Kill the jargon | The Financial Express

Kill the jargon

That’s the only way to ensure customer satisfaction

Kill the jargon
All of us look for trust and approachability — we are drawn to places that are welcoming and focused on inter-personal relationships.

By Ronak Sheth

No celebration is complete without shopping, dining, enjoying with friends and family and the customary gold or silver purchases. Rather than trying out the many new gold outlets, you still prefer to visit your trusted store as you find it more approachable and trustworthy.

All of us look for trust and approachability — we are drawn to places that are welcoming and focused on inter-personal relationships. While the BFSI or banking, financial services and insurance sector has taken countless initiatives to offer this comfort to its customers, the presence of jargon and complicated solutions has limited our efforts to achieve consumer satisfaction.

Let us take for example the mutual fund advertisements. While they deliver the message on investment risks very well, if we ask the consumer about why have they invested in the specific product, or why should they stay invested even in a sliding market, more often than not, we will draw a blank. Another challenge the BFSI sector faces is the multiple layers of unnecessary processes built around the simplest of tasks.

Suppose you see an online advertisement about how a particular bank allows you to open a new account in less than 10 minutes. That is the promise of a great customer experience but what about the convoluted processes that rear their heads after opening the account? How many forms would you then be required to fill, during your journey as an account holder for the most basic tasks? Superlative customer experience should be centred around the lifecycle of the customer rather than just few selective areas.

Even as people trudge through these processes, they also have to wade through a pool of jargon such as bancassurance, standard benefits, deductible etc. Standard benefits could mean different things to each service provider, making the journey towards comprehension tougher. Simplifying terminologies can be a great way to become consumer friendly.

Another area that can be hugely beneficial for the industry is technology. It is true that the industry has worked towards making customer experience seamless, from digital banking to customer service, but there are aspects where we can do better.

As one of the few sectors with access to humungous amount of client data, the BFSI domain is well-positioned to provide amazing experiences to customers. BFSI can use customer data to make everything, from a change of name or address to filling out requisite forms, much simpler and that is what we should aim for. Currently, we are using technology to add even more layers to processes, as against using it as a tool for simplification. It can be harnessed to power wow experiences for customers, as the data we have at hand makes it easy to know customer pain points.
We should utilise this data to create hyper-personalised services. Drawing relevant insights from this data can go a long way towards enabling a human-first approach.

There is no industry that does not wish to achieve its business goals or offer satisfactory services to customers. And the BFSI domain has accomplished that to a large extent. However, there is so much more we can do to boost accessibility and approachability, and this should be our goal as we move ahead.

The author is CMO, IIFL Wealth Management

Also Read: ‘We are using ticket pricing as a tool more aggressively’

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First published on: 09-11-2022 at 09:44 IST