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Navigating the Future of BFSI: Insights from Vymo on Market Positioning, AI Impact, Gamification, and Talent Retention

The future of the banking and financial services (BFSI) industry hinges on various factors that leverage advanced technology towards enabling higher progress. Here are some insights from the Managing Director-Asia Pacific at Vymo, Rajesh Sabhlok. Vymo is one of the quickest-growing SaaS entities in the market at present with a novel positioning based on its focus on the financial industry. 

This narrowed-down emphasis on the ideal client profile has enabled a deeper understanding of the challenges faced by the sector and sales teams, while ensuring that core solutions cover their requirements and spur higher adoption of users. Let us now look at some valuable insights that deserve closer attention. 

Key Insights for the BFSI Industry

Here are a few pointers worth highlighting in this space: 

• User values will be driven by several factors including simpler interfaces (UI/UX) which are tailored for mobile devices, greater ease of use, and easy interface for daily work without switching between multiple applications.
• Other core plus points will include automation of procedures, access to reliable playbooks, automatic activity data detection, and real-time sync with MIS and CRM systems. This will free up more time for all users and enhance productivity. 
• Vymo is focusing more on leveraging its advanced ML and AI abilities to understand positive and winning behaviours from the top sales representatives while recommending the next best actions to others. This enhances professional agility over a period of time. 
• Managers and sales leaders will be empowered with easier visibility into the custom developmental requirements of sales teams in order to enable focused interventions and the best outcomes. 
• AI and ML models will help BFSI players understand their customers deeply, including their buying habits and preferences along with their risk or health profiles. They will also enable a better understanding of likes and dislikes along with current conversations and online footprints throughout the sites of BFSI entities and social media platforms. 
• This data will then be converted into valuable insights through ML and AI models which will hyper-personalize customer offerings and offer them just at the suitable moment through a suitable channel and with proper messaging. 
• Technology will drive higher efficiency among sales teams, using data to help them work out the best possible course of action for better outcomes. They are also helping companies evaluate the input activities of sales teams based on outcomes to find out the key factors behind success. This can be used by companies for elevating average sales performers. 
• ML and AI models will not only boost toplines for BFSI players but also help enhance bottom-line performance, lowering risks and frauds, while also optimizing and managing risks. These models may also help boost investment returns and lower operating costs. 
• Creating the right algorithms and ensuring AI/ML quality will be a major differentiator in this space, going forward. 

Let us now take a closer look at some other valuable insights that should matter to BFSI companies. 

Additional BFSI Trends Worth Noting

Here are a few more trends and insights from Vymo that should merit closer attention from banking and financial services institutions. 

• Start-ups will increasingly leverage Gamification to enhance sales figures. 
• Successful salespersons will have to comply with industry best practices and strive for better outcomes despite rejections from leads on a frequent basis. 
• Gamification may transform repetitive and routine duties like creating pipelines, calling, setting up meetings, documenting outcomes, compliance, and deal-closing into a more rewarding experience for those venturing into the workforce as digital natives. 
• However, there is a requirement for innovating continually with Gamification since it is hard to sustain excitement for longer periods. Hence, BFSI players should tailor gamified procedures in a way that interest can be sustained throughout longer durations. 
• Gamification has been and will be used extensively in the BFSI industry, targeting intermediaries, customers, and employees for achieving particular objectives. 
• Companies, for instance, are giving calculators to users helping them analyze their investments required at any time for accomplishing future objectives. These calculators may help change the mix of assets, while tweaking aspects like inflation, returns on investments, and investment duration. They can build scenarios for making superior investment decisions as per their risk appetites. 
• Insurance companies may deploy Gamification to encourage healthy lifestyle habits amongst customers, rewarding them for staying active and healthy through lower future premiums, gym membership, or other gifts. 
• Gamification can help intermediaries chalk out activities based on end objectives. They can use various inputs like income from commissions and break it down into the units to be sold to achieve the same. They can tweak around with rates of conversion and other factors while planning their activities. 
• Leaderboards will be in vogue, ensuring performance visibility against specific objectives, linked to various recognitions/rewards for winners, performance based on incentive campaigns/programs, and what should be done for qualifying for the next level.
• There can be points-based reward systems for every activity and provisions for rewards or encashing points from catalogues. The rewards may include displaying badges for users on various platforms on social media. 
• Vymo feels that there is huge potential for tapping Gamification in the BFSI industry. 

Here are some more emerging trends as per Vymo’s forecasts. 

Emerging BFSI Trends According to Vymo

Here are a few more emerging trends that are crucial for the banking and financial services (BFSI) sector. 

• The BFSI landscape worldwide and also in India, will witness major disruption through big data, generative AI, and analytics over the next decade. 
• AI-based automation will help streamline operations, lower employee workloads, and offer Chatbots, virtual assistants, and engagement applications. 
• Experiences will be increasingly hyper-personalized, while cryptocurrencies and blockchain technology will play a bigger role in the BFSI industry. 
• The future will revolve around decentralized finance platforms using APIs, blockchain, and open banking concepts that will offer greater effectiveness and safety alike. 
• A Cybersecurity-first approach will be adopted by BFSI players who are highly vulnerable towards evolving cyber risks. 
• The future performance of the industry will depend on its ability to tap these advanced technologies to overcome regulatory hurdles and serve customers better. 

Vymo feels that it has created a unique ecosystem with its digital sales engagement and enablement solutions for sales teams, along with higher user adoption through strategic approaches. It has created a customer-focused post-sales target operating model which has a novel tool kit that ensures better engagement and user adoption levels.

The entity is also investing in ML and AI models to enable better user experiences and skill development simultaneously. Customers now have increasing access to reviews, price comparisons, product comparisons, and other information online. Their buying behaviour will naturally be influenced by all these factors.

Hence, sales teams and agents should rapidly transform their processes while being digitally enabled to meet the customer shift. Hyper-personalized solutions for customers are the need of the hour throughout multiple touch points. There is a higher demand for more agile approaches that are tailored to individual requirements along with digital-first interactions through portals and apps. Customers now want digital onboarding journeys and automated onboarding procedures.

Sales professionals are increasingly looking for more support from AI-based tools to streamline and quicken procedures while lowering their overall workloads. Flexible and usage-based insurance will also be necessary for customers along with pay-as-you-go systems. Insurance companies will also have to increasingly sync their operations with ethical and sustainable practices to connect better with their customers and their specific requirements. These are the core trends that the BFSI industry should witness over the coming decade.