Bajaj Capital Is Using Tech To Make Offline Business Seamless Historically, the investment sector operated on a physical model via offline agents, banks or offices until online channels caused a paradigm shift. Customers are increasingly interested in availing the advantages of a hybrid model
Opinions expressed by BIZ Experiences contributors are their own.
You're reading BIZ Experiences India, an international franchise of BIZ Experiences Media.
Customer expectations from the Indian industry have shot up dramatically over the last few years, thanks to advancement in technology, data and analytics. In order to meet or exceed these expectations, financial institutions are working to comprehend the use of technology and data implementation. The growing use of technology is also enhancing the offline buying experience for customers.
"Today's consumers have way more complex needs and are much more knowledgeable about what they need. Their utmost focus is on customized offerings and tailored communications," said Sanjiv Bajaj, joint chairman and MD, Bajaj Capital Ltd.
In order to make the customer-buying experience seamless, Bajaj Capital is using cutting-edge technology. Interacting with customers and working on feedback is one of the key strategies of the company.
"With the feedback, we've simplified the journey and have also added more banks to make transactions easier. There are numerous touch points for attracting a new customer such as effectively handling claims and maintaining a great long-term relationship with the clients where we have implemented advanced technology to enhance customer experience. Financial Institutions that are able to meet the expectations of the customers in these phases certainly enjoy a substantial competitive advantage for customer growth and profitability over others in the league."
Bajaj Capital has launched a special BajajCapital EDGE Report that allows a customer to look at investments and then discuss with a relationship manager. "Today, with an incredibly volatile market, it is critical for a client to constantly review a portfolio that enables one to drive the maximum value from the investment."
The ease of investing money with a constant barrage of selling profitability without any base has led customers to take random financial decisions. "In our view, the inability to deal with so many alluring offers has really created a sense of FOMO among customers."
With the onset of the pandemic, online channels have grown at an exponential rate. Enabling last-mile offline distribution allows one to provide multiple touchpoints to customers and facilitate purchase. Historically, the investment sector operated on a physical model via offline agents, banks or offices until online channels caused a paradigm shift. Customers are increasingly interested in availing the advantages of a hybrid model. The key factor driving the phygital model's popularity is bridging the trust gap.
"Phygital setups are the most viable solution for patrons who want to change their engagement touchpoints seamlessly. They can either use a smartphone, tablet, kiosk, digital wall, or touch-tables to gain product knowledge, or they can speak directly with one of the trained staff to discuss their concerns. The new financial services model is all about fusing technology and tradition, paving the way for the new phygital model, which is a hybrid of physical and digital distribution channels," Bajaj added.
