India’s Banking, Financial Services and Insurance (BFSI) industry has been able to maintain an upward trajectory driven by robust strategies and commitment to inclusion. Having said that, the sector’s increased focus on investing in customer acquisition has led to a steady increase in customer grievances, with little or no attention being paid towards its redressal. While the sector prides itself upon being a service vertical, the lack of efforts in effectively addressing customer grievances appears to be counterintuitive to its very essence, stated a survey report released by KaptureCX, while identifying primary causes of customer grievances in the industry.
According to the report, among the four potential issues – Customer Service Interactions, Understanding Product/Service, Fees and Charges Transparency, and Account Management Ease – customer service interactions remained the predominant issue. 68 per cent of the respondents including customer experience leaders and subject matter experts identifying the same, underscored the need for its immediate redressal.
Gaurav Juneja, Chief Revenue Officer of Kapture CX, said, “As the BFSI sector continues to transform into a more digitised and inter-connected environment, the need for fortifying customer interest and addressing potential grievances is poised to become more poignant. As a result, the BFSI industry needs to keep up with technological advancements, and learn to leverage the same for transforming the delivery of customer experience into a hyper-personalised one.”
Following the advent of discrepancies and frauds which have made their way into the BFSI sector, the survey also highlighted that 18 per cent of respondents identify fees and charges transparency as the main cause of customer grievances. It is followed by understanding product/service at 9 per cent, and account management ease at 6 per cent.
“These insights are emblematic of a critical need for BFSI companies to prioritise improving customer service interactions to enhance overall customer satisfaction,” KaptureCX said.