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Anand Rathi: 40% Increase in CTR with WhatsApp Chatbot Built by Infobip

Anand Rathi: 40% Increase in CTR with WhatsApp Chatbot Built by Infobip

  • 40% increase in CTR
  • 10% increase in account renewals
  • 5% decrease in contact center calls

Challenge

Engaging a new generation of customers  

Anand Rathi, one of India’s leading financial services firms specializing in wealth management and investment banking, was looking to diversify its customer base and reach out to a younger age group. To do that, the firm needed to educate and inform customers about investing and wealth management – as well as engage them with promotional offers to encourage them to buy other products.

However, Anand Rathi’s younger customer base was looking for a convenient and interactive experience over chat apps. In addition to not having a chat app as a communication channel, Anand Rathi also faced challenges when it came to:

  • Prompt access to research reports: Customers had to invest a minimum of 10 minutes to access research reports via phone or website
  • Contact center workload: Their contact center was inundated with simple queries that could be resolved by a chatbot, thereby affecting agent productivity and workload      
  • Re-engaging dormant customers: They were unable to effectively re-engage customers who had registered but were not transacting
  • Customer renewals: Sending notifications and offers in bulk resulted in customers missing important messages such as account-related updates and renewal dates
  • Conversion optimization: They needed to re-evaluate their messaging channels owing to optimize conversions

Anand Rathi needed a communications technology partner that empowered them to make vital information accessible on their customers’ preferred channel while reducing operating and messaging costs.

Solution

Creating a conversational chatbot over WhatsApp to boost engagement

With WhatsApp being the most popular channel among new-age customers, Anand Rathi collaborated with Infobip to build, evaluate, and deploy a highly customized chatbot over WhatsApp Business Platform.

To help Anand Rathi provide a personalized experience across the customer journey and increase engagement, we powered WhatsApp Business Platform with our chatbot-building platform Answers to engage with and solve customer issues.

Infobip’s implementation experts onboarded and trained the team at Anand Rathi on the best chatbot practices. Along with our easy-to-use drag-and-drop web interface, Anand Rathi employees could easily create effective journeys. Now their customers can reach out to them over WhatsApp for simple queries and the chatbot answers in real-time, leading to fast resolution with automated support.

Anand Rathi’s customers could opt-in for the WhatsApp Chatbot via online and offline sources. Once opted-in, a quick reply button would be triggered via our customer engagement solution Moments to verify if the customer was new or existing, and get the interaction started. Depending on the response the chatbot would carry forward the two-way engagement.

In addition to accessing reports, the combination of Moments and Answers ensured customers who opted into the WhatsApp chatbot were sent timely reminders and interest-based product suggestions and videos. The chatbot allowed Anand Rathi’s customers to interact with them directly, from chat initiation to resolution. The chatbot initiated real time interactions for sending:

  • Daily Intraday calls to trader customers
  • Timely reminder for advanced brokerage incomes and insurance renewals
  • Details and updates of new products through videos
  • Bazaar Bulletin monthly reports

Customers would receive reports within the WhatsApp chat and were able to reach any other services within the same conversation by choosing from the service options. The nature of the solution also allowed Anand Rathi to convert the support interactions into upselling opportunities for other products.

Results

40% increase in click-through rate

Through the new WhatsApp chatbot, Anand Rathi consolidated the communication efforts and provided an interactive customer experience. The overall impact of our solution was a 40% increase in click-through rate– increasing from 20% to 60%.

The company also experienced: 

Quicker access to reports: More than 98% decrease in the time spent by their customer earlier on getting research reports – from 10 minutes at least – to mere 10 seconds with the chatbot.
More self-served customers: Enabling customers to resolve transaction-related queries through the chatbot led to a 5% decrease in the number of customers reaching out to Anand Rathi’s contact center.
Interactive, media-rich communication: Being able to share multi-format media-rich content with customers led to a 5% increase in conversion rates among inactive customers and a 10% increase in brokerage and insurance plan renewals.
Better lead generation: The chatbot added a new dimension to the company’s upsell, cross-sell, and lead generation efforts. With streamlined two-way communication, Anand Rathi increased its conversion rate by 10%.

Navratan Bohra
Deputy Vice President of Operations & IT – Anand Rathi Share and Stock Brokers Ltd.

Building a chatbot on WhatsApp using Infobip’s chatbot-building platform Answers has helped us introduce self-service options to customers. As a result, we’ve seen a reduction in the volume of queries coming to our customer care center and a 40% increase in click-through rates – rising from 20% to 60%. The onboarding assistance and servicing we received from Infobip have made sure that the integrations were easily made.

Company Profile

Anand Rathi

Established in 1994, Anand Rathi is one of India’s leading financial services firms offering 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.