In September of 2019, the bad loan ratio for MSMEs stood at 12.2%. This is a 50% bps rise from just a year ago. These rates are expected to further rise given the economic crisis due to COVID-19. Fin-tech companies are not too far behind in addressing this growing need in the industry. Based out of Jaipur, India our customer offers credit assessment services exclusively in the B2B ecosystem. This is done using web-based and mobile-based apps that help businesses with their credit appraisal process. While we implemented modules ranging from lead management, marketing automation to customer service, we are adding a short summary of what we focused on and got most excited about introducing Jaipur to!
Our customer’s business is centered around storage and retrieval of specialized information on their in-house developed, end user-facing product. Additionally, in the fast-paced world of fintech startups, changes to products are many and frequent. With our Custom API Theatre, we were not only able to integrate their main product to our CRM but also orchestrate a cohesive future-ready plan to manage this change with ease. The entire customer journey, from the time of the inquiry to order/re-order and customer support, is seamlessly integrated with their product.
Small and medium enterprises form the majority of inquiries that are received as a result of social media marketing efforts. Credit assessment, delivered as a service is a new concept for most of these inquirers which necessitates human intervention in servicing leads. So while SMM was generating high volumes of business inquiries, servicing these in a short span of time was a core area of focus for us. The first thing we implemented was to ensure all business inquiries get called in less than five minutes. Additionally, to reduce lead wastage during peak and after hours, we also implemented a closed-loop automated mechanism to pause and restart campaigns.
This is perhaps our first Fin-tech startup implementation. While we are excited to introduce our solution to this ecosystem we are also hopeful of learning from this experience and applying to other ecosystems that are serving their customers on mobile platforms.