Enhance BFSI Operational Excellence with Secure Omnichannel Communication

Real-time payments require businesses to ensure consumers have a seamless experience.

According to a report by FIS Global, India handles 41 million real-time payments daily, making it the global leader in real-time payments. Real-time activity volumes have more than doubled since last year, resulting in an 80 percent increase in transaction value.

With these shifting trends, having the right infrastructure to ensure seamless financial transactions and facilitate secure interactions is imperative. Customers expect quick query resolutions and smooth transaction experiences, making a comprehensive approach to operational management necessary.

The challenge for operations and IT leaders is ensuring the integrity of the transaction process and transactional message delivery. Depending solely on messaging channels increases the likelihood of transaction failures, posing significant risks to your business. This includes the potential loss of customer relationships and financial setbacks.

Omnichannel communication is, therefore, a preferred system to avert these challenges and win customer loyalty.

Why Organizations Seek to Implement Omnichannel Communication

Omnichannel communication offers many benefits that contribute to streamlined operations and significant cost savings for BFSI organizations, such as:

• Centralized Interactions: A unified interface for managing customer inquiries across various channels, eliminating the need to switch between multiple systems. This centralized approach reduces system complexities, streamlines workflows, and optimizes staff training.
• Minimized Redundancy: No need for redundant data collection across different channels. By storing customer data centrally, you can ensure data consistency and accuracy, reducing the risk of errors and minimizing operational overhead.
• Cost-Effective Approach: Consolidating communication channels into a single, unified platform reduces overhead costs for maintaining and managing multiple systems. This consolidation also streamlines resource allocation, allowing you to optimize infrastructure management.
• Enhanced Resource Utilization: The valuable data insights enable you to make informed decisions about resource allocation. Organizations can optimize staffing levels, service schedules, and resource allocation by understanding customer behavior and channel usage patterns to ensure peak efficiency.
• Actionable Analytics: By analyzing insights into customer behavior, preferences, and feedback, organizations can identify areas for improvement, make data-driven decisions, and enhance operational processes to deliver a superior customer experience.

Consider a BFSI organization facing issues with scattered communication systems causing slow transaction processing and high operational costs.

• After adopting an omnichannel communication platform, they improved transaction management, unified customer interactions, and better trained their staff, boosting efficiency.
• Centralizing data storage minimized repetitive data collection, cutting costs and ensuring accurate information.
• Insights from omnichannel data enhanced decision-making, resource allocation, and transaction processes, improving delivery and reducing expenses.

Secure Transaction Delivery: the highlight of Omnichannel Transaction Communication

In the BFSI industry, security is paramount. Omnichannel communication platforms provide robust security measures to protect sensitive customer data and transactions. These security measures include:

• Multi-factor Authentication: Omnichannel platforms often implement multi-factor authentication (MFA), requiring users to provide multiple verification methods, such as passwords, codes, or biometric authentication, to access accounts and sensitive information. This multi-layered security approach reduces the risk of unauthorized access.
• Data Encryption: Omnichannel platforms employ encryption techniques to safeguard sensitive customer data, ensuring its security during transmission and storage and allowing only authorized individuals to access customer information.
• Threat Detection and Mitigation: Omnichannel platforms have built-in mechanisms to detect and stop cyberattacks. Tools like intrusion detection systems, firewalls, and anti-malware software can thwart phishing attacks, data breaches, and other security threats.
• Real-time Monitoring: Omnichannel platforms monitor user activity and network traffic to detect real-time suspicious behavior and potential security breaches. This enables organizations to respond to threats and protect customer data swiftly.
• Regulatory Compliance: To ensure that customer data is handled and protected according to legal requirements, omnichannel platforms must comply with industry regulations and data privacy standards. Customer confidence and the avoidance of regulatory fines depend on this compliance.

A customer attempts to access their account through the mobile app. However, the login attempt triggers an unusual activity alert because it comes from an unrecognized device and may be unauthorized.

• The platform’s robust multi-factor authentication (MFA) immediately prompts customers to verify their identity through a secure code sent to their registered email and phone.
• Simultaneously, the platform’s threat detection system detects the anomaly and automatically locks the account, preventing unauthorized access.
• The organization’s security team is promptly notified and swiftly investigates the incident.

This real-time monitoring and threat detection capability safeguards the customer’s sensitive data.

Conclusion

Omnichannel communication is no longer a passing trend; it’s a must-have for BFSI organizations seeking to streamline transactions, delight customers, and gain a competitive edge. Adopting omnichannel communication creates a seamless, secure transaction experience that drives lasting growth and success.

Partner with Airtel Business to unleash the full potential of omnichannel communication and revolutionize your transaction delivery, customer relationships, and operational efficiency.

Check out this whitepaper on Omnichannel Communication and contact us today to transform your transaction delivery into a secure, seamless, customer-centric journey.