Seema Poptani reveals that mPokket has deployed AI based algorithms to detect customer satisfaction and repurchase:
mPokket is an instant loan app that provides loans to college students and young working professionals. While still a student in the US, mPokket CEO and Founder Gaurav Jalan had realised that the youth in India were not financially empowered as their counterparts in America. With the goal to provide loans for students and young professionals in India, who were not eligible for loans via traditional lending institutions, Gaurav started mPokket, an instant loan app, in 2016.
Borrowers can take instant cash loans anywhere between Rs500 and Rs30,000 depending upon their profile and credit history. Salaried people can get quick loans up to Rs30,000 deposited right into their bank account, with no paperwork required.
AI To Know Customers’ Needs
mPokket is currently an app-based company. As a leading digital lending player, its hiring is connected to either bolstering cutting-edge technology or fostering deeper customer relationships. Low interest rates and the quick availability of cash, without any long-term EMI commitments, makes it a much sought after instant loan app.
mPokket instant loan for students takes care of regular education expenses and additional costs. It is crucial for mPokket to know its consumer behaviour in order to improve their experience across its app. AI is one technology that is redefining the horizon of digital lending space. Seema Poptani, VP, Marketing, points out: “We have deployed AI based algorithms to detect customer satisfaction and repurchase. Our data centric marketing approach has enabled us to enhance our digital presence. Through the use of AI, we are able to identify the needs of our customers and accordingly make promotional messages. We drive efforts to implement customized marketing strategies.”
Raising borrowing limits
mPokket’s marketing tactics align with its business objectives. This year, mPokket has raised the starting borrowing limit for students from Rs500 to Rs1000 and for salaried employees in the range of Rs1000-2000. Seema Poptani, VP, Marketing, explains: “Our goal is to constantly expand our customer base through the digital app. We have done a number of experiments in referral campaigns and thereby, our reach has increased significantly through that. We have seen an increase in the number of customers through this program. Going forward, we will also start our outreach for web acquisition as well.”
mPokket originated loans worth Rs35 billion in CY2022. Seema reveals: “We plan to grow 2x-3x in the current year. We would be using brand and performance marketing to drive our overall business goals. The plan is to double our budget. We would also try to get into offline branding, alongside online presence, to expand our reach horizon.”
Visibility On Social Media
Since mPokket brand is mostly targeted to young professionals, it is always on the lookout to increase its brand’s visibility across social media platforms, which are most preferred places for its target borrowers. On LinkedIn, mPokket majorly focuses on the employee and industry sentiments.
The company has garnered 19,000 followers on LinkedIn. On Facebook, Instagram and Twitter, it has a cumulative follower count of 50,000+. The teams constantly work to enhance social media presence and increase the follower count across multiple platforms, through exciting contests and influencer collaborations.
Website Over App
The conventional lending industry has failed to serve the needs of low-income consumers in India, creating an opportunity that new digital lending platforms, such as mPokket, have been able to fill. mPokket’s primary focus is on attracting young adults, including college students and young working professionals, who make up the bulk of its target audience. Through its constant market research, mPokket has seen that there are a lot of students and salaried professionals who prefer the website model over app.
Its dedicated team strives to continuously improve the user experience by optimizing the platform. Seema elaborates: “We have recently expanded our paid marketing efforts and are in discussions with popular millennial-focused platforms. Apart from all the performance marketing channels like Google & Facebook, we are trying to partner with many brands from our business niche to increase appeal to our customers. We would try to allocate our resources to make our brand available on websites as well.”
