In the changed scenario, whether inflicted upon us by the long-term impact of pandemic, or otherwise, banking and other financial services companies have been witnessing a massive churn in the delivery of services. What began with most rudimentary digital introductions, is now reaching a certain level of sophistication with a touch of personalisation. We can also blame it on cut-throat competition, and an exponential rise in customer expectations that has compelled services companies, including financial services companies, to adapt extreme Digital Transformation. And, why not? To tend to their customers promptly, and keep them away from being poached by competition, the only way is to make services accessible without much friction. Any company, if it doesn’t provide its customers a range of digital solutions that help them ease out transactions, is running the danger of losing them.    

Therefore, it won’t be any exaggeration to say that customer experience (CX) one of the most vital aspects to serve customers satisfactorily and even delight or surprise them. 

For example, a (not so recent) McKinsey research said that digital banking allows personalisation at scale that drives between 5-15% revenue growth for companies in financial services sector (See pic below).

A recent YouGov Survey done in the UK proves this fact. 81% of adults surveyed said the quality of their online experience determines who they bank with. 

One such example is IDFC Asset Management Company (AMC) in India. With over one million investors and presence across 46 cities, it has been on a continuous tryst with digital transformation keeping customer satisfaction and experience in mind. 

As part of its customer experience initiatives, IDFC AMC wanted to execute large-scale direct marketing campaigns to increase share of its wallet and cater to challenges of customer retention. That meant moving beyond conventional methods such as run-of-the-mill advertisements and mailers and moving to more personalised and useful content. 

“We see a huge market for mutual funds in India. We know we have to seize this massive opportunity to drive awareness, demonstrate benefits, and establish ourselves as a brand that delivers a better experience to the customers,” said the official spokesperson of IDFC AMC.

The team went on to evaluate various off the shelf solutions available in the market before zeroing-in on Salesforce Marketing Cloud. The aim was to create and execute email and SMS campaigns; both for transaction-related and also regular communication to keep customers informed. The idea was to narrow down in approach and target prospective customers. Besides, the Salesforce Marketing Cloud was also chosen to automate journeys for different customer segments and to deliver customised communication. Using the proprietary Einstein Analytics, IDFC AMC was able to devise effective campaigns with insights collected from past behaviour of the customers. These insights helped the company deliver meaningful content to the right customer segments.

As a result, IDFC AMC saw an approximate 2.5x increase in gross sales and an overall reduction in the unsubscribe rate. “Between Jan-Dec 2020, the unsubscribe rate was as low as 0.06 percent,” said the official spokesperson. The team also uses Social Studio to create and publish compelling content on their social media platforms.

According to information published by itecharts.com, Salesforce’s Marketing Cloud scored 14.1% of the market share against its nearest rival Adobe Experience Cloud, which scored 12%. The company, based on its Press Release on Nov 30, 2021, reiterates FY23 revenue guidance of $31.7 to $31.8 Billion.

Image credit: Photo by PhotoMIX Company from Pexels

By Rahul Mani

With nearly 22 years of experience in Tech B2B media, Rahul comes with a distinct approach for nurturing the CIO & CISO communities. He has worked with CIOs & CISOs from across sections of industries and has an in-depth understanding of their unique information needs. Rahul is one of the rare media entrepreneurs with a distinct ability to balance between totally diverse functions of editorial and business. Rahul has held leadership roles at IDG India and 9.9 Media before starting Grey Head Media.

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