Anand Rathi: Enhancing Customer Engagement with WhatsApp Chatbot by Infobip
Technology Category
- Networks & Connectivity - 5G
- Platform as a Service (PaaS) - Application Development Platforms
Applicable Industries
- Finance & Insurance
- Telecommunications
Applicable Functions
- Product Research & Development
Use Cases
- Chatbots
- Real-Time Location System (RTLS)
About The Customer
Anand Rathi is a leading financial services firm in India, established in 1994. The firm offers Private Wealth, Investment Banking, Corporate Finance & Advisory, Brokerage & Distribution services in the areas of equities, commodities, mutual funds, structured products, insurance, corporate deposits, bonds & loans to institutions, corporations, high-net worth individuals, and families. The firm has a vast footprint across India and in select international locations such as Dubai, with a presence across 1200 locations through its branches, sub-brokers and remisiers, and representative offices/associate companies.
The Challenge
Anand Rathi, a leading financial services firm in India, was seeking to diversify its customer base and engage a younger demographic. The firm aimed to educate and inform customers about investing and wealth management, and promote their products. However, the younger customer base sought a convenient and interactive experience over chat apps, a communication channel that Anand Rathi lacked. The firm faced challenges in providing prompt access to research reports, managing an overwhelmed contact center, re-engaging dormant customers, notifying customers about account updates and renewal dates, and optimizing conversions. The firm needed a communications technology partner to make vital information accessible on their customers’ preferred channel while reducing operating and messaging costs.
The Solution
Anand Rathi partnered with Infobip to build a customized chatbot on the WhatsApp Business Platform, the most popular channel among new-age customers. Infobip’s chatbot-building platform, Answers, was used to engage with and solve customer issues, providing a personalized experience across the customer journey. Infobip’s implementation experts trained the Anand Rathi team on best chatbot practices. The chatbot allowed customers to reach out to Anand Rathi for simple queries and receive real-time responses. Customers could opt-in for the WhatsApp Chatbot via online and offline sources. Once opted-in, a quick reply button would be triggered to verify if the customer was new or existing, and get the interaction started. The chatbot also sent timely reminders, interest-based product suggestions, and videos to customers. The solution allowed Anand Rathi to convert support interactions into upselling opportunities for other products.
Operational Impact
Quantitative Benefit
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