In the last few years we have seen a paradigm shift where all major business strategies are centred around Customer Experience (CX). This evolution marked the beginning of the Digital Age or the age of the consumer.
In today’s age & time, consumer preferences are changing every moment. Every day has something new to offer and technology has been a major enabler in redefining experiences. Tech savvy consumers expect all their services to be available readily at any given time & space along with being device agnostic. Increasingly, consumers are using mobile technology in every aspect of their lives and expect a seamless mode of communication, interaction, and service. It is no longer a question of mobile-friendly or mobile-compatible; the mantra today has become mobile-first.
According to the Economist Intelligence Unit Research, companies that prioritize investment in customer experience (CX) have better revenue growth (59% vs. 40%) and are more profitable (64% vs. 47%) than companies where CX is not a priority. Over 90% of companies agree that digital customer experience needs to be front and center when it comes to making any business a success. Firms give priority to their digital strategy, for the sole reason of improving their existing and potential customer experience and engagement.
Closer to home, digital transformation has accelerated at a never before seen frequency, post demonitization. Among all the major industries the banking and financial sector has kept up with the pace most effectively. Most banks today want to become digital banking leaders and have incorporated strong digital strategies to stay relevant in the face of constantly evolving customer expectations and demands. As a leading technology provider, Cisco is redefining customer experience and engagement, through the development of new digital products and solutions for Banking. We are here to back the financial services industry with a robust technology infrastructure and pave the way for a digitized, customer friendly experience.
The transformative journey of IDFC Bank who effectively devised their entire business strategy around digital customer experience shows that a customer first approach is necessary to thrive in the face of digital disruption. They partnered with Cisco to build an online service to help them better serve their customers, quickly and easily. By introducing Cisco Collaboration technology for customer convenience and deploying Cisco ONE for WAN to ensure a secure network they created a more personalized digital experience for their customers. Needless to say, IDFC is soon becoming India’s go-to bank.
While it has been established that customer experience is at the center of digital transformation, it is still a relatively nascent aspect of business priority for many. Organizations are moving forward with digital transformation at varying paces and experiencing varying levels of success. Some are using technology to completely redefine their business while others are still incorporating only the basics. However, with digitisation making a foray into every aspect of life, organisations that are ready for digital transformation will be able to seize new opportunities, while organisations that fail to embrace the digital revolution could very well become obsolete.
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