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CRM integration with AI, ML improves CX

Increasingly integrating marketing automation functionality into its CRM systems allows Credit Wise Capital to target and engage with potential customers more effectively:

CRM integration with AI, ML improves CX

Credit Wise Capital is a digital NBFC platform that leverages a qualitative decision mechanism to disburse consumer loans with a seamless and hassle-free experience for 2-wheeler loan seeker. The company leverages an offline sourcing model along with a new age of online sourcing to become a market leader in a very short time. It aims to disrupt the 2-wheeler lending market by deploying the right blend of tech-driven underwriting with an utmost focus on collections.

Founder Aalesh Avlani is passionate about technology and finance, and looks after tech, product and fund raising. Avlani is also a passionate investor with investments in 70+ companies including Bharat Pe, Rentomojo, Pee Safe, Dukaan, Flobiz, Liquiloans, Hyperface and many more. He completed his graduation from Questrom School of Business, Boston University.

Mehul Dani: During 2022, how has your CRM system adapted to the changing business/technology ecosystem?

Aalesh Avlani: With increased competition, we focus on personalization to stand out from the competition. As we deal with sensitive customer data, CRM systems focus on data security and privacy to ensure compliance with regulations and protect customer data. With the increasing use of smartphones and mobile devices among our target segment customers, our CRM systems have had to adapt to a mobile-first approach to provide a seamless customer experience (CX) across different devices. Total downloads of our app are 35,000, its total active users are 24,000, total users paying EMI on app are 10,000, total users playing quiz & games are 20,000 and number of total loans disbursed through app are over 5000.

Automation: With the increasing volume of customer interactions, our CRM has adopted automation to handle routine tasks and free up resources for more complex interactions.

Integration with new technologies: Our CRM system has integrated with new technologies such as AI, ML, and blockchain to provide a better customer experience. For example, our AI-powered chatbots – Twin2 – provide personalized responses to customer queries, while we are using blockchain technology to secure customer data.

Cloud-based solutions: We are moving towards cloud-based solutions to reduce costs and increase scalability. Our solutions can be easily integrated with other systems and provide real-time access to customer data.

Data analytics: Data analytics allows us to gain insights of transactions & spending pattern by analyzing bank statement through Account Aggregators. Entire funnel analysis is done to identified drop rate at each of our onboarding journey. Showing only preferred 2-wheeler models, EMI options, etc, based on the past trend is observed in the particular region or segment of the customers.

What kind of functionality is moving from other systems into CRM?

Loan origination: We are moving towards integrating loan origination functionality within our CRM systems. This allows us to streamline the processes and manage the entire customer journey, from loan application to disbursal, within a single platform.

Marketing automation: As we look to expand our customer base; we are increasingly integrating marketing automation functionality into our CRM systems. This allows us to target and engage with potential customers more effectively, by automating personalized communication and outreach efforts.

Credit underwriting: Credit scoring algorithms are becoming increasingly sophisticated and data-driven and are often integrated into digital lending CRM systems. This allows us to make more informed decisions based on the customer’s creditworthiness, financial history, and other relevant factors.

What kind of functionality is moving from CRM into other systems?

Risk management: Our CRM systems are increasingly being used to gather and analyse customer data, which can be used to assess and mitigate risk across the lending process. This data can then be integrated into other systems, such as underwriting or fraud detection platforms, to improve decision-making and reduce risk.

Reporting & analytics: As data becomes increasingly important in digital lending, our CRM systems are being used to gather and analyse various customer data such as preferences of 2-wheeler model, tenure & amt of loans, down payment, etc, and also approval & disbursement TAT, KYC patterns, home delivery option, etc. This data then be integrated into reporting and analytics systems, allowing us to gain insights into customer behavior, market trends, and other key metrics.

What aspects of CX are improving thanks to CRM in today’s context?

Personalization: By gathering customer data, we segment our customers into different groups and tailor our offerings to meet their specific needs. This personalization improves the customer experience and satisfaction.

Multi-channel engagement: CRM enables us to engage with customers through multiple channels, such as email, phone, social media, and chat.

Faster response times: With CRM, we can respond to customer queries faster and more efficiently. By centralizing customer data, we are accessing all customer information in one place and resolve issues more quickly to improves customer experience and reduce customer frustration.

How has technology been introduced for product innovation by your company to suit customers’ preferences and choices in the last few years?

Paperless process: We have introduced a paperless process, making it easier and faster for customers to apply for loans. This process eliminates the need for physical documents and reduces the time taken for loan approvals. We are using Account Aggregator to underwrite customer without any documents specially for new credit buyers.

Mobile app-based lending: We have introduced mobile app-based lending, enabling customers to apply for loans and manage their accounts through their smartphones. This convenience has made the loan application process easier and faster for customers. We also leverage WhatsApp for customer services.

Alternative credit scoring models: We are using alternative credit scoring models to assess the creditworthiness of customers who do not have a credit history. These models consider factors such as social media activity, online shopping behaviour, and payment patterns to determine the creditworthiness of customers.

AI-based lending: We are leveraging AI & ML to automate the loan approval process and provide personalized solutions to customers. These technologies enable companies to make data-driven decisions and offer customized loan products to customers.

How have you gained by deploying analytics to increase customers?

Targeted marketing: We are using analytics to identify potential customers and target them with personalized marketing messages.

Risk assessment: We use analytics to assess the creditworthiness of potential borrowers. Using analytics, we determine the probability of loan repayment and make data-driven lending decisions. We are leveraging analytics to retain customers by providing personalized solutions and offer customized various other products such personal loans, motor & health insurance, loan protection Insurance, RSA & bike servicing, that meet their specific needs.

Predictive analytics: We are using predictive analytics to identify potential customers who are likely to default on their loans. This enables companies to take proactive measures to prevent default and reduce losses.

Chatbots and AI-based customer service: We are using WhatsApp chatbots and AI-based customer service to improve customer experience and retention. Chatbots enable customers to apply for loans, get information about their accounts, and resolve queries without the need for human interaction.

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