Voice and Conversational Interfaces will Become More Prevalent

As voice search and digital assistants continue to rise in popularity, brands will need to adapt their CX strategies to include these technologies. Voice and conversational interfaces will make interactions more natural and intuitive, says Janthana Kaenprakhamroy, Founder of Tapoly.

Given the growing emphasis on sustainability and social responsibility, particularly in consumer decision-making, can businesses effectively leverage these values? While the trend is slowly becoming more evident in consumer behavior, there are several other conversations in the BFSI industry that need to be heard.

“In the swiftly changing landscape of the BFSI industry, we’ve witnessed a monumental shift in customer expectations. This shift is largely fueled by the rapid pace of technological advancements, and evolving societal norms,” says Janthana Kaenprakhamroy, Founder of Tapoly.

Speaking to CXM Today, Janthana offers an extensive view on the critical trends reshaping customer expectations. She also talks about the challenges and opportunities faced by insurtech companies, and how BFSI leaders can create a culture of innovation.

Excerpts from the interview:

How have you seen customer expectations change in the BFSI industry?

In the swiftly changing landscape of the Banking, Financial Services, and Insurance (BFSI) sector, we’ve witnessed a monumental shift in customer expectations. This shift is largely fueled by the rapid pace of technological advancements, evolving societal norms, and the enduring impact of the global pandemic. As the founder of Tapoly, I’ve observed firsthand these transformations within the insurance domain. Here’s an overview of the critical trends reshaping customer expectations that we must embrace and adapt to:

Digital-First Expectations: The contemporary consumer anticipates insurance processes to be thoroughly digital, accessible online, and user-friendly. This shift towards digital channels highlights the need for insurance services to offer convenience and efficiency, meeting customers where they are: online.

Demand for Personalisation: Modern customers seek insurance solutions crafted to fit their specific lifestyle, risks, and preferences. This trend underscores the necessity for personalised insurance offerings, moving away from the traditional one-size-fits-all approach.

Instantaneous Services: As life’s tempo increases, so does the demand for instant gratification. This expectation extends into the insurance sector, where customers now expect rapid policy issuance, immediate updates, and swift claims processing, reflecting a broader desire for quick and efficient service delivery.

Multi-Channel Support: The modern customer engages with brands across various platforms and anticipates a fluid experience across all contact points. Ensuring consistent, high-quality service, whether through social media, email, chat, or phone, is crucial in meeting these expectations.

Ethical and Sustainable Choices: An increasing number of customers are choosing to support businesses that align with their personal values, particularly in terms of sustainability and ethical practices. This trend is prompting companies to adopt more responsible and sustainable business models.

How do you see VoC tools helping the banking industry?

In the insurance industry, Voice of the Customer (VoC) tools are becoming increasingly crucial for enhancing customer satisfaction, tailoring services, and fostering loyalty. By systematically collecting, analysing, and acting on customer feedback across various touchpoints, VoC tools offer insurance companies deep insights into their customers’ experiences, expectations, and pain points. Here’s how VoC tools are specifically benefiting the insurance sector:

Enhancing Customer Experience: VoC tools help insurers map the customer journey, identifying and smoothing out friction points. This leads to improved satisfaction and loyalty.

Personalisation: Insights from VoC allow the development of personalised insurance offerings, closely aligning products with individual customer needs and preferences.

Guiding Innovation: Customer feedback directly influences product development, ensuring new offerings meet market demand and customer expectations.

Improving Operational Efficiency: VoC insights highlight inefficiencies in processes, guiding insurers to streamline operations and enhance customer interactions.

Building Trust: Analysing customer feedback on transparency and trust issues enables insurers to adopt practices that strengthen customer relationships.

Supporting Digital Transformation: Feedback on digital platforms informs enhancements, making digital services more user-friendly and accessible.

In summary, VoC tools provide valuable insights that help insurance companies enhance customer experiences, innovate product offerings, and improve operational efficiencies, ultimately leading to increased customer satisfaction and loyalty.

What is your prediction on how the future of CX will evolve for brands and consumers?

Looking into the future, I’m genuinely excited about the direction Customer Experience (CX) is heading, especially in the insurance sector where I’ve spent a considerable amount of time reshaping how we interact with our customers at Tapoly. Here’s what I believe the future holds for brands and consumers alike:

Hyper-personalisation will become the norm, not the exception. We’re already seeing the beginnings of this with AI and machine learning, allowing us to tailor experiences like never before. But in the future, it’ll go beyond just recommendations – every interaction with a brand will be informed by a deep understanding of individual customer needs and preferences.

Seamless Omnichannel Experiences are going to be critical. The digital and physical worlds are blending, and customers expect to move between them without friction. Whether it’s starting a claim online and finishing it on the phone, or using AR to visualise insurance coverage in real-time, the transitions will be smooth and intuitive.

Predictive Customer Service will change the game. We’re moving towards a world where, thanks to data analytics, companies can anticipate customer issues before they happen and proactively solve them. This will not only improve customer satisfaction but also reduce operational costs for businesses.

Ethics and Transparency will become even more crucial. In an era of increasing digital surveillance, customers want to know that their data is safe and that companies are using it responsibly. Brands that can demonstrate their commitment to ethical practices and data transparency will win big.

Sustainability and Social Responsibility will influence customer choices more than ever. Consumers are looking to support brands that not only talk the talk but walk the walk when it comes to environmental sustainability and social impact.

Voice and Conversational Interfaces will become more prevalent, making interactions more natural and intuitive. As voice search and digital assistants continue to rise in popularity, brands will need to adapt their CX strategies to include these technologies.

In summary, the future of CX is all about creating more personalised, seamless, and engaging experiences that not only meet but exceed customer expectations. It’s an exciting time to be in the field, and I’m looking forward to seeing these predictions come to life, shaping a new era of customer-centric innovation.

How do you assess the regulatory challenges and opportunities facing insurtech companies, particularly in terms of compliance, consumer protection, and cybersecurity?

Navigating the regulatory landscape for insurtech companies involves balancing adherence to compliance with the drive for innovation. From my perspective, this journey is filled with challenges, but it also presents significant opportunities that can redefine the approach to insurance technology.

Challenges Faced by Insurtech:

Compliance Costs: For startups, reallocating resources from innovation to compliance is challenging.
Innovation Hurdles: Newcomers might find the demands for compliance and capital daunting. Moreover, innovation could be hampered by stringent regulations.
Consumer Protection: Ensuring transparency and fairness in operations, especially when using complex algorithms, is challenging.

Opportunities on the Horizon:

Technological Innovation: Regulatory sandboxes have emerged as an advantage, allowing testing of innovations in a controlled environment. This fosters a collaborative relationship with regulators and aids product development.

Market Standardisation: The drive towards international standards, particularly in data protection, aids global expansion by providing a unified regulatory framework.
Competitive Advantage: Being agile and proactive in adapting to regulatory changes can create a competitive edge. Prioritising compliance can build consumer trust.

In essence, while the regulatory environment poses its set of challenges for insurtech companies, it also lays the groundwork for innovation, market standardization, and competitive differentiation.

Also Read: Top 20 Tech Allies Powering CX in the BFSI Industry

How can business leaders in the BFSI industry create a culture of innovation while ensuring customer security?

In my view, culture is one of the hardest things to shift within any organisation, yet it’s crucial for fostering innovation, especially in the BFSI sector. Here’s how we approach this challenge at Tapoly:

Lead with Vision: It starts from the top. Leadership must communicate a clear vision that innovation and customer security are not mutually exclusive but complementary. This vision guides everything we do, from product development to customer service.

Embrace Risk: To innovate, we must be willing to take calculated risks. However, this doesn’t mean being reckless. It’s about understanding the risks, mitigating them where possible, and learning from failures without compromising customer security.

Invest in People: Our team is our greatest asset. We continuously invest in their growth, ensuring they’re not only technically proficient but also understand the critical importance of security in everything they build or service they provide.

Create a Safe Space for Innovation: Encourage an environment where new ideas are welcome, and failure is seen as a stepping stone to success. This means celebrating creative problem-solving and allowing for experiments, all within a framework that ensures customer data is never at risk.

Prioritise Security as a Core Value: Security isn’t just a set of protocols; it’s a mindset that permeates the entire organisation. By integrating security into our core values, we ensure that every innovation is assessed through the lens of protecting our customers.

Customer-Centric Design: We design our services with the customer at the heart. This means not only seeking to exceed their expectations in terms of functionality and user experience but also in the security and privacy of their data.

Continuous Learning and Adaptation: The BFSI landscape, especially on the technology front, is constantly evolving. Staying ahead requires a commitment to continuous learning and the agility to adapt quickly. This includes keeping abreast of the latest cybersecurity threats and innovations.