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For BFSI companies, conversational marketing can generate leads, drive great customer experiences, and improve the sales funnel. To Navanil Sengupta
India’s BFSI sector is on a growth trajectory as it is considered a key factor in India becoming a $5 trillion economy. However, with this growth comes increased competition among companies with little differentiation.Ah BFSI companies gain a stronger foothold by making customer interactions more meaningful. This is where conversational marketing plays an important role.
In this regard, conversational marketing tools range from using AI-driven chatbots, text messaging apps and visual engagement tools to co-browsing and screen sharing. Two-way communication helps deepen connections between businesses and customers, build trust, and increase customer loyalty.
Conversational marketing to drive business growth for BFSI
The conversational marketing software industry is projected to grow at a CAGR of 17.5% from 2022 to 2032 to reach $2.4 billion. Here are some methods of conversational marketing that can help BFSI companies accelerate their business growth.
improvement customer experience
People typically reach out to BFSI for answers to solve their problems or meet their needs, but customer preferences vary by generation. Millennials and Gen Z are enthusiastic users of digital banking services and are happy with zero-contact customer service. Research shows that 42% of people prefer to resolve their queries through chatbots because they have no waiting time and are available 24/7.
Automating communications with chatbots shortens turnaround times, reduces human error, and reduces costs. His around-the-clock availability for fast query resolution increases resolution speed and reduces customer churn. His BFSI sector in India has successfully leveraged this tool to improve customer experience, and chatbots have become almost commonplace on his BFSI website.
organic lead generation
Gen Zs are more likely to avoid digital ads than any other generation, and as many as 64% of millennials use ad blockers to safely browse and engage with digital natives, while the BFSI We need to move to conversational communication.
In traditional marketing, a customer visits a website, fills out a form, and then waits for an executive to contact the customer, understand their requirements, and suggest the most suitable product. Digital natives are probably browsing on their phones and filling out multiple fields in a form can be frustrating. Live chat or AI chatbot integration makes it easy to understand prospects’ requirements. Conversational chatbots that engage in intelligent conversations with website visitors are much more likely to retrieve customer information.
Optimize your sales funnel
Optimize your sales funnel with the data you collect from your prospects and existing customers. Chatbots that match data can also identify and prioritize leads before passing them on to the sales team. In this way, human executives can enter the communication at a higher level with all the information at their disposal to provide an accurate response to customer inquiries.
BFSIs with reconciled data can send smart alerts to their customers to announce the release of these new features. This data also helps identify cross-sell and up-sell opportunities. BFSI companies are using SMS, WhatsApp messages, and social media interactions to disseminate push notifications, send smart alerts, and information about their latest services.
Key Features of a Conversational Marketing Strategy
BFSI already exists in the cloud, social media profiles, and mobile apps to connect with customers. To leverage these more effectively, you should use conversational marketing.
Have an omnichannel presence
AI-based communications can be cost-effectively integrated with all channels, from websites and mobile apps to social media profiles and voice messages. This makes it easier to record, organize, and analyze data collected from interactions with visitors and customers. Plus, prospects can easily find you on their favorite platforms.
personalize the conversation
AI can help personalize customer interactions and deliver needs-based products and services. Capturing customer information allows BFSI companies to be aware of their customers’ unique circumstances. You can then send your customers personalized messages about exclusive offers and banking products.
Create an ongoing feedback loop
About 66% of customers expect companies to understand their needs and expectations, and 52% expect offers to always be personalized. Intelligent conversational marketing enables BFSI to uncover unmet consumer pain points that would otherwise be blind spots. They can build a repository of customer inputs to align products and services to better serve different clients. This helps show that you understand your customers’ needs and aspirations.
Retail banking is fiercely competitive, especially with many unconventional players leveraging technology to gain an edge. BFSI participants cannot stay behind in contacting their customers. Conversational marketing enables businesses to set up an omnichannel presence and integrate analytics to deliver stronger, actionable insights, create personalized and satisfying customer experiences, and increase brand loyalty. increase.
(The author is Chief Marketing Officer of HDFC Securities)
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