Banking on easy installments

Ubona’s Cloud based managed services platform today servers millions of calls every day for it’s 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 Ubona’s 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 helped a leading private sector bank’s high-risk credit card customers choose EMI options to repay outstanding interest

Summary

This leading private sector bank has a mammoth network of branches and ATMs across India. The pandemic dealt a huge blow to the bank, increasing its financial burden and customer credit risk. The financial institution wanted to reduce their non-performing assets and sought an effective, low-cost solution to move high-risk credit card customers into the healthy payment history segment.

Challenge

With close to 1 lakh high-risk credit card customers every month, the credit card collection department was looking for a successful way to contact their customers and also offer a solution that could help fill their coffers. They had to reach out to customers fast to lessen their financial burden and secure the bank’s position by not allowing the loans to become non-performing assets. Traditional outbound calls did not help in this aspect and setting up a call center would have required 100+ agents, adding to the bank’s financial strain and leading to complex management issues.

Solution

We offered the bank an effective visual IVR solution through which customers could choose to convert accrued balance to loans at the rate of 20% interest for six months, 22% interest for 12 months, or 24% interest for 18 months. The uptake was wonderful and within three months of launching the solution, 1,000 credit due cases were assigned to us. We successfully converted more than 12% cases into EMI, thereby helping the bank to secure its position and also providing relief to customers. This was one of the landmark use cases in the bank’s history and it paved the path for us to support many more use cases for the financial institution.