Customer service interaction top grievance area in BFSI sector

MumbaiCustomer service interactions have emerged as the top grievance issue among customers in the service-oriented BFSI sector, according to a report by Kapture CX.

The survey showed that 68 per cent of industry leaders, including customer experience leaders, identified customer service interaction to be the predominant issue, underscoring the need for its immediate redressal.

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In addition, 18 per cent respondents identified transparency in fees and charges as the main cause of customer grievances, followed by 9 per cent picking understanding products and services, and another 6 per cent choosing ease of account management as the main issue.

“Driven by robust strategies and commitment to inclusion, BFSI industry has been able to maintain an upward trajectory. Having said that, banks’ increased focus on investing in customer acquisition has led to a steady increase in customer grievances,” the note said.

These insights into the burgeoning of BFSI sector’s customer grievances reflect that little or no attention is being paid towards grievance redressal, and that there is a critical need for BFSI companies to prioritise improving customer service interactions to enhance overall customer satisfaction, it added.

“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,” said Kapture CX’s Chief Revenue Officer Gaurav Juneja, adding that the industry needs to keep up with technological advancements and learn to leverage them to deliver a hyper-personalised customer experience.

Despite a significant shift in banking services to online platforms, customer service has remained as area of focus due to the rising number of frauds, cyber security and technology upgradation issues. A recent report by digital fraud detection company BioCatch had said third-party account takeovers represent 55 per cent of all banking fraud cases in India.

Further, there has been a concerning bump in mule accounts, in line with the growing global threat, which uses behavioral biometric intelligence. However, what is more concerning is that most of these accounts go unreported, it had said.

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