Driving BFSI Sales Growth Using a Tech-First Approach
Boost revenue through strategic optimization of BFSI sales
BFSI Sales Landscape Today
BFSI (Banking, Financial Services, and Insurance) sector has shown a remarkable growth in India, hitting record-high earnings in the Q4 of financial year 2023 compared to other quarters of the year. The BFSI sector sales growth has been recorded due to businesses continuous practice of catering to dynamic customer behaviour by becoming digitally empowered, i.e., leveraging today’s digital advancements. Technology implementation can be seen across the complete BFSI industry such as branches, distributor networks, partner networks, sales teams, etc.
In today's dynamic business landscape, the BFSI sector faces numerous challenges in effectively scaling sales calls while maintaining flexibility and optimizing costs.
SquadStack's AI-driven alternative to traditional telecalling setups enables BFSI sales calls to scale with flexibility, lower customer acquisition costs (CAC), better insights, and improved conversion rates.
BFSI Sales and the Role of Technology
At present, blockchain technology has helped many banks reduce fraud, secure customer identities, and simplify cross-border payments.
Many financial institutions have also leveraged AI to understand customers' behaviour and preferences, provide recommendations, predict budgeting insights, etc.
Data analytics and AI have helped the insurance sector to personalize products, enabling them to enter the untapped market.
Chatbots and virtual assistants, powered by NLP, allow institutions to manage customer inquiries and transactions 24/7, reducing costs and improving customer service.
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BFSI Sales Challenges: Scope for Optimization
A big challenge in BFSI sales is lead drop-offs. These happen when potential customers lose interest or don't get assistance during the sales process and decide to discontinue. From market volatility to regulatory changes, BFSI sales can be challeging. However, amidst these challenges lies a wealth of opportunities for optimization.
BFSI sales present numerous challenges, they also offer immense potential for optimization and growth. By embracing technology, streamlining processes, investing in training, and forging strategic partnerships, sales teams can overcome obstacles and capitalize on opportunities in the dynamic world of BFSI.Read MoreEmbrace Technology: Using cutting-edge technologies such as AI, data analytics, and CRM systems can enhance sales efficiency and effectiveness. By harnessing data insights, sales teams can personalize their approach and anticipate customer needs.
Read MoreStreamline Processes: Simplifying sales processes and improving customer experience. Automation tools can help connect with a large number of customers in a very short span of time. Squadstack allows you to scale and descale telecalling campaigns as per need.Read More
Forge Strategic Partnerships: Forge Strategic Partnerships:Collaboration with other digital transformation stakeholders like squadstack can provide innovative solutions. We've established a versatile, cost-effective, secure, and analytics-rich telecalling team to assist you in disbursing more loans.Read More
BFSI companies need to find ways to simplify their sales process, educate customers better, and keep them engaged.Read More
When it comes to customer assistance and support, BPOs and call centers operate as 'body shops' vs. driving their own 'centers of excellence.
Continuous Agent Training and Development
Consider investing in agents' training and development programs that enable sales teams to enhance product knowledge and skills, such as convincing, and better objection handling.
You can opt for multiple training mediums, such as weekly training sessions and quiz assessments. Make sure to provide regular feedback to keep your team engaged and motivated.
Measure and Optimize Performance
If you have a team of six members and your monthly business is six lakhs, then mathematically, the average productivity of every rep is one lakh a month. However, the reality differs. Generally, most deals are closed by the team's top performers (usually 10%).
To optimize your agents' performance, assign KPIs (Key Performance Indicators) to measure.
💡 KPIs could range from attempted leads, on-call hours, AHT, average deal size, dial-to-convert(%), connect-to-convert(%),
CSAT scores, and more.
Utilize Data Analytics
The data analytics and business intelligence tools enable you to gain insights into:
- Customer preferences, behaviour, needs, pain points, and buying patterns
- Agent's accountability (such as handling customers and objections, pitching the solution, and resolving queries)
- Market trends, opportunities, and scope of improvements
These insights allow BFSI businesses to make data-driven decisions and develop targeted sales strategies.
Reduce Manual Tasks
A multi-touchpoint strategy involves reaching customers via multiple channels, such as email, phone, WhatsApp, SMS, IVR, etc. Businesses can use a combination of channels to provide information and assistance, address queries, follow up, and push the lead through the funnel.
You can use different marketing automation tools to set up automated workflows that schedule and trigger messages.
💡 By adopting omnichannel outreach, you can deliver personalized experiences, drive better sales, and engage with customers across the journey.
The correct optimization can yield significant results for the BFSI businesses, including:
BFSI Sales and Solutions offered by SquadStack
Welcome Calls
Convert to EMI
Personal Loans
Business Loans
Early Bucket Collections
Cross Sell
Credit Cards
KYC Completion
Cross-Sell
Account Opening
Account Activation
Account Reactivation & Re KYC
Abandoned Cart / Assisted Sales
Non-Delivery Returns
Control Tower
Blue-Collar Workforce Hiring & Management
Seller Onboarding & Management
Store Walk-Ins
Feedback Calls
Reactivate Old Customers
Service Reminders
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