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Putting the buzz in the bazaar: The impact of digitalization on customer experience

Mr. Sreekesh C, Director, Operations, EQ India
Mr. Sreekesh C, Director, Operations, EQ India

According to reports, the global share registry services market revenue is projected to reach close to USD 4,809.60 Million by 2028, growing at a CAGR of 6.1 per cent between 2021-28

One of the most significant benefits of digitalization is its ability to improve communication and engagement with customers.

Mr. Sreekesh C, Director, Operations, EQ India

Since computers were invented in the 1940s, the age of digitalization has touched us in ever-increasing and impactful ways. Here, digitalization, particularly in the business ecosystem, refers to the transformation of traditional business processes and operations through the use of digital technologies. This involves integrating digital technologies, such as artificial intelligence, big data analytics, cloud computing, the Internet of Things (IoT), and automation, into all aspects of a business, including its products, services, and customer interactions. According to Fortune, the global digital transformation market size was valued at USD 1.51 trillion in 2021 and is projected to grow from USD 1.79 trillion in 2022 to USD 6.78 trillion by 2029, at a CAGR of 20.9% during the forecast period.

The present times of social media, online work, and e-commerce, as well as web-based learning, etc., have further increased the effect of digitalisation on our daily lives. Nowhere is this more apparent than it is in industries and channels where customer experiences really matter, to whit, in the services and marketing verticals. Looking at the successes, in many cases, astronomic, of post-pandemic organizations, it is no exaggeration to assert that digitalization has fundamentally transformed the way customers interact with businesses and the way businesses serve their customers. In fact, digitalization has had a profound impact on the way business is conducted across a range of industries.

The share registry and transfer agency services business is one that has been particularly transformed through extensive digitalization globally. According to reports, the global share registry services market revenue is projected to reach close to USD 4,809.60 Million by 2028, growing at a CAGR of 6.1 per cent between 2021-28. As a share registrar or transfer agent, organizations are responsible for maintaining accurate and up-to-date shareholder records on behalf of client companies. This can be a complex and time-consuming process, especially when dealing with a high volume of inquiries from shareholders. Since, today, businesses in all sectors are recognizing the value of digitalization when it comes to enhancing customer experience, share registrars and transfer agents are no exception. For instance, with many shareholders reaching out through various channels such as letters, emails, and calls, digitalization can play a critical role in streamlining processes and improving overall customer experience.

Digitalization has also enabled businesses to collect and analyse vast amounts of data to enable informed decision-making in organizations dealing with registry services, digitalization can bring several benefits including increased efficiency, accuracy, and speed. By automating repetitive tasks such as data entry and record-keeping, staff can focus on more value-added activities such as addressing complex shareholder inquiries and resolving issues promptly. Additionally, digitized systems can help ensure that information is consistent and up to date, minimizing errors and reducing the risk of customer complaints.

One of the most significant benefits of digitalization is its ability to improve communication and engagement with customers. A survey by Deloitte found that 90 per cent of customers prefer to interact with businesses through digital channels such as email, chat, and social media. Through the use of these channels share registrars can offer quick and convenient ways for shareholders to get in touch with them. This not only saves time and effort for both parties but also allows for a more personalized and responsive approach to customer service. Digitalization can also enhance transparency and trust. By providing online access to shareholder records and transaction histories, customers can view their investments and track changes in real time, which can help build confidence and trust in the share registration process.

Looking at these and many other business experiences, it is evident that digitalization has fundamentally transformed the way customers interact with businesses and the way businesses serve their customers. Digitalization impacts customer experience and expectations. It has brought increased convenience by making it easier than ever for customers to interact with businesses from the comfort of their homes. Personalization is yet another important change ushered in by digitalization where vast amounts of customer data can be used to personalize the customer experience. Of course, digitalization has raised customer expectations significantly and businesses that fail to meet these expectations risk losing customers to competitors who offer a better digital experience. Digitalization has also lowered barriers to entry thereby enabling new businesses to enter the market and compete with established players.

Businesses that prioritize digitalization and provide a seamless, personalized, and convenient digital experience will be well-positioned to succeed in the digital age. After all, the customer is king and always will be. The only difference now is that the customer’s kingdom is no longer bound by traditional constructs and this ever-changing domain calls for agility and innovation in order to understand and leverage it effectively.

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