Infobip > Case Studies > Muthoot FinCorp: Accelerating Digital Transformation with Omnichannel Customer Engagement

Muthoot FinCorp: Accelerating Digital Transformation with Omnichannel Customer Engagement

Technology Category

Automation & Control - Human Machine Interface (HMI)
Platform as a Service (PaaS) - Application Development Platforms

Applicable Industries

Automotive
Education

Applicable Functions

Sales & Marketing

Use Cases

Speech Recognition
Usage-Based Insurance

About The Customer

Muthoot Fincorp, part of the Muthoot Pappachan Group, also known as Muthoot Blue, is an Indian conglomerate founded in 1887. The company is headquartered in Trivandrum, Kerala, and has a workforce of over 26,000 employees across 4,200 branches in India. Muthoot Fincorp provides a range of financial services to consumers, businesses, hospitality, automotive dealerships, real estate, healthcare, IT services, precious metals, and alternate energy sectors. The company is one of the largest Non-Banking Financial Companies (NBFCs) in India, registered with the Reserve Bank of India, and serves an average of over 100,000 customers per day.

The Challenge

Muthoot FinCorp, a leading financial conglomerate in India, was faced with the challenge of increasing digital adoption and engaging with a younger audience. The company, which provides a range of financial services including gold loans, automobile loans, small business loans, and more, embarked on a digital transformation journey to extend its customer reach with an omnichannel approach. However, the majority of their customers belonged to the middle and lower-middle classes and were not digitally savvy. The marketing team also had to deal with multilingual communications due to India’s vast demographics. The shift from traditional touchpoints to digital ones was accelerated by the pandemic. The company needed to be omnipresent on digital channels, reach customers on channels that would make digital adoption easier, and ensure efficient and real-time customer support.

The Solution

Muthoot FinCorp partnered with Infobip, a provider of omnichannel customer engagement solutions, to help them on their digital transformation journey. Infobip’s channel portfolio and web-based interface provided Muthoot FinCorp with the ideal solution to reach out to customers in a rapidly evolving digital space, and also onboard, engage and retain customers who were digital laggards. Infobip’s omnichannel capabilities helped Muthoot FinCorp map out all the touchpoints of the customer journey and reach them with personalized messages. The Group leveraged their customer engagement through SMS for two-way transactional and promotional communications, WhatsApp Business API to educate customers about their financial well-being solutions with an interactive chatbot, Email to broadcast messages about solutions, new promotions, and products, and Voice to provide support for those who preferred listening over watching.

Operational Impact

The implementation of Infobip’s omnichannel customer engagement solutions resulted in a gradual shift from traditional marketing efforts to successful digital customer engagement for Muthoot FinCorp. The company was able to reach a wider audience, at lower costs, in lesser time, and in a personalized manner. The use of each channel resulted in new audiences, increased brand awareness, education, and engagement. The WhatsApp Business Platform helped the company reach a younger audience, carving a new audience set for their gold loan products. The SMS solution helped notify and engage over 2 million users, while the Voice solution reinforced their brand promise. The company is now looking at ways to expand the usage of these channels to deliver a superior customer experience.

Quantitative Benefit

Reached a wider audience through the combination of SMS, WhatsApp Business Platform, Email and Voice from a single interface
Lowered costs of customer engagement
Reduced time spent on customer engagement