Navanil SenguptaThe Indian BFSI sector is seen as a key catalyst for India's transformation into a $5 trillion economy and is growing. However, this growth has increased competition between largely undifferentiated companies. BFSI can expand its presence by making customer interactions more meaningful. This is where conversational marketing plays a crucial role.
Conversational Marketing uses the latest digital technology to engage with customers in real-time throughout their journey. This humanizes the overall customer experience and leads to greater satisfaction.
In this sense, conversational marketing tools can range from using AI-powered chatbots, text messaging apps, and visual interaction tools to sharing or screen sharing. Two-way communication helps create a deeper connection between a business and its customers, building trust and increasing customer loyalty. Conversational Marketing to Drive Business Growth BFSI
The Conversational Marketing Software Industry is expected to grow at a CAGR of 17.5% between 2022 and 2032 to reach US$2.4 billion. Here are some ways conversational marketing can help BFSI companies accelerate their growth:
While people typically turn to the BFSI for answers to solve a problem or fill a need, customer preferences vary from generation to generation. Millennials and Generation Z are actively using digital banking and are satisfied with the contactless customer service. Research shows that 42% of people prefer to have their questions answered through chatbots because there is no waiting and they are available 24/7.
Automating chatbot communication shortens response time, reduces human error, and cuts costs. 24/7 availability for quick resolution of inquiries increases resolution speed and reduces customer churn. The BFSI sector in India has made great use of this tool to enhance the customer experience and chatbots have become almost a matter of course on BFSI websites.
Organic lead generation
While Gen Z is more likely to avoid digital advertising than any other generation, with up to 64% of Millennials using ad blockers to safely browse and interact with the digital population, BFSI needs to move towards more interactive forms of communication.
In traditional marketing, customers visit a website, fill out forms, and then wait for an executive to get in touch with them to understand their needs and suggest the most appropriate product. Digital natives are likely browsing on mobile phones, where filling out a form with multiple fields can be frustrating. Integrating a live chat or artificial intelligence chatbot makes it easy to capture the needs of potential customers. The chance of getting customer information is much higher with a conversational chatbot that has intelligent conversations with website visitors.
Optimize your sales funnel
The collected data from potential and existing customers can be used to optimize your sales funnel. Chatbots that collect data can also qualify and prioritize leads before forwarding them to your sales team. This allows human managers to enter the communication at a more advanced stage and have all the information available to provide an accurate answer to the customer's question.
Once the data is collected, BFSIs can send smart notifications to customers to announce the release of these new features. The data also helps identify cross-selling and upselling opportunities. BFSI companies use SMS, WhatsApp messages and social media interactions to push notifications, send smart alerts and share the latest offers.
Key features of the dialogue marketing strategy.
BFSI already has a cloud presence, social media profiles and mobile apps to engage with customers. You just have to use conversational marketing to get the most out of them.
Have an omnichannel presence
AI-driven communications can be integrated into all channels, from website and mobile app to social media profiles and voicemail, all at a fraction of the cost. This makes it easy to collect, organize and analyze the data collected through the interaction of visitors and customers. Also, your potential customers can easily find you on their favorite platforms.
Personalize your conversations
Artificial intelligence helps personalize customer experiences and provide tailored products and services. Gathering customer information helps BFSI companies understand their customers' unique situations. You can then send personalized messages to customers about exclusive offers and banking products.
Create a continuous feedback loop
About 66% of customers expect companies to understand their needs and expectations, and 52% expect offers to always be personalized. Through clever conversational marketing, BFSIs can uncover angry consumers' pain points that could otherwise be blind spots. They can create a customer record file to customize their products and services to better serve different customers. This can help them demonstrate their understanding of customers' needs and wants.
Competition in the retail banking sector is fierce, especially as many non-traditional players are using technology to gain an advantage. BFSI members cannot afford to delay contacting customers. Through conversational marketing, businesses can create an omnichannel presence and integrate analytics to deliver more meaningful and actionable insights to create a personalized and satisfying customer experience and increase brand loyalty.
(The author is the marketing director of HDFC Securities)
