5 Key Message Deliverability Trends for BFSI in India 2024
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July 4, 2024
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4 min read
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The need for superior customer engagement and ongoing digital transformation is driving rapid evolution in India’s BFSI (Banking, Financial Services, and Insurance) sector. As customer expectations continue to rise, ensuring timely and secure delivery of messages has become paramount. Here are five key message deliverability trends for BFSI in India in 2024.
1. AI-Driven Personalisation and Predictive Analytics
AI Integration:
Artificial Intelligence (AI) and Machine Learning (ML) are transforming how BFSI institutions interact with customers. AI can predict customer behaviour and preferences by analysing vast amounts of data, enabling highly personalised communication. This ensures that messages are not only delivered but are also relevant and engaging.
Predictive Analytics:
Predictive analytics can determine the optimal time and channel for message delivery, improving open rates and customer engagement. For example, a bank can use predictive analytics to send loan offers when a customer is most likely to need them, increasing the chances of conversion.
Impact:
McKinsey reports that personalisation can lead to a 5-15% increase in revenue and a 10-30% improvement in marketing spend efficiency, highlighting the significant impact of AI-driven personalisation in BFSI.
2. Omnichannel Communication Strategies
Unified Communication Platforms:
Customers today expect seamless communication across multiple channels, including SMS, email, voice, and social messaging. Omnichannel strategies integrate these channels to provide a consistent and unified customer experience.
Customer Preference:
Allowing customers to choose their preferred communication channel enhances satisfaction and engagement. For instance, a customer might prefer receiving transaction alerts via SMS but prefer email for detailed statements.
Impact:
Forrester indicates that companies with robust omnichannel strategies retain 89% of their customers, compared to 33% with weak omnichannel strategies, emphasising the importance of an integrated approach.
3. Guaranteed Message Delivery
Reliability and Speed:
In the BFSI sector, message delivery reliability and speed are crucial. Customers expect instant transaction updates, alerts for suspicious activities, and timely responses to their enquiries. Guaranteed message delivery ensures that these communications reach without delay.
Technological Solutions:
Advanced Communications Platform as a Service (CPaaS) solutions offer robust infrastructure for ensuring high delivery rates. These platforms utilise multiple fallback routes and intelligent routing algorithms to ensure messages are delivered even if one path fails.
Customer Trust:
Ensuring guaranteed message delivery builds trust among customers, as they feel confident that they will receive critical information on time. This reliability is essential for time-sensitive communications such as fraud alerts and transaction confirmations.
4. Enhanced Security and Compliance
Data Protection:
With increasing cyber threats, BFSI institutions must ensure that all communications are secure. Advanced encryption methods and secure APIs are crucial for protecting sensitive financial and customer data.
Regulatory Compliance:
BFSI firms must comply with various regulations, such as GDPR, CCPA, and local Indian laws. Ensuring message deliverability while maintaining compliance with these regulations is essential.
Market Insights:
Deloitte estimates compliance spending in BFSI to grow by 15% annually, underscoring the sector’s focus on security and regulatory adherence.
5. Leveraging 5G for Improved Connectivity
Faster and More Reliable Communication:
The expansion of 5G networks in India to revolutionise message deliverability. With higher speeds and lower latency, 5G enables real-time communication, which is crucial for financial transactions and customer interactions.
Use Cases:
5G can support advanced use cases such as high-definition video consultations with financial advisors and real-time fraud detection alerts.
The time is right to embrace the latest trends to exceed customer expectations and stay competitive.
As the BFSI sector in India continues to embrace digital transformation, these five key trends in message deliverability will play a crucial role in enhancing customer experience, ensuring security, and improving operational efficiency. By leveraging AI, omnichannel strategies, advanced security measures, guaranteed message delivery, and 5G connectivity, BFSI institutions can meet and exceed customer expectations in 2024 and beyond.
By staying ahead of these trends, BFSI firms can improve customer satisfaction and drive growth and innovation in an increasingly competitive market.