Like many other business segments, the banking and finance sector is pushed towards providing better, faster and enhanced digital services to its customers, particularly to the underserved and unserved customer segments, thus driving financial inclusion. Ujjivan Small Finance Bank (Ujjivan SFB) responded to the rising expectations by implementing MoEngage’s Customer Engagement Solutions and fast-tracking digital adoption among mass unserved and underserved segments.
With the adoption of MoEngage’s insights-led engagement platform, Ujjivan Small Finance Bank was able to onboard approximately 2 Lakh unique customers to digital modes of payments, improved the conversion rate from digital channels from just 2% to a whopping 18%, collected ₹123+ Crores of EMI in just 5 months via digital mode & were able to generate ₹550 Crores worth of total incremental balance through the various digital campaigns.
Sriram Srinivasan, head of digital banking, Ujjivan SFB, said, “Prior to implementing the insights-led customer engagement platform, most of our customer communications were done manually. After MoEngage’s implementation, the bank was able to save on additional manpower which was routed to business operations, optimising response time and driving revenue growth.”
“Apart from improving operational efficiency and resource utilisation, the marketing teams at the bank were able to reduce their dependency on database teams as the customer and campaign data was readily available on MoEngage. The teams also found that using push notification as a communication channel was economical, thus contributing to an efficient ROI and adding to the bottom line,” said Srinivasan.
“MoEngage is going to be a critical part of our marketing and automation strategy by helping us consolidate and analyze customer data, provide a 360-degree customer view, and orchestrate campaigns across all of our touchpoints and real estate. We look forward to working with the MoEngage team in scaling new heights in the small finance landscape”, added Srinivasan.
“The success of Ujjivan SFB is impressive and we are thrilled to be part of their incredible journey”, said Yash Reddy, Chief Business Officer, MoEngage. “We will continue to strengthen our ability to help the bank enhance their customers’ digital engagement & experiences, and deepen their relationships with customers by meeting their unique needs as they engage with the bank through multiple digital channels.”