Bringing a Customer Centric approach to NBFC through automation

automation in banking sector

Company Overview

The client today is the most diversified NBFC in India, financing the widest set of outcomes. The client serves millions of customers in the financial-services space, by providing solutions for asset acquisition through financing, asset protection through general insurance, family protection, and income protection in the form of life and health
insurance and retirement and savings solutions. The client has over the last 5 years invested deeply in the latest technologies that would improve customer experience since their main strategy for business growth is satisfying the existing customers. The adoption of digital assistants complements the client’s digital personalization framework
enabling their customers to transact without the restrictions of time, place, and proximity.

The client we’re talking about is Bajaj Finserv.

Problem Summary

  • Multiple product verticals: Multiple product verticals require dedicated customer support and sales teams to handle specific product queries.
  • Query resolution: Large number of user queries to handle for each product offering by the teams.
  • Multiple Points of Contact: A separate point of contact for each product vertical causes inconvenience amongst the users.
  • Lack of omnichannel presence: Offering product information on the website doesn’t engage a lot of customers because it is time-consuming.
  • Better Customer Experience: Improve the customer experience through easier access to product information and faster query resolution.

Solution Summary

  • Automate customer support and sales communication. 
  • Develop a common point of contact that integrates all the product verticals.
  • Offer product information on multiple channels and in a more efficient manner to improve customer convenience. 
  • Reduce dependency on sales and customer support agents through automation.

Implementation Summary

  • A Digital Assistant that can offer product information on the go, accessible on multiple platforms.
  • A separate digital assistant for each product vertical, to offer information about the product on demand and answer user queries.
  • An orchestrator bot that is integrated with individual bots for each product vertical, offering a single point of contact for the users.
  • Available on multiple channels like Google Assistant, Google Home and Amazon Alexa Echo Smart Home Devices, apart from websites to improve the convenience for the user.
  • Available in multiple languages to enhance the user experience and convenience.

Problem Statement

The client required a single point of contact for all user queries and implementation of customer interaction touch-points across multiple channels for better customer experience.

The client’s key strategy drivers for the business include focusing on the existing customers and investing in the latest technology that enables better customer experience. The client believed that across industries, technology is changing the way enterprises operate and deliver products; Thereby, adapting to new and emerging technologies keeping in mind the needs and preferences of the customers is the key to a successful business and happy customers.

Every year for the last five years, the client has continued to increase spending on technology by putting money where the mouth is. This would give the users unmatched flexibility to engage with the client for every financing related need. With over a million products, and 100 million + customers, the client’s organization has separate product verticals and teams, with dedicated sales and customer support agents. But, handling queries from over 100 million customers isn’t a cakewalk and neither was it for the client. Amongst the possible solutions, adopting the latest technology such as AI-powered digital assistants was more cost-effective and efficient as compared to increasing the team size. Hence, the client partnered with Yellow Messenger to implement a suitable solution for the problems listed below:

The client partnered with Yellow Messenger to implement a suitable solution for the problems listed below:

  • Multiple Product Verticals: The client has more than a million products to offer to the customers. Clearly, managing that many products from various categories isn’t possible without a clear segmentation and organizational structuring. The client’s organization worked no differently, and divided the various product offerings into multiple autonomous product verticals, with dedicated sales and customer service teams. As structured and simplified as this approach looks, the client had to maintain large customer support and sales team.
  • Multiple points of contact: As stated above, the org structure involved multiple autonomous product verticals. This works well from the organization’s point of view, but when we look at it from the consumer’s perspective, the consumer had to resort to different teams depending on the product in question. Now that is certainly a cumbersome task for a consumer, and the client realized this issue.
  • Lack of multi-channel presence: Consumers today are adept with the latest technology and they expect the same from brands. Most consumers are now equipped with technologies such as the latest gadgets, social media channels, Home assistants like google home, and Amazon Alexa to name a few. The best possible way to reach the consumers is through the channels that they are engaging with the most, and so the client realized that the mere presence on the website wasn’t the best way to engage with the consumers.

1 million + products required a clear org structure with designated product verticals and teams. But this also posed a challenge with respect to customer convenience due to the presence of multiple points of contact.

Solution and Implementation

Yellow Messenger integrated all the problem scenarios and generated a suitable solution for the client. Keeping in mind the autonomous function of each product vertical, the need for a single point of contact, omnichannel presence, and better customer experience, the digital assistant Blu was developed to suit the client’s needs.

  • Blu’s Army: A digital assistant was employed for each product vertical that was intelligent and trained to answer any questions regarding the product as well as other support queries by the existing customers. Each product vertical owned the governance of their digital assistant and decided on the required functionality and features. Hence an army of digital assistants was employed for all the product verticals put together!
  • Blu: Yellow Messenger developed an interesting technology called digital assistant orchestrator. This digital assistant – Blu acts as a single point of contact for the customers for all their queries and orchestrates between 10+ digital assistants across product verticals to cater to the consumer’s needs. Blu allows digital assistants from different teams to talk to each other and retrieve information from across the organization in seconds.
  • Omnichannel Presence: Blu enabled the client to engage with the customers on multiple channels including Website, Google Assistant, and Amazon Alexa.

Ask Blu

Ask Blu - Digital Virtual Assistant
Ask Blu – Digital Virtual Assistant
blu - personal assistant
Blu – Personal Assitant Dashboard

Results

  • Yellow Messenger’s Blu facilitated more than 15 million conversations with near-perfect accuracy.
  • The natural conversations combined with intelligent orchestration allowed the teams to increase sales efficiency and effectiveness through targeted customer engagement, upselling and cross-selling, leading to a USD 10 million increase in sales and revenue in five months.
  • Blu serves approximately 18 lakh (1.8 million) users every month, offering automated customer support, cross-sell and upsell functions.