The BFSI industry is one of the most radically affected sectors by the developments in Information technology. Technology has revolutionized both the speed at which the service happens and the experience of Users. Banks & Insurance companies have benefitted in several ways by adopting newer technologies. E-Banking & E-Servicing has become quite mature and people are also accepting the change and enjoying the convenience this brings.
Today due to high and growing demand the BFSI market has become extremely competitive. Additionally, as a heavily regulated sector processing insurance claims, complying with regulations, assessing risks, and preventing fraud are just some of the various intricacies involved in running a banking & insurance business. Managing these intricacies can get complicated and tedious, both for providers and customers.
Apart from the immense opportunities, there are few challenges that need to be tackled while adapting the digitalization of Service Management in the BFSI sector like security risks, lack of adaption amongst both customers as well as support personal. This is one of the key facets that need to kept pace with to ensure all the stakeholders have confidence in the offerings. Top trends that are transforming, disrupting, and eventually having an Impact on Service Management in the banking and financial sector are
- Impact of AI – The time is not far when AI-assisted technology channels become the primary method to interact & engage with the customers. AI is already proving itself useful in fraud detection, customer services, financial advisory, and compliance work. Because of the increasing evidence that shows the abilities of machines to be adaptable to this environment, AI is proving to be a game-changer. Chat & Email bots are poised to take over the helpline completely as conversational AI gains in maturity and acceptance in upcoming years.
- Changing profiles of customers – The millennials have very high expectations from the financial institutions for all services especially digital services. Millennials expect round-the-clock availability and multiple channels of engagement as per their preference. Unified Communications with a mix of inbound and outbound channels integrated with Service Management toolsets are proving to be invaluable.
- The Emergence of New Business Models – FANGs (Facebook, Amazon, Netflix, and Google) and other tech companies have redefined traditional business models. They are forcing traditional businesses to rethink technology and ways to maximize their potential.
Modern technologies such as AI, IoT, and blockchain integrated into the Service Management tools are transforming several traditional industry sectors like retail, Media, and healthcare. Likewise, the addition of technologies in BFSI will improve both the effectiveness and efficiency of the Service Management processes.
Some Use Cases
- Automated Claims processing – Companies can collect and analyze the data through AI bots. In underwriting, analysis can be updated instantaneously by AI as new data becomes available. It can also optimize risk management to make more accurate recommendations, to the staff servicing the claims.
- Chatbots – Both Banking & insurance companies have already leveraged Chatbots which can be further matured to conversational levels to provide almost human-like interactions. Machine learning can be useful in resolving issues, evaluating risk and identifying cross-selling opportunities.
- IoT – Customers can now expect a fully monitored, more predictable “smart infrastructure” which can even do preventative maintenance if required, rather than the traditional “break-fix” model of IT operation.
the Service Management Suite powered by eStomi Technologies has leveraged a number of these modern technologies including artificial intelligence, RPA, and IoT to automate & digitalize many business processes. Please reach out for a no-obligation demo to experience what a world-class Service Management suite feels like, with unmatched customizations done by OEM, integrations across the application landscape, and lightning-fast implementations.