Sustainable BFSI Operations in a Digital-First Economy


Summary: As digital channels become the new ‘table stakes’ for businesses, BFSI companies must adopt tailored tools to differentiate their brands and thrive in the new normal. Besides streamlining business operations and reducing costs, such systems must also focus on better customer experience and higher employee satisfaction.

Before the coronavirus struck, the Banking-Financial Services-Insurance (BFSI) industry was already being driven by changing customer expectations, entry of new fintech startups, evolving regulations and shifts in technology.

Despite such trends, the willingness of the companies, to invest in digital tools and consumers’ willingness to adopt them remain inconsistent across markets. Within weeks, COVID upended such reservations. It brought fundamental changes in customer behaviour and moved significant parts of businesses online. Customers became more willing to engage with organisations digitally.

In this new environment, the key shifts that brought ripple effects throughout the BFSI industry are:

Increased adoption of web, mobile and call centre channels for interaction with customer service

The legal restrictions on movements and people’s concerns about visiting bank branches and other offices led to an increase in the use of digital modes for financial transactions. From loan requests and account-related queries to insurance premium payments and KYC updates, more customers started using their desktops and mobile phones for self-service or to contact BFSI teams from a distance.

The tipping point for contactless digital payments

While demonetisation had prompted the initial take-off for digital payments in India, the pandemic accelerated their adoption. The surge in non-cash transactions was recorded not only in metros but also in tier-4 and tier-5 cities. After crossing the 200-crore mark in October 2020, UPI transactions reached 221 crore transactions the next month (worth INR 3.9-lakh crore).¹

Virtualisation of workspaces

Even the biggest critics of the work-from-home (WFH) culture are now convinced that it will continue to play a key role in companies’ work models for years ahead. Although it needs a redesign of plans and operations, the WFH culture has brought benefits such as reduced overheads, enhanced productivity, higher employee morale and lower carbon footprint. Among other BFSI companies that have adopted this system, India’s largest public sector bank SBI is upgrading its HR policies with a stable work-from-anywhere plan.²

Renewed focus on cybersecurity and financial fraud management

As businesses digitally responded to the COVID crisis, new security issues also came to the forefront. Hackers have been trying to exploit the loopholes that emerged when employees began using unprotected devices and networks at homes. As BFSI companies re-imagine their operations and innovate their infrastructure, their cybersecurity teams must become strategic partners in technology adoption and business decision-making.

Thriving in the new normal with digital systems

At Tata Tele Business Services (TTBS), we know that digital transformation inputs will have lasting implications for the BFSI industry’s future across customer service, ways of working, operating models and external engagement.

Some of our digital tools that support a future-ready financial services company include:

Cloud Solutions – Smartflo and Live Chat

BFSI companies have been placing more power in their customers’ hands customers by encouraging them to use net banking and enterprise apps for a host of account-related matters. However, maintaining a human feel by serving them through 24*7 contact centres and instant messaging is still significant.

The TTBS Smartflo is a cloud-based contact centre solution that enables agents to handle inbound and outbound calling operations from any connected desktop or mobile device. It helps businesses to reduce their infrastructure costs while managing telephonic customer services and generating new leads more productively on a web interface.

Smartflo’s custom features include:

  • Welcome greeting and IVR in multiple languages
  • Intelligent assistant for self-service on objective queries or routing to agents as per dial-pad inputs
  • Sticky agent feature for quick resolutions
  • Analytical dashboard for measuring team performance
  • CRM integration abilities
  • Restful API for click-to-call and number masking
  • Blacklisting to block bot and spam calls

With flexible customisation options, ease of scaling operations and enterprise-grade security, Smartflo enables BFSI companies to streamline their work-from-home operations and maintain round-the-clock customer service.

The TTBS Live Chat solution is another cloud offering to optimise customer support and lead generation process. Chat agents can access the application on any digital device to interact with existing and potential customers. It is a plug-and-play solution powered by TCS iON technology that allows users to record customer interaction for future reference.

Audio and Web Conferencing

To make remote work more engaging and simplify collaboration between teams, TTBS offers a versatile conferencing system that can connect up to 300 users.

The tool allows users to enter their virtual meeting room with one click and share their webcam, screen, files or apps with other participants. They can record calls to prepare minutes of meetings and moderate conferences with multiple admin controls.

The TTBS conferencing system also makes connecting with international telephone numbers cost-effective. It can be used for customer presentations, employee training sessions, and other interactive sessions organised by BFSI companies.

Document Management System

To make remote working smoother and more productive, TTBS provides a user-friendly web solution that allows users to store their files in a secure repository. It becomes a knowledge bank of documents and spreadsheets frequently used by different teams within a company.

Our document management system has a two-level setup for user permission and access. While allowing their team members to store and access data from any location, managers can control user privileges with usage notifications. The solution is cost-effective and easy to scale as per changing business requirements.

Cybersecurity Solutions

To help BFSI companies safeguard their network, applications and employees’ devices against digital threats, TTBS offers customised cybersecurity solutions that include:

Email Security: It secures email platforms with FirstWave Cloud Technology’s ESP™ email software technology, Cisco-based ESA/IronPort and AMP technologies. By deploying the solution, BFSI employees can protect their electronic communication against malware, viruses, ransomware and phishing attacks. It also filters out spam emails and works quietly in the background.

Endpoint Security: It secures the network and digital devices’ endpoints to protect them from sophisticated cyberattacks. The solution has inbuilt web filtering, email filtering, antivirus and firewall service.

Multifactor Authentication: Our MFA is a zero-trust security system to ensure that only authorised users access devices and applications used in BFSI operations. Quick to deploy, it allows companies to choose their own authentication methods and keep the business assets secure against hackers and malicious bots.

Virtual Firewall: The solution offers BFSI organisations robust control over their applications while blocking malicious threats. It combines application awareness with a deep-packet inspection and allows users to customise the security controls as per the organisation’s unique requirements.

Security: TTBS Web Security eliminates threats before they reach network endpoints. It determines the intent of web requests, URLs and multimedia files to route, block or send them for further inspection, depending on how safe or malicious they are.

Seizing the moment

Most BFSI organisations have responded well to COVID with speed and agility in redesigning their operations. As we look ahead towards building a stronger digital economy, the industry must make such changes a part of their normal work culture.

TTBS partners with businesses to navigate the current crises and transform digitally to thrive in the future. Contact us at 1800-266-1800 for more information on our products.


Sources:

1- https://www.thehindubusinessline.com/money-and-banking/digital-payments-got-a-covid-boost-in-2020/article33419349.ece
2- https://www.moneycontrol.com/news/trends/current-affairs-trends/now-sbi-employees-can-work-from-anywhere-as-countrys-leading-lender-upgrades-policy-5435241.html


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