One of the biggest challenges faced by BFSI is to tackle what the customers experience when interacting with their brand. Whether it is a new customer acquisition or onboarding, if you are not able to make your customers feel appreciated and valued for joining you, they are not going to stick for long!
This brings us to today’s topic: Customer Churn.
The coronavirus pandemic has brought BFSI customers to a sort of digital enlightenment where every customer regardless of their demography is expecting digital means of interaction. Today’s customers want hyper-personalized services and are even willing to shell out extra bucks for that.
What this means is: that you are losing customers if your business doesn’t meet their expectations!
Personalized Interactive Videos for Banking and Financial Services
BFSI struggles with high customer churn
But what exactly is customer churn?
Every time you lose a customer to your competitor it amounts to churn. Mathematically speaking, the net percentage of customers lost over a given time period compared to how many you retained, gives you a customer churn rate. It is also known by various industry terms like customer attrition and customer defection.
Owing to technology, today’s customers no longer have to stand in queues to seek information. A simple Google search can direct them to the answers they are seeking but what about critical banking or insurance-related information? There are certain aspects of this relationship between consumers of the BFSI industry that can’t be just Google!
Here lies the importance of serving customers with contextual information relevant to their needs. So, if you are one of the BFSIs currently riddled with high customer churn or in other words looking to improve customer engagement & retention, think and think hard!
Since customer churn is basically a customer not coming back, there goes your hope for repeat business. Without a Customer Communications Management strategy, a higher churn rate is going to shrink your revenue year-on-year.
Read on to know how FCI CCM is helping BFSI clients with churn management using personalized videos…
Why does BFSI encounter high churn rate?
For a service-based industry, the customer is king, and a king does not like to waste time on second-guessing. If your customers must reach your call center for information on premium dues or change, contact details in statements and so.
Imagine having to invest time in call support only to know they have to visit the branch now. Roadblocks like these can impede the success of your products and services with customers and ultimately force them to look for your competitor.
That is why at FCI CCM, using our software solutions, we enable BFSI to empower their consumers with self-service along with hyper-personalization across all communications to render a compelling customer experience as an outcome.
We understand the BFSI customer touch points along the journey and help orchestrate communications with rules driven process that augments their customer communications strategy and achieve higher customer retention for the long run.
Interactive Personalized Video Platform
Today BFSI has a customer base that is increasingly becoming digital as we speak. They are no longer interested in impersonal or generic messaging coming from their Insurer or Banking services provider. Your customers want you to engage with them personally.
That is why we believe that the age of generic communications by banks or insurances is over. It is time to embrace the Age of Personalization…
BFSI needs to catch up with this fact and send communications that are personalized, interactive, and dynamic that can keep your customers engaged and think less or not all about what your competitor is offering (which is probably the same as you!)
This brings us to the long-awaited solution to reduce the customer churn rate:
FCI’s Interactive Personalized Videos
Let us accept those transactional communications which BFSI creates are not only complex but also tend to poke customers to reach for your customer support for information that you could have provided earlier- only simplified!
Why does BFSI need to start using Personalized videos?
Yes, put a brake on your accelerating churn by sending communications to your customers that are simplified. It is an experience of its own.
Using FCI’s video customer communications, you can transform your customer data into a contextual conversation which is personalized and makes your customer think that you care for them. Once your customer believes that you care, they are not going anywhere!
Benefits of using Personalized Videos:
- Integrate customer data directly into dynamic videos to create personalized messaging.
- Simplify complex messages/ communications using graphs, diagrams, visual powerful reporting, etc.
- Send tailored content to each customer at scale.
- Customers feel they are heard, cared for, and valued and hence engage more-churn less.
- Visual messaging always trumps texts and delights customers like never before.
- Using Personalized videos can reduce churn at any point in the customer journey starting from acquisition, on-boarding, and adoption to escalation, and renewal.
- Improve customer engagement with the cost-effective pVideo platform, and keep enjoying the renewals!
Bottom line is that BFSI has digital-savvy customers and to meet their expectations, you need digital solutions like Personalized videos. It lets you optimize their experience with your brand.
Want to find out how FCI personalized videos drive better customer engagement, transform customer experience and reduce churn?