24 Feb
Ubonaâs Cloud based managed services platform today servers millions of calls every day for itâs clients whether it is order confirmation call, order status related call, payment refund status or reminder for repayment of EMI amount, every use case is handled by Ubonaâs platform in an automated manner with precise time of call enabling better call pickup and with best in class IVR experience for customers.
Problems solved in automated outbound calling space:
- Dynamic IVRs based on business rules and use cases
- Improve in call pickup rate
- Integration with APIs for both calling as well as response at runtime
- Dynamic reporting with 360 degree view
How we digitized EMI collection for a large consumer lending fintech by creating a digital communication platform powered by visual IVR
Summary
The largest and fastest-growing consumer lending fintech company in India enables instant financing at checkout on online shopping portals. While it used mobile tech, digital banking, and AI to make buying accessible to millions of Indian consumers without a credit card or credit score, it knew it also had the major task of collecting EMI amounts.
Challenge
With massive EMI collections to be made, while being dependent on multiple third parties, the fintech company had to find novel ways to connect with their customers and follow up for EMI payments. They felt the need for a strategy that could help them interface with their end customers frequently to boost adoption and ease of payment.
Solution
We solved their problem by creating a communication platform that digitized the complete collection cycle, from due reminders to loan recoveries. Our visual IVR technology enabled EMI payment on a single call using UPI. Our solution increased their monthly collections by 11-15%. Our reach-out calling strategy was planned to ensure the company could communicate with their customers at every stage of the delayed EMI payment cycle.
Outcomes
Pan-India monthly collection target of INR 150-200 crores
Over 2L customers contacted every day
20% EMI amounts collected every day
Cost reduction through timely collection
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