Enhancing customer experience has become a strategic priority for banking & financial services industry in order to meet and exceed customer’s expectations. Improved customer experience extends customer relationship lifespan as well. Competitive advantage between the players has been primarily achieved by operating the three levers of:

The focus on each of these levers has differed based on the prevalent economic and market conditions. Product innovation process plays a significant role for improving customer experience; but in recent times with increased commodification of offerings, replication of products does not take much time and as such has limited value in terms of differentiation.

On the operational excellence front, the industry has taken a series of initiatives which have brought them significant benefits for gaining better customer experience; but the curve is now more or less stabilizing.

The battle is being primarily fought on the third lever i.e. ‘Customer Intimacy’. Improved customer intimacy delivers superior customer experience and helps the industries achieve enduring competitive advantages.

Customer Intimacy is a function of customer experience. Organizations have been trying to improve customer experience but the response has been scattered and has delivered limited success. For an enriched experience, there is a need to take a holistic view of the underlying infrastructure. To address this requirement Wipro has adopted ‘Intuitive Customer Experience SM’ as a strategic solutioning initiative in the banking & financial services domain.

The primary objectives of this initiative are

• Improve prospect conversion rate
• Extend customer relationship lifespan
• Increase customer wallet share

For more information contact ice.bfs@wipro.com