According to a Forbes’ survey, 70% of buying decisions are influenced by the quality of customer experience (CX). However, 20% of customer relationship managers (CRMs) admit to not knowing their clients well enough and spend only 38% of their time on client-facing activities, with most of their time devoted to administrative tasks.
For those in the BFSI industry, this is an extremely costly trade off. BFSI end-clients are increasingly demanding, seeking more information about the performance of their assets, financial health, integrity, and risk analysis. To address this problem, the BFSI industry has made customer experience and personalized service a key business priority. However, they face some key challenges, such as
• Absence of a 360-degree view of client portfolio to drive analytics
• Obsolescent recommendation engines that do not take into account the dynamic nature of the end-client business
• A small number of high value clients that consume most of CRMs time, leaving Tier 2 and Tier 3 clients under-serviced
• Limited insights on the needs of the Tier 2 and Tier 3 clients due to lack of time
• Limited machine learning and artificial intelligence insights to help CRMs recommend products matching with Tier 2 and 3 client needs, based on their online banking interactions
What you’ll get:
Virtusa’s Product Recommendation Engine is an AI/ML powered tool designed to predict a customers’ likelihood of acquiring a product by matching a company’s offerings with the customers’ online banking interactions. This unique solution offers businesses a 360 degree view of their customer’s portfolio and recommends the most relevant product for them without any CRM intervention. The result: CRMs focus their time on underserved high value customers for greater returns on effort.