{"id":8150,"date":"2021-09-03T05:45:46","date_gmt":"2021-09-03T05:45:46","guid":{"rendered":"https:\/\/swaritadvisors.com\/blog\/?p=8150"},"modified":"2021-09-03T05:45:48","modified_gmt":"2021-09-03T05:45:48","slug":"nbfcs-utilize-voice-ai-for-better-customer-experiences","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/blog\/nbfcs-utilize-voice-ai-for-better-customer-experiences\/","title":{"rendered":"How can NBFCs utilize Voice AI to formulate Differentiated Customer Experiences?"},"content":{"rendered":"\n<p class=\"has-drop-cap\">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.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3abf4415cf9\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3abf4415cf9\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/swaritadvisors.com\/blog\/nbfcs-utilize-voice-ai-for-better-customer-experiences\/#NBFCs_Utilize_Voice_AI_%E2%80%93_NBFCs_Association_with_Technologies\" title=\"NBFCs Utilize Voice AI \u2013 NBFCs Association with Technologies\">NBFCs Utilize Voice AI \u2013 NBFCs Association with Technologies<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/swaritadvisors.com\/blog\/nbfcs-utilize-voice-ai-for-better-customer-experiences\/#Growth_Opportunities_%E2%80%93_NBFCs_Utilize_Voice_AI\" title=\"Growth\nOpportunities &#8211; NBFCs Utilize Voice AI\">Growth\nOpportunities &#8211; NBFCs Utilize Voice AI<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/swaritadvisors.com\/blog\/nbfcs-utilize-voice-ai-for-better-customer-experiences\/#Experience_of_Customer_Challenges_Faced_by_NBFCs_and_Voice_AI\" title=\"Experience of Customer Challenges Faced by NBFCs and Voice AI\">Experience of Customer Challenges Faced by NBFCs and Voice AI<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/swaritadvisors.com\/blog\/nbfcs-utilize-voice-ai-for-better-customer-experiences\/#What_is_the_Future_of_NBFCs_in_India\" title=\"What is the\nFuture of NBFCs in India?\">What is the\nFuture of NBFCs in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/swaritadvisors.com\/blog\/nbfcs-utilize-voice-ai-for-better-customer-experiences\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"NBFCs_Utilize_Voice_AI_%E2%80%93_NBFCs_Association_with_Technologies\"><\/span>NBFCs Utilize Voice AI \u2013 NBFCs Association with Technologies<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>From\nthe beginning, Non-Banking Financial Companies have used technology to\nreorganize their operations &amp; become more proficient. In the past years,\nthey have invested seriously in Artificial Intelligence (AI) and Data Analytics\nto improve client experience via e-KYC, Internet of Things (IoT), signature,\nvideo chats, behavioural analytics and more.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Growth_Opportunities_%E2%80%93_NBFCs_Utilize_Voice_AI\"><\/span>Growth\nOpportunities &#8211; NBFCs Utilize Voice AI<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>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 &amp; paperless lending. It has encouraged digital transformation for <strong><a href=\"https:\/\/swaritadvisors.com\/nbfc-registration\" class=\"text-primary\">NBFCs<\/a><\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Experience_of_Customer_Challenges_Faced_by_NBFCs_and_Voice_AI\"><\/span>Experience of Customer Challenges Faced by NBFCs and Voice AI<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" loading=\"lazy\" width=\"1500\" height=\"310\" src=\"https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/09\/Experience-of-Customer-Challenges-Faced-by-NBFCs-and-Voice-AI.png\" alt=\"Experience of Customer Challenges Faced by NBFCs and Voice AI\" class=\"wp-image-8152\" srcset=\"https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/09\/Experience-of-Customer-Challenges-Faced-by-NBFCs-and-Voice-AI.png 1500w, https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/09\/Experience-of-Customer-Challenges-Faced-by-NBFCs-and-Voice-AI-300x62.png 300w, https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/09\/Experience-of-Customer-Challenges-Faced-by-NBFCs-and-Voice-AI-768x159.png 768w, https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/09\/Experience-of-Customer-Challenges-Faced-by-NBFCs-and-Voice-AI-1024x212.png 1024w\" sizes=\"(max-width: 1500px) 100vw, 1500px\" \/><\/figure><\/div>\n\n\n\n<p>Regardless\nof this growth, Non-Banking Financial Companies face different challenges and\nespecially from the competition of new Fintech companies or entities and raised\ndemand for a better customer experience. Following are some of the challenges faced\nby them &amp; try to find a solution thereof:<\/p>\n\n\n\n<ul><li><strong><em>Customer Relationship &amp;\nOnboarding Experience<\/em><\/strong>: Non-Banking Financial\nCompanies face the challenge of the customer relationship as they fail to build\ntrust among users. One may not realize the significance of welcoming clients or\ncustomers and explaining critical clauses of them. It is essential in an industry,\nespecially where the customer reach is negligible. Calling every customer &amp;\nonboarding them may seem a resource-intensive process. <\/li><\/ul>\n\n\n\n<p>A\nscalable way of onboarding customers is through voice bots. These bots can\ndescribe the product, answer questions and if a client doesn&#8217;t pick a call, and\nthen it can re-schedule the same. It has the ability to automate the whole\nprocess. Hence, NBFCs utilize Voice AI can boost the onboard experience &amp;\nalso aid in cost savings.<\/p>\n\n\n\n<ul><li><strong><em>24*7 Customer Support<\/em><\/strong>:\nExpectations of customers have gone very high as they expect quick resolution\ndespite the fact whether it\u2019s a working day or a holiday. It poses a\nconsiderable challenge for Non-Banking Financial Companies. This, in such a\ncase, voice bots can deliver round the clock help to Non-Banking Financial\nCompanies. It can integrate with internal systems &amp; expand rapid resolution\nby offering personalized support.<\/li><li><strong><em>Identifying Opportunities &amp;\nLeads Conversion: <\/em><\/strong>Non-Banking Financial Companies\nonboard customer base via different channels, whether through partnerships,\ncalls, or websites. You may be determining all leads to be good chances, but\ntypically, only a few are precious. Support agents tend to waste their precious\ntime by speaking to wrong leads. This can affect conversions and the\nproductivity of agents.<\/li><\/ul>\n\n\n\n<p>To\nface this challenge, brands outsource their lead criterion to a third party agency.\nBut, it finishes by creating challenges for them. Further, checking the\ninterest level of possibilities cannot be sufficient. One may want to get a\nloan, but if he does not meet any of the criteria, then he is not qualified.\nThus in such a case, an efficient way of automating prospective lead\nqualification is by controlling voice bots. These bots are powered by Voice AI,\nand they can talk with customers easily. Moreover, these voice bots aids in\nengaging customers 24*7 in a scalable manner.<\/p>\n\n\n\n<p>Besides\nlead qualification, voice bots ensure that all clients or customers can be\nengaged rapidly, as lead response time is vital. The quicker your reply, the\nhigher are the possibilities of its conversion. Moreover, it also aids brands\nwith customer insights and other information that permits them to understand\nthe performance of different channels. <\/p>\n\n\n\n<ul><li><strong><em>Simplifying Collections: <\/em><\/strong>Non-Banking\nFinancial Companies are trying various methods to streamline their process of\ncollection and making it more effective. To make sure that customers or clients\npay on time, they depend on reminders across various calls &amp; channels. The\nprocess of repayment can be simplified for competence and scalability by\nleveraging the correct technology. NBFCs utilize Voice AI can aid in improving\nthe debt collection metrics for them. It can send a notification to customers\nor consumers with the payment link. It can also make regular follow-ups,\nthereby decreasing the defaulters&#8217; list.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_the_Future_of_NBFCs_in_India\"><\/span>What is the\nFuture of NBFCs in India?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Using advanced technological innovations by Non-Banking Financial Companies will help optimize resources &amp; 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 <strong>Artificial Intelligence<\/strong><sup><a href=\"https:\/\/en.wikipedia.org\/wiki\/Artificial_intelligence\" class=\"text-primary\"><strong>[1]<\/strong><\/a><\/sup> and analytics can aid Non-Banking Financial Companies with strong payments collection &amp; 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. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>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.<\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/swaritadvisors.com\/blog\/functions-of-nbfcs-in-india\/\">What are the Functions of NBFCs in India? \u2013 An Overview<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":8151,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[58],"tags":[836],"acf":[],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/8150"}],"collection":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/comments?post=8150"}],"version-history":[{"count":19,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/8150\/revisions"}],"predecessor-version":[{"id":8173,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/8150\/revisions\/8173"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media\/8151"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media?parent=8150"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/categories?post=8150"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/tags?post=8150"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}