BANKING, FINANCIAL SERVICES & INSURANCE (BFSI)
The BFSI sector has continuously gone through very competitive conditions and radical change. For instance, new regulations and standards by state authorities, innovations like telematics and wearables, the rise of Fintech and Insurtech, and to top it off, customers’ increasing expectations for personalized policies and premiums have created some complex challenges to the industry, underlining the substance of streamlining operations and infusing tech-enabled efficiencies wherever possible.
Financial Services organizations constantly handle sensitive information with enormous amounts of data and high-security risks. However, due to complex business processes, operational and analytical data are usually organized in separate silos, which leads to data duplication and inconsistent values. Furthermore, analytical data is often scattered across different silos according to various dimensions such as legal entity, business line, risk category, etc. As the volume of data grows, this silo approach tends to give rise to low-quality data.
As online retailers and service providers become a norm, more and more customers in the 21st century expect that Financial Services enterprises will know something about them at the first point of contact and be able to quickly offer a tailored range of products or services that improve the quality of their life. This puts significant pressure on carriers to provide customers with less cumbersome buying experiences, simpler terms, and quicker processes while maintaining regular and personalized engagements.
‘People first’ approach is still fairly new in the Financial Services industry, the companies that are able to offer personalized services and products have lower acquisition costs, increase customer satisfaction, and gain a corresponding competitive advantage. To navigate this, BFSI stakeholders will need tools to ascertain capabilities and make data-backed decisions. Therefore, now is the time to appraise the current technological framework and stake up the workflows with necessary tools wherever required.
Backed with our in-depth domain knowledge, tech capabilities, proprietary tools, methodologies, and frameworks, Wolf Consulting’s experts will enhance your Financial Services Business with a modern platform to achieve innovation and integration while maintaining competitive edge and sustainability.
WHY CRM & ERP IS NECESSARY FOR THE BFSI SECTOR?
Advanced analytics: Machine Learning and Big Data Analytics solutions will lay the foundations for risk-assessment and fraud prediction so that BFSI companies can sustain the required solvency and capital requirement ratio
Streamline analysis of underwriting strategy, pricing and investment strategy, along with the analysis of
Tap into different channels, pick up consumer’s behavioral data, and listen to Voice of Customer (VoC) using advanced digital tools to gauge the customers’ pain points and ultimately, offer more relevant products/policies
Improve back-office processing efficiency
Seamless collaboration: Processes in the BFSI sector are critical, complex, and data-time-labor intensive. Cloud-migrated data will ease on-premise dependency and facilitate the workforce to be productive even when working remotely
Personalize communication on a regular and consistent basis via various platforms to nurture customers and establish credibility
Supplement customer service function with AI and NLP enabled Chatbots that can unburden the initial query load and direct the ones that really need expert intervention
Generate reports and dashboards to capture customer intelligence from “big data”
HOW WE CAN HELP
- Integrate the tailored CRM & ERP system with legacy technology including Agency Management Systems (Vertafore, Applied Systems, etc.) and accounting, Finance and billing applications
- Transfer and migrate data to the cloud
- Simplify complex data model for easier lead management by building out necessary fields and automation, establishing appropriate roles, profiles, and permission settings
- Deep audience segmentation to assist BFSI companies in creating informed interactions by providing them all that is knowable about prospects (e.g., demographic, preferences, transactions, behaviors)
- Accelerate outreach and digitalize customer experience with marketing automation