Krutant Iyer
August 15, 2022
•
11
min read
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We live in an era where convenience is king. People find it easier than ever to:
- Connect with friends and family via phone or video calls.
- Get groceries delivered directly to their doorsteps.
- Consume content on mobile screens.
- Transact and invest online.
Digitization is not just a fad. It is here to stay and will continue to evolve. Transformational technology and new competitors are shifting the digital landscape. This adds pressure on banking and financial services institutions to adapt.
Now, it is vital for the Banking, Financial Services, and Insurance (BFSI) industry to act. Firms must identify areas for improvement and meet the increasing demand for instant fulfillment.
What is Digital Commerce?
Digital commerce allows people to purchase goods and services through digital channels. However, it is not limited to online transactions. It encompasses everything that happens before and after a transaction is recorded:
- Content development to fuel the sales funnel.
- Data analytics to understand behavior.
- Promotional activities and pricing strategies.
- Customer acquisition and retention strategies.
- Customer experience (CX) at every touchpoint of the buying journey.
How is Digital Commerce Different from E-commerce
While they seem similar, digital commerce and e-commerce are not the same.
- E-commerce is the practice of selling goods and services online. This usually happens through a dedicated website or app.
- Digital commerce is the strategy that elevates the customer’s experience. it focuses on the end-to-end journey.
E-commerce is just one part of the digital commerce multiverse. Think of it this way:
- The Ship: E-commerce is the ship ferrying customers from point A to point B.
- The Engine & Compass: Digital commerce is the engine powering the ship and the compass helping the captain steer clear of icebergs.
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Future of Digital Commerce in BFSI Industry
Digital commerce impacts every corner of the financial world, from retail banks to fintech startups. The future of these businesses depends on how customer experiences are crafted.
Consider these industry statistics:
- 94% of financial institutions are still unable to deliver on personalization.
- 79% of leaders find re-engaging customers harder than finding new ones.
- 77% of CX leaders lack a technology framework to drive initiatives.
- 69% of customers try to resolve issues on their own, but most businesses lack the knowledge base to support them.
- 80% of routine enquiries can be automated using conversational AI.
- 59% of customers feel businesses have lost the human element of service.
Digital Commerce is about Creating Better Experiences for your Customers
Digital commerce is constantly evolving to offer better customer experiences. The financial landscape is becoming more complex and competitive. CX has moved from a support strategy to being a product itself.
Total experience solutions like CINNOX help businesses engage customers proactively.
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Connect, Onboard, and Service Across All Channels
CINNOX helps institutions move away from old-school, multichannel approaches. Instead, it embraces omnichannel communication.
- Avoid fragmented journeys and information loss.
- Build digital experiences that keep customers coming back.
Humanize Relationships in a Digital World
Financial services must emulate real-world, personalized care.
- Sticky Routing: Direct returning customers to the same agent they spoke with previously.
- This builds familiarity and trust.
Offer Robust Self-Service
Enquiry volumes in BFSI can be overwhelming.
- Deploy an intelligent virtual assistant via CINNOX.
- Provide quick, proactive, 24/7 support without burdening your human team.
Transform Your Existing Tech Stack
Customers seek instant gratification.
- CINNOX overcomes the challenge of siloed databases.
- It offers a unified view of the customer that legacy systems cannot provide.
Secure Customer Engagement
Context is everything when managing requests.
- CINNOX ensures interaction records are safe.
- Our solution meets strict data privacy regulations and security standards with advanced encryption.
Digital commerce in BFSI begins with a tailor-made CX solution. CINNOX offers a complete suite to deliver hyper-personalized experiences and centralized visibility. Take prompt action to gain a first-mover advantage in your digital transformation.
