Overcoming language barriers is key to CX for BFSI enterprises!
“Aversion to the use of regional languages in banking has resulted in a majority of the population staying out of the formal banking system.”
- D Subbarao, Ex-Governor of RBI
The UK banking app service Monese has 12 languages added to its app, email and in-app customer support. The app also supports English, French, German, Romanian, Polish, Portuguese, Italian, Spanish, Bulgarian, Czech and Lithuanian. CEO and Founder Norris Koppel discussed the importance of using a multi-lingual banking app and how well Monese is progressing in its target markets in one of the news publications.
People’s sentiments not only affect the social and political spheres, but can serve as a crucial signal for changing consumer sentiments. These sentiments can indicate the future directions and policies for ensuring long term success and growth. The end question that enterprises must answer is- “What are you doing to make sure that your customers don’t go unheard?”
For an essential services sector like the BFSI Industry, diversity is the keyword. Banking, financial services and insurance firms serve thousands of customers from different stratas of society every day, from different geographies and different language capabilities. The key to success lies in making sure that all customers get the best service no matter what.
With transport restrictions and social distancing which is in large, contact centers have become the first point of contact for customer service. Language barriers in contact centers can hamper the quality of service. And therefore, it can lead to a dip in customer satisfaction levels. From frustration to miscommunication, the dangers of language barriers are manifold when it comes to contact centers.
66% of agents in contact centers become frustrated with language barriers and 62% of agents are concerned about information being misinterpreted when a bilingual agent or interpreter is not available.
With multilingual capabilities of voice AI platforms like TECHVED ACE & TECHVED BHAASHA, language barriers are no longer an obstacle in the way of superior customer service experiences. There are several benefits of offering contact center services in multiple languages- for all enterprises in the BFSI industry.
For Banking Institutions
Banking contact centers tend to deal with a wide variety of customers from different age groups and service professionals. Offering customer service in a language like English is definitely not enough.
· In critical customer interactions like reporting fraudulent transactions or hotlisting stolen Debit/ Credit Cards, miscommunication can cause unnecessary delays in taking required action which can be detrimental for both the customer and the bank.
· For customers new to banking, even simple tasks like account activation, balance queries or PIN generation can be difficult and incomprehensible. Adding language problems on top of that might only serve to alienate customers from availing your services.
· Regular scheduled promotions in the language of a customer’s choice will serve to make the customer feel valued and important.
“Over 50% of contact centers have realized that offering support in a customer’s native language is a competitive differentiator.“
For Financial Services Firms
Even for financial services firms like loan lending corporations, investment management firms or online wallet enterprises, multilingual services can help keep them a step ahead of their competitors.
· With increasing internet penetration across the globe, non traditional financial services like online wallets and payment gateways are being used by people from far and wide. Multilingual voice bots can ensure that all customers receive the help they require, without worrying about language problems.
· Investment banking and wealth management is a comparatively new concept in financial services and while many might be eager to avail themselves of services, a lack of confidence in speaking a standard language might deter them from approaching firms. If contact centers and their websites operate in multiple languages, firms can easily reach out to a wider base of customers.
· Building trust can be crucial to business success for financial services firms. Making customers feel valued by offering services in their mother tongue is an important first step that creates a good impression in customers, prompting customer loyalty.
With CX as the new differentiator, BFSI enterprises need to rethink their customer connectivity strategy on how to engage, personalize offerings and build stickiness within a growing multilingual customer base. Websites, apps (basically all digital assets) that understand and speak in the customer’s language of choice can help create meaningful customer experiences and drive customer acquisition.
For Insurance Firms
Increasing competition in the insurance industry makes it necessary for firms to always ensure the best-in-line service to foster better client relationships.
Policies are sold in a process that involves around eight touchpoints. These are,
The referral from a friend, the initial phone call, the in-person visit, the medical exam, follow-up calls, to name some. Customer experience determines wins and retention.
Humanized AI platforms like TECHVED ACE have multilingual capabilities that can vastly improve customer service in contact centers of insurance firms.
· With tech giants like Google and Walmart looking to enter the fold of insurance providers by harnessing the vast data resources they have on their customers, personalization becomes the keyword and nothing speaks more “personal” than offering service options in native languages of their consumers.
· Especially for travel insurance, multilingual service capabilities can prove extremely beneficial for acquiring new customers when it comes to geographies like the European Union which includes populations speaking a wide range of languages.
· Multilingual capabilities can ensure that basic queries are answered by the bots itself, leaving agents free to focus on the problems that actually need their attention such as risk assessment, premium determination and building long term customer relationships.
· It is apparent that no matter what financial services we talk about, it is imperative that all enterprises in the BFSI Industry should harness the power of Multilingual Humanized AI platforms. Service like TECHVED BHAASHA increases operational efficiency in contact centers and improve customer satisfaction.
TECHVED BHAASHA harnesses the power of Multilingualism to ensure that customers can easily communicate in a language of their choice without long wait times typically involved as customers are connected to translators and interpreters.