One of the most important challenges for small finance banks (SFBs) from a tech viewpoint is the shortage of an automation course of and the corresponding want for handbook intervention. This makes the deployment of an built-in engagement platform very important to such entities. Such an answer breaks down organisational silos, permitting for a centralised view of buyer profiles and sounder communication throughout channels. It additionally helps in simpler assortment of EMIs and installments from micro banking and retail loanees.
This is why Ujjivan Small Finance Bank went for digital onboarding of shoppers, tying up with MoEngage for the aim. But the change wasn’t simple since most of its clients got here from unserved and underserved segments, with some residing in distant areas. So, the financial institution partnered with just a few names within the telecom area whose shops could possibly be utilized by clients to repay their loans, with the identical being mirrored of their accounts in real-time.
Sriram Srinivasan, head of digital banking, Ujjivan Bank, explains: “Prior to implementing the customer engagement solution, most of our customer communications were done manually. After MoEngage’s implementation, the bank was able to save on additional manpower which was routed to business operations, optimising response time and driving revenue growth.”
Apart from bettering operational effectivity and useful resource utilisation, the advertising groups on the financial institution have been capable of scale back their dependency on database groups because the buyer and marketing campaign information was available on MoEngage. “The teams also found that using push notification as a communication channel was economical, thus contributing to an efficient ROI and adding to the bottom line,” he says.
Ujjivan Small Finance Bank onboarded roughly 2,00,000 distinctive clients for digital funds, with greater than Rs 123 crore of EMIs collected in simply 5 months and the conversion price from digital channels rising from 2% to a whopping 18%. The martech stack and engagement options have additionally helped the financial institution keep forward of competitors.
Yash Reddy, chief enterprise officer, MoEngage, says, “Owing to the seamless product and use case fitment on Ujjivan Small Finance Bank’s side, there were no major implementation issues. In fact, the concerns of the infosec team were dealt with immediately to avoid any hiccups in the integration processes. End-to-end support from the customer servicing teams is what enabled a seamless integration.”
- Bank onboarded approx. 2,00,000 distinctive clients for digital funds
- Conversion price from such channels up from 2% to 18%
- The options have additionally helped it keep forward of rivals
Source: www.financialexpress.com”