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Why Use Decision Trees For C-SAT In BFSI?

6 mins read

69% of customers who plan to leave their bank say it was due to poor service rather than poor products. Poor customer service reflects on brand image more than the kind of products you already offer.

Good bank services do not just end at the customers receiving the benefits. Especially in services that deal with finance, a lot of customers would need personalized support. Let us take a look at why this is lacking in the BFSI sector. 

Common reasons for unsatisfied customers in BFSI

1. Lack of personnel

  • One of the most common problems in BFSI customer care is the lack of resources to solve problems for customers
  • With no people to solve customer problems, customers end up waiting long times on calls or texts
  • It is best to segregate personnel with vital services like banking based on the needed support

2. Data security threat

  • Data protection is a significant threat to customers. How is this a challenge?
  • Many customers fear misuse of personal information and do not reach out to customer care over modes like phone calls
  • A solution for this is to ensure customers how robust your security is. You can internally be secure about it once you get the right software to reflect the same among your customers.

3. Lack of information availability 

  • Having personnel and training them is not enough. The most crucial element of customer support is the information available at the right time for the correct person.
  • Scattered information and knowledge hoarding make customer support teams’ lives difficult
  • Information unavailability leads to fewer resolution rates

4. Late resolutions 

  • Putting customers on hold and taking days to resolve customers’ problems is a significant problem in all customer service centers
  • Late resolutions when finance is involved are not well received by any party involved in the problem
  • Late resolutions would mean customers would discontinue services or leave dissatisfied

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How do decision trees improve CSAT in BFSI?

84% of banking business executives believe that Cloud technology will play a transformative role in banking. One cloud technology that customer support teams use to transform customer satisfaction can be decision trees.

Decision trees are step-by-step workflows that help users take the next best action & improve C-SAT. A decision tree is the perfect contact center tool that aids customer service teams. How? Read on to find out. 

1. Meet self-service needs

  • 82% of retail clients say they would place more trust in their financial institution if it provided annual continuing education that helped them to understand financial products better
  • Decision trees powered through a knowledge management system powers self-service for customers
  • Decision trees can be used to improve C-SAT by providing them information and the next best action through the easy yes-no workflows at their fingertips

2 .Use of AI for better services 

  • 37% of financial providers use AI to reduce operational costs, better predictive analytics to improve decision-making and greater employee capacity for volume-based tasks
  • With any query, the customer has AI not only enables decision trees to help the user get the best resolution possible but enables NLP, which helps customers solve problems in the language of their choice
  • AI is projected to advance the digital transformation of customer service

3. Helps with call deflection

  • With insufficient personnel to meet the customer needs at the BFSI contact center, support teams need help through call deflection to decrease call load
  • Reducing this would mean two things. One, all customers are catered to through digital channels.
  • The second would mean that support teams can quickly suggest the next best action through the decision tree function

4. Data security

  • Decision trees powered by the right knowledge management platform would have top-notch data security
  • A cloud knowledge management software like Knowmax protects all customer data through data silos customization
  • With authoritative access, managers can choose a user’s access to information, which means no data leaks and trust from customers

Conclusion 

Decision trees for C-SAT in BFSI are a great tool. If adopted and used through the right knowledge management platform, decision trees can help guide customers in both digital and assisted channels. This enables a seamless omnichannel experience for customers for all their banking and finance needs.

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