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Muthoot FinCorp: Accelerated Digital Transformation with Omnichannel Customer Engagement

Muthoot FinCorp: Accelerated Digital Transformation with Omnichannel Customer Engagement

Challenge

Increase digital adoption and engage with a younger audience

Muthoot FinCorp has constantly strived to empower the common man in India through financial wellbeing solutions including gold loans, automobile loans, small business loans, affordable housing loans, microfinance, insurance and wealth management. The financial conglomerate embarked on a digital transformation journey to extend its customer reach with an omnichannel approach.

However, majority of their customers belonged to the middle and lower-middle classes and were not digitally savvy. In addition, the marketing team had to deal with multilingual communications owing to India’s vast demographics, and the pandemic accelerated the shift from traditional touchpoints to digital ones.

The need of the hour was to:

  • Be omnipresent on digital channels
  • Reach customers on channels that would make digital adoption easier
  • Ensure efficient and real-time customer support

Solution

Omnichannel customer engagement through SMS, WhatsApp, Email and Voice

Muthoot FinCorp were on the lookout for a solution provider – who could partner with them on this digital transformation journey. Infobip’s channel portfolio and web-based interface provided them the ideal solution, to not only reach out to customers in a rapidly evolving digital space, but also onboard, engage and retain the 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.

Through Infobip – the Muthoot FinCorp were able to automate and monitor multilingual campaigns that helped reach their customers smartphones in an omnichannel way. The Group leveraged their customer engagement through:

  • SMS: For two-way transactional and promotional communications
  • WhatsApp Business API: To educate customers about gold loan, two-wheeler loans, and other financial well-being solutions – with an interactive chatbot
  • Email: To broadcast messages about solutions, new promotions, and products
  • Voice: To provide support for those who preferred listening over watching
Muthoot FinCorp: WhatsApp customer engagement examples

Besides the omnichannel expertise – Infobip’s web-based interface was intuitive, making it easy for those in the marketing team to use the platform, even without technical knowledge.

Result

Increased reach and lower cost with automated, personalized messaging campaigns

Muthoot FinCorp saw a gradual shift from traditional marketing efforts to successful digital customer engagement via Infobip’s solutions.

The combination of SMS, WhatsApp Business API, Email and Voice from a single interface – allowed them to:

  • Reach a wider audience,
  • At lower costs,
  • In lesser time,
  • In a personalized manner

The implementation of each channel resulted in new audiences, brand awareness, education, and engagement.

  • WhatsApp Business API: One of the most popular and fastest growing chat apps in India – helped reach a younger audience. This helped the Group carve a new audience set for their gold loan products – whose customer base was usually 35+
  • SMS: Helped notify customers along with promoting new products across the country. With the SMS solution they kept 2 million+ users engaged
  • Voice: Through the Voice solution they were able to reinforce their promise of being the most trusted and purpose-driven financial organizations. This was done by amplifying the reach of their brand ambassador – and using her voice to automate messages

While the pandemic accelerated Muthoot FinCorp’s digital transformation, and adoption of an omnichannel strategy – they are now looking at ways to expand the usage of these channels to deliver a superior customer experience.

Harshit Agrawal
Head – Digital Marketing, Muthoot Pappachan Group, Muthoot FinCorp

We have found immense value in our association with Infobip and in using its omnichannel solutions and other marketing automation activities such as SMS, Email and WhatsApp. Muthoot FinCorp’s WhatsApp Business API is powered by Infobip and has helped us reach several steps closer to our consumer who is moving to digital at a very fast pace. The Infobip team has been accommodative, proactive and possesses great domain knowledge. We’re happy to vouch for Infobip.

Company Profile

Muthoot Fincorp

Muthoot Pappachan Group, also known as Muthoot Blue, is an Indian conglomerate founded in 1887 by Ninan Mathai Muthoot. Headquartered in Trivandrum, Kerala, the group has a work force of more than 26,000 employees across 4,200 branches in India. The company provides financial services to consumers, businesses, hospitality, automotive dealerships, real estate, healthcare, IT services, precious metals, and alternate energy. Their flagship company Muthoot FinCorp is one of the largest NBFCs in India, registered with the Reserve Bank of India. Muthoot FinCorp with an average of over 100,000 customers per day.