How can NBFCs utilize Voice AI to formulate Differentiated Customer Experiences?

Currently, NBFCs (Non-Banking Financial Companies) play an essential role in financial inclusion by prolonging credit to underserved retail, small businesses, and customers in India. This industry has observed vast growth in the past few years and may grow further in future years. The reason behind such expansion or growth is their capability to extent rapidly customized policies and their experiments with advanced technologies like AI (Artificial Intelligence) and data analytics. In this write-up, we will discuss how NBFCs utilize Voice AI to formulate differentiated customer experiences.

NBFCs Utilize Voice AI – NBFCs Association with Technologies

From the beginning, Non-Banking Financial Companies have used technology to reorganize their operations & become more proficient. In the past years, they have invested seriously in Artificial Intelligence (AI) and Data Analytics to improve client experience via e-KYC, Internet of Things (IoT), signature, video chats, behavioural analytics and more.

Growth Opportunities – NBFCs Utilize Voice AI

In the matter of credit to GDP percentage, India is behind even after the increase in the disposable income of the customers and straight access to credit. With regulatory innovations, Governmental proposals or schemes and technology convergence in the previous decade or so are some of the grounds why it has operated flawlessly. With the Covid-19 pandemic, Non-Banking Financial Companies growth views have further increased as more people leverage contact-free & paperless lending. It has encouraged digital transformation for NBFCs.

Experience of Customer Challenges Faced by NBFCs and Voice AI

Regardless of this growth, Non-Banking Financial Companies face different challenges and especially from the competition of new Fintech companies or entities and raised demand for a better customer experience. Following are some of the challenges faced by them & try to find a solution thereof:

• Customer Relationship & Onboarding Experience: Non-Banking Financial Companies face the challenge of the customer relationship as they fail to build trust among users. One may not realize the significance of welcoming clients or customers and explaining critical clauses of them. It is essential in an industry, especially where the customer reach is negligible. Calling every customer & onboarding them may seem a resource-intensive process.

A scalable way of onboarding customers is through voice bots. These bots can describe the product, answer questions and if a client doesn’t pick a call, and then it can re-schedule the same. It has the ability to automate the whole process. Hence, NBFCs utilize Voice AI can boost the onboard experience & also aid in cost savings.

• 24*7 Customer Support: Expectations of customers have gone very high as they expect quick resolution despite the fact whether it’s a working day or a holiday. It poses a considerable challenge for Non-Banking Financial Companies. This, in such a case, voice bots can deliver round the clock help to Non-Banking Financial Companies. It can integrate with internal systems & expand rapid resolution by offering personalized support.
• Identifying Opportunities & Leads Conversion: Non-Banking Financial Companies onboard customer base via different channels, whether through partnerships, calls, or websites. You may be determining all leads to be good chances, but typically, only a few are precious. Support agents tend to waste their precious time by speaking to wrong leads. This can affect conversions and the productivity of agents.

To face this challenge, brands outsource their lead criterion to a third party agency. But, it finishes by creating challenges for them. Further, checking the interest level of possibilities cannot be sufficient. One may want to get a loan, but if he does not meet any of the criteria, then he is not qualified. Thus in such a case, an efficient way of automating prospective lead qualification is by controlling voice bots. These bots are powered by Voice AI, and they can talk with customers easily. Moreover, these voice bots aids in engaging customers 24*7 in a scalable manner.

Besides lead qualification, voice bots ensure that all clients or customers can be engaged rapidly, as lead response time is vital. The quicker your reply, the higher are the possibilities of its conversion. Moreover, it also aids brands with customer insights and other information that permits them to understand the performance of different channels.

• Simplifying Collections: Non-Banking Financial Companies are trying various methods to streamline their process of collection and making it more effective. To make sure that customers or clients pay on time, they depend on reminders across various calls & channels. The process of repayment can be simplified for competence and scalability by leveraging the correct technology. NBFCs utilize Voice AI can aid in improving the debt collection metrics for them. It can send a notification to customers or consumers with the payment link. It can also make regular follow-ups, thereby decreasing the defaulters’ list.

What is the Future of NBFCs in India?

Using advanced technological innovations by Non-Banking Financial Companies will help optimize resources & processes and ensure the accessibility of loans or credit for customers over conventional banking systems. The success of Non-Banking Financial Companies relies on how they deploy technologies. Advanced Artificial Intelligence^[1] and analytics can aid Non-Banking Financial Companies with strong payments collection & observe decisions. As we advance, more numbers of Non-Banking Financial Companies may leverage the usage of technologies such as NBFCs utilize Voice AI for its long-term success.

Conclusion

Non-Banking Financial Companies should continue to develop to provide a good customer experience. One best way of doing this is by adopting the latest technologies for sustainable growth. By leveraging solutions such as Voice Artificial Intelligence, NBFCs utilize Voice AI to boost customer experience and improve their operating costs.

Read our article:What are the Functions of NBFCs in India? – An Overview