The purpose of insurance is enough protection for a rainy day. The covid-19 pandemic cloudburst means even the most prudent insurers are rapidly needing a bigger umbrella. To complicate matters, most customers aren't aware of myriad insurance products and its intricate workings. Insurance product recommendations are so complicated that it reduces even veterans to tears. This leads to buyer uncertainty and loss of confidence before making a purchase. Which is unfortunate as a confident buyer is 3.6 times more likely to make a high value purchase. (Source: Gartner) To thrive and survive in th ..read more

The Internet of Behavior (IoB) extends from the internet of things, it consists of multiple approaches to capture, analyze, understand, and respond to a variety of digital representations of customer behaviors. Organizations are looking to use IoB’s digital capture ability to affect or influence the behaviors of individuals or collective demographic groups. The IoB combines multiple sources of intelligence such as commercial customer data, citizen data processed by public-sector and government agencies, social media, public domain deployments of facial recognition, and location tracking. Addi ..read more

The digital age poses new challenges for businesses in the BFSI industry, especially when meeting customers’ demands. Fortunately, there are always new technological innovations around the corner to help you manage your customers and improve your relationships with them. Moreover, these tools can help you remain relevant and competitive in the market. Through customer relationship management (CRM), you can build lasting and more profound relationships with your clients. Nowadays, it isn’t enough that you have outstanding checking accounts, lending terms, or interest rates. You must also show ..read more

CRM analytics comprise of the applications and programs used to analyze a company’s customer data and present it in a way that is conducive to business decision making.  It takes the process of data collection further by applying in-depth analysis of the data, extracting useful information from it and presenting it in a comprehensive manner offering cross-functional insights. CRM analytics can offer various benefits to a company like - segmenting the market - understanding customer preferences - personalizing client communication - predicting future trends and opportunities - making prod ..read more

Digital is bringing in delightful transformation in efficiency, convenience and automation in retail banking. Yet, for the average corporate banker, all this could be happening in another planet.  There was little incentive for change in corporate banking as the return of equity (RoE) of the segment was usually in double digits as compared to high single digits in retail. Today, though, digital is critical for corporates as business and economy are drying up. Corporate bankers are on the lookout for offering differentiated services with the power of digital. Inefficien ..read more

For millions of customers, what was convenient before has changed into a necessity today.  Bankers are leveraging a slew of digital platforms to boost their profits, improve regulatory compliance and transform customer experience. It is a welcome sign that transformative technologies are becoming universal. However, they need scale and nimbleness to stay resilient in the global upheaval caused by the COVID 19 pandemic.  Customer facing financial products, touch-points and channels are digitized with smarter business process automation and advanced analytics. Going beyond ..read more

Over the past 3 months, a virus a ten-thousandth of a millimetre in diameter has upended lives, businesses and economies across the globe. Financial institutions are no different. They are staring at near zero interest rates and a flattened yield curve resulting into diminished net interest income. Credit losses are expected to surpass $1 trillion. It was only twelve years ago that a great financial crisis severely damaged the reputation of the industry. Since then, over the past decade, the industry has striven to rebuild its strength and reputation. Today, world economies are at a p ..read more

   There is a popular saying in sales "Setting targets is the first step in turning the invisible profits into visible cash". Spare a thought for sales teams in today's uncertain times. The new normal of social distancing and eventual pause in economic activity has caused every sales leader's target hitting strategies to hit an iceberg. Sales teams need a powerful performance management system that proves itself in good, bad and ugly times. How can businesses catalyze their sales performance in demanding situations? By following two robust models of planning approach, a revenu ..read more

Business revenue grows on sales, paved from engagement and driven by leads.  Quick and strong sales growth depends on sales teams actively working on the right leads at the right time. Misidentification and misallocation of leads can be expensive for sales and marketing in terms of lost opportunities, campaign resource wastage etc. How can marketing and sales increase qualified leads, boost sales and be more productive? Lead scoring assigns values to actions that a prospect takes, helping teams to judge the conversion probability of a customer early on. Sample actions of ..read more

   Credit unions are always on the lookout for innovative technologies that help them put the customer first in customer care. The financial industry is moving from face-to-face interactions to digital interactions and round the clock touchpoints. With the current millennial generation hooked on digital technology, the industry is further expected to move towards digital banking solutions - with digital debit cards, biometric verification, etc. But digital transformations will not make physical branches redundant. They still provide a unique experience that no digital solution can ..read more