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How Does NBFC Improve Customer Experience?

Blog February 28, 2023

Customers have been more aware of their rights and options in all areas. When we talk about financial services and products, the options are abundant. From banks to non banking financial companies (NBFCs), private lenders, and the list goes on. The competition is so tight that the financial service providers have to allure customers with offerings like low interest rates on loans, high FD rates, better returns, and more. Along with all these offerings, one really vital aspect that financial companies need to focus on is customer experience. There are several ways to improve customer experience.  From following common practices like being there to answer queries of your clients to unique ways of making them feel special with personalized financial products, there are many things financial companies can do.

As the whole new branch of the NBFC business is forking out and growing so rapidly, we have collated the top tips that any NBFC can follow to increase customer experience. These tips are not yet another customer care blog post, but it gives a solid foundation for building a strategic customer care plan to improve customer experience and see the real difference.

1. Collect data

Throwing darts in the dark leads nowhere and this applies to all business aspects. Whether you want to increase sales or customer satisfaction, you need to have a plan derived from real data. To build the right strategy to uplift customer satisfaction and experience, you need data. If your NBFC has been offering services for some time, you will have that data stored in the form of reports in a call center solution for collection agencies, CRM system, loan management system, and other software tools. You can also collect that data from in-branch feedback left by clients, net banking and mobile banking users, and other sources. You must collect as much data as possible.

2. Identify patterns

Once you have enough data collected, you must invest time in analyzing this data. You can even hire a financial professional that understands numbers and can yield fruitful and easy to understand reports from that data. There are also big data analysis tools available in the market similar to a call center solution for collection agencies. These data analysis tools can be used to extract meaningful reports for raw data.

Some common mistakes made by NBFCs are listed below:

  • Offering irrelevant financial products
  • Capturing the same information repetitively
  • Unreasonable or too long paperwork
  • Too many applications for a single process
  • Delays in processing
  • And more

All these can frustrate users and the patterns may showcase all of these.

These reports will show patterns and common user behavior or expectations. This information can be very helpful to work on different aspects related to customer service for NBFC.

3. Personalize product portfolio

An NBFC usually offers a range of financial products and assets to its clients to run its business including banking and nonbanking offerings. The common mistake made by not only NBFCs but also banks is giving random offers to random customers by running lead generation campaigns using a call center software solution and its auto dialing features. Instead of randomly sending offer calls, it is advisable to work on personalized offer creation to improve customer experience. It can also increase customer experience.

Along with product portfolio and offerings, NBFCs can even personalize collection calls run through payment utility for collection or a call center solution for collection agencies. Personalization is always appreciated in the game of customer service for NBFC.

4. Be there when customers need

This is a golden rule for any company that wants to improve customer experience and certificate. Whether your business was there or not to sell financial products to a client, your customer care team must be available to answer any query of clients. Whether you use a call center software solution to handle customer care campaigns or if you use a CRM system with an NBFC solution or you just send customer relationship management to the doorstep of the client, being available to your clients whenever they need you can lead you to uplift customer experience to another level.

5. Leverage technology

Technology is a boon for all businesses. There are so many amazing benefits of using technology in a non banking financial company. From saving resources to speeding up operations, increasing efficiency, reducing expenses, and many more advantages are boasted by technology tools like a call center solution for collection agencies, payment utility for collection, CRM software, NBFC system, and more. Some NBFCs use technical tools, but still with standard or substandard features, which can put them behind their competitors that invest in advancing technology. For example, if you are using the call center software, but it does not have payment utility for collection or other NBFC specific features, then you are more likely to lose the game of customer care. You would be just wasting your resources and even possibly leaving your clients frustrated.

To understand this here is a quick example: a simple system enabled NBFC to run a collection campaign with an auto dialer, but the whole process of filtering clients is manual. This would waste a lot of time for agents. Moreover, it may lead to mistakes like calling clients that have already paid their EMIs. Unlike that, if an NBFC uses a specifically designed call center solution for collection agencies, then it can use a payment utility for collection and filter customer data based on different criteria and leverage several advantages. Thus, always use technology tools

6. Listen to your team and clients

It is necessary to trust humans as much as data and tools. Your customer care team interacts with clients in routine and they know their pain points. Thus, they also know the best practices of customer service for NBFC. Moreover, you also have the option to collect direct feedback from clients on what they are interested in and what is missing. This information can help you level up your client service game to boost client satisfaction and experience.

7. Reduce hassle for clients

Your clients might be already frustrated in their lives and adding up to that would definitely submerge your efforts to improve customer experience. Long documentation process, too delayed approval, too many visits to a physical office, etc. lead to client dissatisfaction and even loss of lead for an NBFC. Thus, it is necessary to reduce the hassle of clients with digitization, door to door services, and other possible options.

Concluding notes

Client experience is one of the definitive factors that contribute to the success and growth of the business, so NBFCs invest so much to uplift client satisfaction. One of the major focus areas for profit making has to be the quality of customer service for NBFC. Whether a business uses the best customer relationship managers or the top quality call center solution for collection agencies, the final goal has to be to boost customer experience.

The top 7 effective tips to improve customer experience in an NBFC are covered in this article. If you are interested in knowing more about the technology tools like call center software, call center collection integration, NBFC software, etc., then Get in Touch with Us NOW! Our team will be happy to assist you with detailed information.

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