Hyderabad- June 26, 2020 : COVID -19 has pulled the global economy into a slowdown. People have lost jobs, businesses have slowed down and these have surely impacted the global economy. According to a recent article in Economic times, "This is the World's biggest lockdown and may have cost a loss of Rs 7-8 lakh crore to Indian economy just in a span of 21 days during Lockdown 1.0" ( Ref: https://economictimes.indiatimes.com/news/economy/finance/worlds-biggest-lockdown-may-have-cost-rs-7-8-lakh-crore-to-indian-economy/articleshow/75123004.cms?from=mdr) The Financial holiday is still being implemented at many locations across the globe as the severity of COVID is yet to come down and the statistics of losses post Lockdown 1.0 are yet to be assessed. This unexpected situation is a Global Crisis and can have detrimental effects on world economy.
The pandemic is posing a serious challenge to Banks, Financial institutions, NBFC's across the globe as they’re trying to manage revenue and customer expectations. While the Payment holiday is a relief on repayment of personal loans, Auto loans, Business loans, Credit card payments & all kinds of term loans in the interest of customers to make them feel financially comfortable in these pandemic times, there is a growing pressure on banks to ensure business continuity.
As directed by Government of India to strictly follow the social distancing policy, most banks and their call centres are operating with a limited staff. In such times it is even more critical to understand how digital solutions like the CCM will help banks and other sectors to keep their customers engaged with timely alerts, interactive engagement and personalized communications. To be able to address the customers’ account related queries and resolve them even during times of social distancing and lesser call-centre interactions is a great way to ensure customer satisfaction and brand loyalty.
How can banks effectively communicate with customers during these times
Considering the current situation across the nation, RBI has announced a 6 month Moratorium in two terms ( Moratorium 1.0 & 2.0) to those who borrowed loans from different banks and who are unable to repay the same during these COVID times. Based on the 2019 statistics revealed by India Today the total outstanding of all the borrowers in India was around 86.33 lakh crores,
( Ref: https://bit.ly/3fTPPbw) and this percentage of loan borrowers would have gone higher by 2020 June.
The real challenge is how can banks communicate with such a huge customer base about moratorium acceptance, rejection, eligibility criteria, the revised repayment schedule, post moratorium period and other banking related updates on time. With call centers/ Customer Care being managed with limited resources, it is imperative that an effective digital business solution helps enterprises create new and valuable customer experiences.
Here comes the scope of the CCM solution, which will help banks and other sectors to effectively design and send timely bills, statements, payment schedule, via interactive and personalized customer messages that are consistent across digital channels. The digital customer engagement and information management solution enables digitalization of Omni-channel customer experience delivering the benefits of enhanced brand image and reduced customer support costs with self-help strategy.
How CCM is important for customer retention
Today customers’ demand personalized experience at every possible touch point via email, web, social media, connected things, Virtual Assistant amongst others. In this highly competitive environment, it is becoming more and more important for enterprises to leverage Internet of things and AI. Banks are truly transforming their communications strategy.
A centralized, AI-powered CCM solution solves some of the biggest problems companies face around managing legacy content and creating consistent, compelling Omni-channel customer experiences. UniServe™ NXT platform based CCM solution enables personalization through interactive videos that redefines customer experience, opening up newer revenue streams, improving operational efficiency, and NPS. What more, we help enterprises send more than 5 million customer communications in a day.
Please watch the Video to know more: https://in10stech.com/resource/how-customer-experience-with-our-digital-customer-engagement-solution