In today’s world, digital transformation (DX) in the banking, financial services and insurance (BFSI) domain is much more than just on-boarding the right technology to have a positive impact on business outcomes, as it changes the way businesses are done. DX has helped the BFSI sector to examine every process, beginning with internal systems and extending to all forms of customer interaction in a faster, cost-effective, and competitive manner.
In a recently concluded roundtable organised by BW Businessworld with some of India’s top leaders associated with the world of finance, a wide range of topics were discussed, including the evolution of digital, challenges of digital transformation, unique differentiators of the BFSI industry, harnessing digital for tangible business outcomes, and upcoming DX trends.
Ronak Sheth, Head - Marketing & Client Experiences at IIFL Wealth & Asset Management, suggests it is fairly easy to have access to data given the fact that most customers have a digital footprint.
Sheth commented, "At IIFL Wealth, our CRM allows us to capture vast data and integrate a lot of digital technologies including chatbot systems and WhatsApp for Business. Our back-end technologies also enable seamless interactions between our clients and relationship managers as well as service teams across platforms.''
Sheth highlighted the fact that data sensitivity is a major challenge. He said, "In terms of what the consumers are expecting today, they are aware that the data provided by them facilitates optimum business outcomes. In an ideal scenario, data analysis would result in highly effective personalised services."
Sheth underlined that though a humongous amount of data is available, the real task is to draw insights from it. He explained, "The data itself is not of much use unless you can draw relevant insights from it. There is no one size fits all. As a result, having those insights and being able to offer customised products, targeted marketing & communications, and personalization are critical to achieve relevant business outcomes."