Highlights from the 5th ELETS Gamechanger Summit Ft. Anisha Shastri (Executive Director, Intense Technologies)
9 August, Goa: The ELETS Gamechanger BFSI Summit spotlighted our Executive Director, Anisha Shastri, as a key speaker to showcase the crucial need for centralizing Customer Communications. She discussed the imperative to plug the gaps in disparate, fragmented, and siloed customer communications to enhance operational efficiency, ensure regulatory compliance, and drive business growth.
The BFSI industry is rapidly evolving, and enterprises must adopt modern solutions to overcome challenges and deliver tangible results. Let’s explore how poor customer communication scan impact businesses and demonstrate how cutting-edge solutions can address these issues to drive better Operational efficiencies.
Impact of Inefficient Customer Communications for BFSIs
In the BFSI sector, ineffective communication can have serious repercussions, including regulatory non-compliance, hefty penalties, and reputational damage of organizations. Anisha highlighted how fragmented messaging, and a lack of personalization erode customer trust and lead to operational inefficiencies.
She illustrated the significant impact of poor communication strategies on business outcomes. She talked about the problems caused by redundant messaging, regulatory slip-ups, and the absence of personalized touch. These issues, she pointed out, lead to missed opportunities and directly impact performance. Using the banking sector as an example, she showed how banks often bombard customers with multiple, uncontrolled messages across SMS, email, WhatsApp, and push notifications. This approach often results in ineffective engagement and wasted resources.
What is Iceberg Theory of Poor Communications?
Anisha Shastri made a powerful comparison, drawing a parallel between poor communication to an iceberg where you only see a small part above the water, while the bulk of the costs are hidden beneath. She pointed out that these hidden costs—both tangible and intangible—can affect every part of your business. For example, banks spend huge amounts on fines for non-compliance, customer service, redundant messages, and managing templates.
But it’s not just about these visible costs, she also highlights the less obvious expenses that hurt ROI and growth, like losing clients, missing out on potential revenue, and getting negative word-of-mouth from customers due to redundant or counter-intuitive communications.
Are there ways to address these issues, cut costs, and drive business growth more effectively?
Benefits of Centralized Customer Communication Governance for Organizations
With multi-fold complexities, BFSIs use multiple source systems and channels to connect with customers. Anisha explains how centralized communication is key to bringing all messaging into one cohesive strategy. With a unified approach, you can quickly adapt to new regulations from RBI, TRAI, and others—making changes in hours rather than months.
Hyper-personalized messages allow you to reach customers with the right information at their preferred times and through their chosen channels. A centralized dashboard can streamline communications across different systems, cutting down on the costs associated with sending messages through multiple channels.
Centralized Communication Governance: The Key to Improving Business Impact
Implementing a centralized communication governance strategy can transform how efficiently and effectively your organization operates.
- Enhanced Operational Efficiency: Streamline processes and reduce duplication by consolidating all communication channels into a single platform.
- Improved Regulatory Compliance: Ensure adherence to industry regulations with consistent and controlled communication practices, minimizing legal risks and safeguarding against penalties.
- Cost Savings Through Consolidation: Cut down on redundant communication systems and administrative overhead by unifying your communication strategy, achieving substantial annual savings.
- Personalized Customer Engagement: Leverage integrated customer data to deliver tailored and contextual messages, boosting satisfaction and loyalty.
- Comprehensive Audit Trails: Maintain complete visibility and accountability by tracking every customer interaction, ensuring transparency and compliance.
- Real-Time Insights and AI-Driven Analytics: Gain actionable insights from centralized data to make informed decisions and enhance communication strategies.
- Reduced Risk of Communication Failures: Mitigate the risk of missed or misdirected messages by integrating and managing all communications centrally.
- Efficient Change Management: Implement change management strategies more effectively and cost-efficiently through centralized governance.
- Unified Brand Messaging: Maintain consistent branding across all channels, strengthening your enterprise's identity and market presence.
To truly thrive in today’s competitive scenario, effective customer communication isn't just an option—it's a strategic imperative. Centralizing your communication efforts not only streamlines operations but also amplifies your ability to engage customers, meet regulatory demands, and drive meaningful business growth. The future belongs to those who can harness the power of unified communication to deliver impactful results, transforming every interaction into a competitive advantage.
Anisha Shastri, Executive Director of Intense Technologies, is a seasoned tech strategist and business leader with a passion for solving complex problems. She holds an MBA in Entrepreneurship from Babson College, USA, and IE Business School, Spain, as well as a Bachelor’s degree in Information Technology from Osmania University. Anisha's dynamic career spans large enterprises, SMEs, and startups, with extensive experience across the Telecommunications, BFSI, and Healthcare sectors.
