KM Software

Updated On: Apr 1, 2024

3 Top Benefits Of Knowledge Management For BFSI Customers

Reading-Time 7 Min

Action without knowledge is threatening and knowledge without action is futile, especially in banking and financial services where every action leads to a make-or-break deal!

knowledge management for bfsi

Trust matters most when one talks of the BFSI industry. The moment that dwindles, organizations begin losing precious customers and, by domino effect, suffer from poor brand recall.  

Do you know 69% of customers who plan to leave their bank say it was due to poor service rather than poor products?

Now talking of poor customer service, there are a plethora of internal and external factors at play. However, an overarching cause is the poor management of available knowledge resources. 

Clearly then the most appropriate way to take charge of customer experiences is by implementing a Knowledge Management platform, for only that can ensure steady growth in an increasingly knowledge-based economy.

How a robust knowledge management for BFSI customers is beneficial?

1. Automate customer service processes

  • Self-service

Digital transactions have intensified more than ever and new ways of engaging with financial services have emerged, leading to the rising need for efficient self-service platforms

AI-powered chatbots employ natural language processes to communicate humanly with customers and burst the myth that machines and humans cannot communicate naturally on the scale. This way KM integrated chatbots automates the customer service process, freeing up agents’ time and energy from mundane queries.  

  • Supports call deflections

Given the fact that there is a limit to the number of calls a support rep can take at a time, active waiting calls are a real problem. 

Here AI-backed knowledge management for BFSI lets the support reps deflect the customer call conveniently to a self-service Knowledge base platform. This is how both customers and agents win and financial institutes thrive.     

  •  Round the clock support

Customers might face banking issues beyond your bank’s official operational hours. And the biggest way you can extend genuine support to customers is by being available for them when they need your guidance the most.

Knowledge base articles and FAQs answer customer problems like a banking executive at a bank would. And the best part is they are there all the time, as a preserved central repository of the bank, for all the current and future customer needs.

2. Promotes omnichannel availability

Ever since the pandemic crept in, digital banking has gained even greater prominence. This means that customers now expect the same banking services whether they visit the bank in real or use their mobile devices. 

With an integrated channel approach, a knowledge management strategy fills the gaps that customers may experience when using different platforms. It shares consistent experiences across multiple customer touchpoints, enhancing the omnichannel presence of your financial services. 

3. Solid data protection 

Considering the rampant rise in fraudulent practices, data security is entering every sphere of life. It is all the more important when people choose banks today. Customer data is a treasure if protected well and utilized efficiently.

A knowledge management platform has security measures that protect your institution’s infrastructure, applications, and data. It ensures the proper protection of all content on the platform and all customer data that it fetches from CRM. This way, institutions do not have to worry about any data fraud that might result in reputational damage. 

How knowledge management elevates CX in BFSI:  A Real-life story 

As discussed above, trust is indispensable for thriving in the BFSI industry. And it primarily stems from the ability to deal with data meticulously and leverage it to create convenience for customers. However, financial institutions struggle here and are unable to meet their KPIs.

A leading Fintech in India, is focused on providing superior experiences with credit cards. Being a high-growth startup, all their product and process information was initially scattered and hard to find. This made it difficult for customer support teams to locate actionable knowledge at the right time, resulting in late and inaccurate resolutions. 

With Knowmax’s state-of-the-art technology, they could organize all their fragmented information in a unified place, leading to better accessibility of contextual information. 

Ready to create a knowledge base?

Try Knowmax AI-powered knowledge base software for call centers.

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To sum up 

In order to build healthy BFSI customer relationships, knowledge management best practices are increasingly rising to combat data management and security challenges. KM-enabled customer service automation is empowering the industry to adapt to the dynamic market trends and fulfill its customers’ expectations by providing them with the right contextual knowledge anytime, anywhere. 

Thus, knowledge management for BFSI is providing customers with the same high-quality support they expect across all the platforms.  

Jayanti Sabdani

Content Marketer

Writer. Storyteller. Literature Enthusiast. Jayanti leads content marketing initiatives at Knowmax and amalgamates in-depth research, interviewing, and product messaging to craft marketing content. When not working, she can still be found writing ( because that’s what she loves), reading, and trying out different cuisines.

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