How We Helped India’s First Payments Bank Operator Reduce Cost to Serve by 60%
How We Helped India’s First
Operator Reduce Cost to Serve by
60% Reduction in Cost
INR 10 Million+ Annual
15% Reduction in Repeat
1.1 Million Monthly
As soon as India’s first payments bank was launched, the e-banking space was disrupted with paperless account opening, better rate of interest, and convenience of app-based banking. Since it was a new concept embraced by people across the country, the client wanted to deliver seamless experience to its customers, merchants, and retailers to sustain long term associations. Simultaneously, challenges of towering cost to serve and rising repeat service requests needed attention.
Our Approach to the Solution
People – Talent Acquisition & Training
Our HR team initiated campus hiring and headhunting to on-board banking enthusiasts for customer assistance. With customer oriented training, we educated them about the nitty gritty of payments bank & on-boarding process. This prepared them to handle inquisitiveness of customers for a banking system, which was new & unknown so far. With training sessions focused to get results beyond registrations, the execs were trained to hone their upsell & cross-sell pitch to make users embrace instant account opening & start making transactions. Post training, they took a test and got certified for customer assistance. By conducting regular huddles initially in the process, we helped execs reduce lapses in customer handling and address recurrent queries aptly.
Process – DMAIC Approach to Solve the Core Problem
We applied DMAIC approach to address the problem of repeat queries and figured out the gaps in providing accurate resolutions. Following a standard operating procedure and the best in class monitoring framework, we defined concrete performance benchmarks. At the same time, by conducting a 360° user analysis, we understood their preferences and pain points. This ensured that the customers would get appropriate assistance throughout their lifecycle and we had fewer repeat queries.
Technology – Introduction of a Probing Tool
For standardized customer handling, we introduced a decision tree based probing tool embedded in our knowledge management solution. It ensured that execs would ask standard questions to probe customers and deliver consistent answers. With this process, they could save a lot of probing time and effort having all possible support scenarios ready. Decision trees and findability of relevant knowledge were key drivers to help execs solve lots of queries like account opening, withdrawals, interest rates, money transfer, etc. quickly and aptly. It not only enabled us on-board new customers but also deliver seamless experience to existing account holders.
With robust employee training and deployment of an advanced technology tool, we reduced repeat requests by 15% and cost to serve by 60% helping the client get an annual saving of INR 10 Million+