Rewiring Customer Credit Card Acquisition Journey !
November 2016 was the month that changed India’s economic landscape.
Decision to demonetize high value notes paved way for cashless financial transactions in India.
Indian people were not new to credit cards. It’s just that many of them were reluctant to go through manual application process to acquire credit cards and also the difficult manual monitoring of transactions.
In last few years, banks have built infrastructures to support cashless transactions. They now advise customers to go cashless. Why? Because it saves time and efforts of both bank staff and customers.
CUSTOMERNEXT, a software that provides platform to design the digital journeys of customers on their way to acquire financial products, took cashless to next level.
Here’s how digital customer journeys for credit card acquisition work:
The journeys are intuitive and full of easy navigation. There is provision of customer center on website and customers can check the status of their applications.
1. Truly Omni-channel journeys:
Customers today keep on shuffling across devices. They might search about various credit card offering banks on one device, select a product on different device and start filling application on 3rd device.
During all this the link should not be broken. The transition across devices at various times should be seamless and that’s exactly what digital journey designers achieve. The digital journeys are designed keeping in mind various possible scenarios.
2. Digital document collection and verification
Scanned digital copies of documents can be collected seamlessly and verified with advanced OCR capabilities of the platform.
3. Automated eligibility check:
The journey designer also has provision to integrate with external credit rating bodies. This helps to check the CIBIL score and other parameters at real-time.
Not just this, but the financial capacity of customer can also be checked with decision engine that is running in background. It checks the monthly salary of customer, bank statements and credit history to determine whether person is capable to acquire credit card and if he is what kind of credit card plan he can avail.
4. Smart offerings
With decision engine running in background, predictive analytics helps to show different relevant schemes and personalized offers to customers at their respective stage of journey as per financial requirement and capability.
5. Automated approvals
Business rules set up in software can take decisions and credit cards can be approved online if all required conditions are fulfilled.
6. Exception handling
In some of the exceptional cases where business rule engines are not able to reach to decision, only such cases are escalated for manual checking to someone who can take the decisions.
What makes all of the above things possible?
Banks have some CRM platform where they manage customer data and other affairs. CUSTOMERNEXT’s Vivid screen-and-flow designer and David decision engine can be integrated with that CRM platform.
With Vivid designer you can design screens with many fields as per requirement in workspace and add things like CIBIL score. You can create a flow of those screens with drag and drop codeless configuration. This way you can generate end-to-end journey.
David decision engine can analyse and execute complex business rules for automating decisions to make your customer journey intelligent and fast.
In addition to this, the tool named Mashup can help you to extract data from outside sources by connecting bank’s CRM platform to external databases.
Conclusion:
Thanks to fully automated customer journeys designed by CUSTOMERNEXT for banks, even deaf people will be able to complete credit card journey without any manual intervention and get credit cards approved online. It’s basically about helping customers to help themselves and in process major part of this acquisition journey will be done by customer themselves.
