Since March 2020, millions of people have had to work from home due to the COVID-19 pandemic. With this, the businesses and their employees faced a lot of challenges. The employees are not able to meet their clients and customers in person. This affects the revenue of several industries and businesses that primarily depends on their sales team for clients and revenue. All this forced the industry to think of new alternatives for customer engagement.

To provide customers a way, the BFSI Industry has started using chat channels and interactive bots for answering queries . For instance, the banks started offering their services like Balance Check, Account Statement, Fixed Deposit, etc through Chat Channels like WhatsApp, Telegram, SMS, etc. which shows that chat channels have been transformed into customer support channels. As these chat channels are a part of everyday social life of customers, they find it easy to use them for interacting with their RMs at banks.

Below you can find the list of leading India’s Leading Banks which offer different services through their chat channels bot.

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Similarly, the Financial Services Sector has started sharing its proposals and support through its social channels as well. These chat channels offer a great opportunity for RMs to offer, serve and interact with their customers without meeting in person. Many companies have started sharing their mutual funds and other investment schemes through their apps and popular social channels.

Another important sector that got severely affected by the pandemic is Insurance. So, they have also shifted their operations online by offering their insurance plans, services and claim settlements through chat channels. The customers can share their details and data through chat channels and can get a personalized plan within a few seconds, in fact many insurance companies have started offering online renewal of insurance plans along with an exciting bonus to promote services through these apps.

Although chat channels offer a great medium to BFSI Industry for interacting with customers and clients, there is a lot that is left unserved. For instance, though the bots offer a fast response to trivial queries they don’t offer a complete 360-degree solution to the customer. Also, 74% of people want to talk directly to their RMs for easy referencing and problem solving, which is currently not well organized in the current system. Also many customers are not comfortable sharing their sensitive information with RMs on their personal numbers. There is a need for a more secure and organized system to exceed customers expectations.

Not only that people prefer a human more over a bot for interaction. The companies also miss out on a system to monitor their team performance and business. Also managers and companies totally depend on their employees for all the information. Once an employee leaves then he takes away with him all leads and sensitive customer information. The current system seems to work but it can be better and needs some kind of transformation to be more organized and managed for companies as well as customers. This creates a strong need for a smarter solution.

At Competent Groove, we have studied this problem closely over the past 12 months and have invested in building a product which solves these problems. Here is a sneak peek of the product which brings together all customer channels in one place. And we’ve named it, Converge. Take a look!

In the next part of this blog, we will be sharing with you, the origin story of how we came about this problem and building a solution for it.