Banking sector highlight customer service interactions as top concern, study shows

By Puja Sharma

Having witnessed remarkable growth in 2023, where the Indian banking sector recorded a staggering 31.57% year-on-year growth, speaks volumes for its steady momentum in 2024. Driven by robust strategies and commitment to inclusion, India’s Banking, Financial Services and Insurance (BFSI)

industry has been able to maintain an upward trajectory. Having said that, the bank’s increased focus on investing in customer acquisition has led to a steady increase in customer grievances, with little or no attention being paid towards its redressal.

Despite being a sector that prides itself upon being a service vertical, the lack of robust efforts in effectively addressing customer grievances appears to be counterintuitive to its very essence. Against this backdrop, Kapture CX, a company focused on enhancing and automating customer experience (CX) within the Banking, Financial Services, and Insurance (BFSI) sector, conducted a survey to identify the primary cause of customer grievances in the industry.

In tandem, the participants were asked to choose from the four potential issues: Customer Service Interactions, Understanding Product/Service, Fees and Charges Transparency, and Account Management Ease. Amidst this conquest to revolutionise customer experiences in the BFSI sector, the survey revealed customer service interaction to be the predominant issue, with 68% of respondents including customer experience leaders and subject matter experts identifying the same, underscoring the need for its immediate redressal.

Commenting on the burgeoning rise in the BFSI sector’s customer grievances, Gaurav Juneja, Chief Revenue Officer of Kapture CX said, “As the BFSI sector continues to transform into a more digitised and inter-connected environment, the need for fortifying customer interest and addressing potential grievances is poised to become more poignant. As a result, the BFSI industry needs to keep up with technological advancements, and learn to leverage the same for transforming the delivery of customer experience into a hyper-personalised one.”

Following the advent of discrepancies and frauds which have made their way into the BFSI sector, the survey also highlighted that 18% of respondents identify fees and charges transparency as the main cause of customer grievances. It is followed by understanding product/service at 9%, and account management ease at 6%. With this crucial knowledge in its arsenal, the industry is paving the way for groundbreaking improvements.

These insights are emblematic of a critical need for BFSI companies to prioritise improving customer service interactions to enhance overall customer satisfaction. Acting as a sign for the BFSI vertical to work towards protecting the customers, and regaining their trust, Kapture’s survey has ushered all players into action for improving these key areas for an enhanced customer experience.