Day: October 12, 2023

The future of the banking and financial services (BFSI) industry hinges on various factors that leverage advanced technology towards enabling higher progress. Here are some insights from the Managing Director-Asia Pacific at Vymo, Rajesh Sabhlok. Vymo is one of the quickest-growing SaaS entities in the market at present with a novel positioning based on its focus on the financial industry.  This narrowed-down emphasis on the ideal client profile has enabled a deeper understanding of the challenges faced by the sector and sales teams, while ensuring that core solutions cover their requirements and spur higher adoption of users. Let us now look at some valuable insights that deserve closer attention.  Key Insights for the BFSI Industry Here are a few pointers worth highlighting in this space:  Let us now take a closer look at some other valuable insights that should matter to BFSI companies.  Additional BFSI Trends Worth Noting Here are a few more trends and insights from Vymo that should merit closer attention from banking and financial services institutions.  Here are some more emerging trends as per Vymo’s forecasts.  Emerging BFSI Trends According to Vymo Here are a few more emerging trends that are crucial for the banking and financial services (BFSI) sector.  Vymo feels that it has created a unique ecosystem with its digital sales engagement and enablement solutions for sales teams, along with higher user adoption through strategic approaches. It has created a customer-focused post-sales target operating model which has a novel tool kit that ensures better engagement and user adoption levels. The entity is also investing in ML and AI models to enable better user experiences and skill development simultaneously. Customers now have increasing access to reviews, price comparisons, product comparisons, and other information online. Their buying behaviour will naturally be influenced by all these factors. Hence, sales teams and agents should rapidly transform their processes while being digitally enabled to meet the customer shift. Hyper-personalized solutions for customers are the need of the hour throughout multiple touch points. There is a higher demand for more agile approaches that are tailored to individual requirements along with digital-first interactions through portals and apps. Customers now want digital onboarding journeys and automated onboarding procedures. Sales professionals are increasingly looking for more support from AI-based tools to streamline and quicken procedures while lowering their overall workloads. Flexible and usage-based insurance will also be necessary for customers along with pay-as-you-go systems. Insurance companies will also have to increasingly sync their operations with ethical and sustainable practices to connect better with their customers and their specific requirements. These are the core trends that the BFSI industry should witness over the coming decade.