023, in Mumbai.

In this knowledge-packed session, Ashwin and Prashanth covered the transformative power of generative AI for businesses, key metrics and insights across the customer journey, the business outcomes of AI-powered solutions, and the promising opportunities and possible roadblocks. Ashwin Moduga initiated the discussion by introducing the role of innovation in CX and then inquired how Ozonetel is helping financial businesses or brands improve their CX strategies. Prashant Kancherla talked about three core elements: 1. Customer data platform 2. User Journeys 3. Post-purchase engagement. He believed that the focus has now shifted to translating these into tangible business outcomes.

Ashwin Moduga explained how BFSI is operating in a highly diverse market. Today there are multiple channels to engage customers including digital-only, digital-physical, and even WhatsApp. In context of how Ozonetel is weaving together these channels, Prashanth Kancherla explained how bots create consistency and conversational continuity across all channels. Additionally, a CDP or CRM integration gives frontline workers secure and prompt access to customer data regardless of their channel choice leading to more meaningful conversations.

Prashanth Kancherla remarked that ChatGPT, a generative AI model, can be employed internally within financial services without being exposed to customers. Numerous use cases exist where businesses leverage Ozonetel’s AI to gain CX insights and improve the speed and accuracy of their customer responses.

Prashanth Kancherla also acknowledged that the most significant challenge faced by the BFSI sector is that technological advancements such as ChatGPT require compliance with regulations and security measures which lead to slower adoption cycles.

Summarizing the discussion, Prashanth Kancherla and Ashwin Moduga both concurred that integrating AI within financial institutions can lead to several improvements, such as better self-service options and increased team productivity. As innovation progresses, AI will become more attainable to businesses of all sizes.