Customer expectations have changed:
The modern customer is tech-savvy and spends a large part of their day online on a computer or a mobile device. People tend to divide their time among multiple online channels - social sites, email, web-apps, video conferencing tools, websites, OTT platforms, etc., with this consumption increasing since the pandemic -since mid February visitor traffic to Facebook.com has increased by 27.0%, Netflix.com by 16.0% and YouTube.com by 15.3%.
Most industries have leaned into this diversity by creating
multi-channel communication lines between them and their customers. They reach out to customers via different platforms - social media, email, search engines, etc., and customers can reach them via multiple channels. This, in turn, has normalized multi-channel communication and customers expect it from all their service providers, even BFSI.
The customer journey has changed:
Because purchasing services and/or products is extremely easy today (it can literally be done in a few clicks), customers take time in making decisions. They compare services across providers, take feedback over social channels, and sometimes delay decisions for a later time (since it is easy to just continue from where they left off now that the service is digital).
This means a customer looking for a service is moving across multiple online channels, and being able to identify their online journey helps brands position their services for better recall and ultimately, conversion.
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