A market place is not a picnic spot, it’s filled with fierce competition. The ever-changing landscape, where riding on a trend can be the difference between tremendous success and utter failure. Here are the top local trends that BFSI industries need to follow to stay relevant and ahead of the competition.
Services will matter more than products –
To service is to sell is the philosophy to dominate the market right now and for coming days. Banks will leverage their rich customer data to "service first", rather than sell. Sales will happen because banks anticipate service moments. This will need large technology investments to sense "customer moments" and respond to them in real time. Banks will shift their beliefs from a product-oriented organisation to a customer-driven organisation. Customer will make the rules.
Paperless and online –
When it comes to the process of applying for a loan or opening a new account, customers desire speed, ease and transparency, along with instantaneous decision-making capabilities. These are no longer a luxury but instead have become a hygiene factor and a necessity. They would also like the power to customise as per their needs and more choices for financial products and service. Future banking will be online and paperless with digitisation. Tab banking and mobilebanking will take the throne. With the help of Aadhar platform, loans will be disbursed within mere seconds and virtual cards will be issued instantly
Personalisation will be the key –
More effort will be put in to make the whole experience more personalised. India has more than 440 million millennials, more than China. This mobile-first consumer segment wants choice, convenience and personalisation; customised offers and an experience that is easy and intuitive while also being contextual. With infrastructure development and increase in smartphone usage, customers expect to use services anywhere, anytime. This is revolutionising the consumer experience. People are increasingly using mobile devices to research potential purchases, compare prices for goods and services and transact using mobile banking.