Financial Express Digital Bharat Economy Conclave Highlights: Unlocking the power of AI

“It’s no longer a question of choosing between product or service—they both matter. If you have a mediocre product but offer great service, listening to customer feedback can help you improve the product over time. Launching with solid service while actively seeking feedback will set you up for success and drive product improvements,” Malhotra added.

“Discoverability is key—tech makes products and services easily accessible and transparent, like with used cars or loans. Instead of relying on informal networks, platforms provide clear, measurable options. Another strategy is building a community through social media, where users connect, share, and influence each other’s decisions, enhancing brand engagement and trust,”Malhotra explained.

“Finding the right balance is key. Using data analytics and insights into customer behaviour, you can identify patterns and continuously improve. By integrating these elements, you’ll refine your approach and ensure that customer experience remains a strong focus,” Gupta cited.

“Let’s flip it: a mediocre product with top-notch customer service can still win loyalty. Even if the product isn’t the best, excellent service can enhance perceived value. In sectors like finance and healthcare, where timely support is critical, superior service often outweighs product shortcomings, leading to stronger customer loyalty and competitive edge,” Gupta added.

“Let’s compare two scenarios: a stellar product and a mediocre one. A stellar product meets market needs and innovation, attracting initial attention. However, if it lacks a supportive ecosystem for navigation and engagement, long-term customer attachment and sustainable adoption may falter,” Gupta said.

“From the start, Tupperware has been dedicated to enhancing the entire customer journey. It begins with offering top-quality products, moves to strong promotions, and now integrates AI to refine product development and personalization. Over time, Tupperware has evolved to use AI for tailoring customer experiences and promotions based on feedback, ensuring every touchpoint is exceptional. While AI adds new layers, the brand’s commitment to a remarkable customer experience has remained constant,” Kumar said.

“With 10M customers daily and a decade at McKinsey, I’ve seen customer experience is crucial, but balancing it with delivery costs is key. In the used car market, we focus on quality and experience. Our low acquisition cost (0.3% of revenue) and repeat customers, like with Tata’s used EVs, prove this,” Yadav added.

“When we talk about healthcare, the focus often shifts to hospitals, but customer experience is just as crucial there. Everyone who’s been to a hospital knows—it’s not about enjoying a stay or relaxing in a lounge. At Max Healthcare, we strive to create a ‘wow’ experience by minimising wait times and streamlining processes. For instance, we track patients’ journey from admission to recovery, including pre-op and post-op stages. We’ve also embraced robotic surgeries, which are like handling a single corn kernel—small but precise, ensuring a smoother and more efficient experience for our patients,” Ghosh said.

“In tier-one cities, people expect more personalized responses and options. Unlike before, where feedback was given via a phone call, now social media and review platforms amplify customer voices. Today, user feedback can significantly impact a company’s reputation, changing how businesses approach customer experience.” Garodia explained.

“Customer experience has evolved significantly. In the early 1900s, we had a seller’s economy with limited choices and less competition. Today, we’re in a buyer’s economy where customers have abundant choices and intense competition. This shift means companies must focus more on delivering exceptional experiences, as monopolies are no longer the norm,” Garodia added.

“In my view, true customer experience means the user doesn’t need to contact the company after buying the product or service. If they do reach out, it should be to make additional purchases. Ideally, the product or service should meet their expectations seamlessly,” Garodia said.

“Customer experience boils down to simplicity and speed. In financial services, it’s crucial that navigating information and reaching the right solution is easy and quick. Making processes straightforward and fast ensures that customers get the results they need without hassle,” Gupta said.

“Brands face the challenge of scaling personalized service while customers are spread across vast distances. Although customer expectations have risen, the personal touch has often been lost in the delivery. Balancing what you offer with how you deliver it is crucial for maintaining loyalty and ensuring a great customer experience,” Malhotra added.

“Today, technology gives customers power like never before, with instant access to services and support. While businesses used to offer personalised service face-to-face, scaling that experience is now the challenge. Customer experience remains crucial; it defines loyalty and impacts your success,” Malhotra said.

Next up is a panel discussion titled, ‘Why is customer experience a deal maker or breaker?’ Our panelists are, Parag Garodia, chief customer experience officer, Excitel; Hanish Yadav, senior vice president, Spinny; Dipankar Ghosh, IT operations had-governance, automation and compliance, Max Healthcare; Rahul Tandon, chief customer happiness officer, Ecom Express, Puneet Malhotra, chief customer happiness officer, Lenskart, Sameer Gupta, lead digital transformation, HeroFincorp. The session will be moderated by, Ashutosh Tiwari, global account manager, Sprinklr

“Boomers need strong incentives to share data, while Gen Z is more willing if they see a benefit, like better service. They’re transactional—if it helps, they’ll share. In our fitness program, younger users link trackers easily, but older users, especially in their 80s, are more hesitant,” Verma concluded.

“We started new businesses and immediately got calls from banks even before our incorporation certificate arrived. This data leak, possibly from the Ministry of Corporate Affairs, raises concerns about privacy. While digital inclusion and banking are priorities, many misuse data for sales or marketing. We need stricter controls and transparency on how data is handled and shared,” Verma answered.

“How easy it is to get the data out of the Gen Z, because they are all on the internet,” Bhattacharya asked Verma

“In India, data handling is often careless, much like driving on the wrong side of the road. Excessive demands for Aadhaar or PAN cards, overbearing security protocols, and lack of data privacy awareness are common. Education on data security is crucial for individuals, companies, and the government,” said Kumar.

“Data is everywhere, but many companies lack strong security practices. This exposes risks, and insurance may not cover all scenarios. New regulations are needed to enforce better data protection and increase accountability. Companies must prioritise security to safeguard personal information,” Gupta said.

“With data being spread across various platforms, privacy is a major concern. Ensuring strong encryption, robust access controls, and clear data policies is crucial. For personal data, it’s essential to understand how it’s stored, used, and protected. Always choose platforms with strong security measures and transparency,” Bhattacharya asked panel.

“Five years ago, rural schools had minimal tech access, and AI was basic. Today, thanks to cloud advancements, AI is making a big impact, especially in tier two and three cities. It helps teachers improve by offering feedback and enhancing education quality, making rural access more feasible,” said Kulshreshtha.

“When companies discuss AI in education, my first question is: What about students who lack access to education on a daily basis or are in remote areas? Are you focusing on using AI to reach these underserved students, or is the emphasis on enhancing education for those who are already in well-resourced environments? How do you address this gap?” Bhattacharyya asked.

“We use AI in two key ways. First, it helps diagnose and auto-fill prescriptions based on patient data, streamlining the process. Second, AI answers thousands of consumer questions about medicines, using context to provide accurate advice without needing a large team,” Garg answered.

“To what else have you been, actually been able to personalise? Because in marketing, what I’ve seen so far, we haven’t gone beyond personalised WhatsApp messages and mailers. How have you redefined it?” Bhattacharya asked Garg.

“Generative AI can boost customer service and cut costs, but entrepreneurs need to align the technology with their specific needs and budget. It’s crucial to understand the monetisation model, whether it’s for acquiring users or reducing costs. Google focuses on scalable, packaged solutions, especially for diverse markets like India, where understanding local language and usage volume is key,” Kumar added.

“India is not just a consumer but also a creator of generative AI technology. Indian startups are developing AI solutions for global markets, addressing price sensitivity while driving innovation. For instance, generative AI can enhance e-commerce by enabling voice-based shopping and assist healthcare by advising doctors across numerous hospitals,” Kumar said.

“We use two key AI technologies: Leah, which gathers and analyses patient data through the Zyla app, and Athena, which monitors vast amounts of data to spot correlations and potential health issues in real-time. Leah handles data collection and empathy, while Athena helps prevent complications by identifying patterns,” Agarwal said.

“In 2020, India changed insurance regulations, shifting from a push-based sales model to focusing on financial wellness. Health insurance now includes fitness, reflecting a broader view of health. AI will play a crucial role in leveraging this data to improve outcomes,” Verma said.

“Compared to legacy companies, how extensively have you integrated AI? Is it just generative AI, or are you leveraging other AI technologies as well? I’d love to hear about the scope of your AI implementation and how it’s impacting your operations,” Bhattacharya asked the panel.