Customer Centricity: The Long-term Strategy In BFSI

In the 1999 cult classic The Matrix, Morpheus offers Neo a choice—the red pill or the blue pill—asking him to confront reality or continue living in illusion. For brands today, customer-centricity is the red pill. You either embrace it and build for the future or ignore it and risk irrelevance. In the world of business today, if there’s one universal truth, it’s this: customer centricity is no longer optional—it’s survival. Especially in the BFSI (Banking, Financial Services, and Insurance) sector, where trust isn’t just a value proposition, it’s the foundation. Without it, you’re building on quicksand. 

Trust: The Currency of BFSI 
Unlike industries where a flashy product can win over customers, in BFSI, it’s all about trust. Institutions built on legacy form their reputations over decades by offering reliability and safety. And in today’s fast-paced, digital-first world, trust must evolve. 

Consumers today aren’t just looking for security—they expect speed, personalisation, and convenience. If a brand fails to deliver, loyalty evaporates. And let’s face it: once trust is lost in financial services, it’s nearly impossible to regain. This is why customer centricity must be at the heart of every decision, every strategy, and every touchpoint. 

Tech + Empathy: The Winning Formula 
Leveraging technology is a no-brainer. AI can process mountains of data, analyse 100 per cent of customer interactions—calls, emails, feedback received from Customer Satisfaction Scores —and deliver actionable insights. But here’s the catch: technology alone won’t cut it. Empathy is the secret ingredient. 

Imagine this: a customer calls in about a delayed loan disbursement. The system has their history, and pain points, flagging the interaction as a high-priority case. The customer service team, armed with real-time insights, offers a tailored solution before escalation even becomes necessary. That’s not just service—that’s experience. 

Similarly, building a digital portal that enables support for common requirements—be it documentation, repayment schedules, or part-payment options—saves the modern customer time and effort. What makes it even more powerful? Multilingual support. In a country like India, offering services in regional languages transforms a transaction into a relationship. 

Best of Both Worlds: Automation and Human Touch 
AI-powered chatbots are fantastic for answering routine questions 24/7. Want to check the documentation required or the product features available? A chatbot can handle it in seconds. But for complex issues, a well-trained escalation team is indispensable. This balance of automation and human support ensures that customers never feel like they’re lost in a digital maze. 

For example, a customer who is facing difficulty with loan repayment might start with a chatbot, but the conversation seamlessly transitions to a human agent for a more nuanced discussion. That’s the “human touch” in a digital-first approach—giving customers the confidence that their issues will be resolved efficiently and empathetically. 

The Digital Differentiator 
In a heavily regulated industry like BFSI, compliance is non-negotiable. But adhering to regulations and catering to customer experience can go hand-in-hand. In fact, the right use of technology can ensure compliance while enhancing service delivery. Think of it as building a fortress where trust, safety, and convenience coexist. 

The result? Customers find answers at the click of a button, payments are processed smoothly, and loan applications are hassle-free. It’s this seamless, frictionless experience that sets a brand apart in a crowded market. 

Without Trust, There’s No Tomorrow 
There’s an old saying: “Fool me once, shame on you. Fool me twice, shame on me.” In BFSI, customers rarely give second chances. Brands that don’t prioritise customer-centricity risk not just losing business but becoming irrelevant. 

On the other hand, those who innovate with the customer in mind—who blend technology with understanding, offer multilingual support, and create personalised experiences—don’t just survive. They thrive. In the end, customer-centricity isn’t just about meeting expectations. It’s about exceeding them. And in a sector where trust is everything, those who earn it today will lead tomorrow. 

Nalin Jain

Guest Author The author is the CMO at Godrej Capital.