Cutting Down Lead Times and Improving Customer Satisfaction

Banking, Finance, and Insurance form the holy trifecta of auxiliary functions that grease the wheels of the economic engine. The nature of such functions are predominantly people-centric and require organizations operating in these spaces to be nimble, agile, and quick in identifying and serving their customers.

Automation has long been the talk of the town, and its applications in the BFSI segment have only started to take precedence. The pandemic’s onset meant that personal interactions were no longer feasible, and companies had to scramble to put in place digital alternatives to ensure the continuation of core functions such as lead sourcing, dispute resolution etc.

The continued evolution of technologies such as Robotic Process Automation (RPAs) means that a bulk of low-value and routine functions can be delegated to robots, which in turn can reduce lead times. In BFSI rms, it has been documented that the greatest transformational changes lie in the top 10-20 end-to-end processes, most of which happen to be customer-facing.

Investing in RPA technologies that enable automation by way of integrated IVR systems, bots that can collect and route queries effectively and efficiently, and centralized help desks can enable rms to realize immense gains. These benets translate to operational improvements as well as improvements in overall customer satisfaction.