BliBli Growth Story – Delivering Best-in-Class Customer Engagement for Long-Term Retention

Delivering Multi-Channel Experiences: Bottlenecks, Challenges, and Learnings

On-Boarding Experiences and its Impact on Long-Term Retention

You may have built a great app, but you would still need to encourage customers to consume it effectively. On-boarding is a way to guide customers to your offering. And it’s more than just putting together a couple of steps to get the customer started. If we were to define it, we’d call onboarding as much an art as much as a science. Common use cases of onboarding include signing up a new customer on an e-commerce app for purchasing goods, delivering services like entertainment, and even introducing customers to a community or network.  

In the digital world, onboarding is the very first opportunity businesses have to make a lasting impression on their customers. Prospects may come to your website or app to explore your product or service, and end up becoming paying customers only if their first interaction with your brand is a delightful one. This is why having good customer onboarding becomes the most important step in any customer journey.

One of the world’s most loved messaging apps, WhatsApp, creates a great customer onboarding experience! There are reasons that make WhatsApp one of the smoothest apps for new customers. 

Let’s dive deeper into what goes into creating superior onboarding experiences! 

What Makes a Great Customer Onboarding Experience?

There is no one size that fits all apps and brands! 

To discuss this further, MoEngage invited a panel of renowned product owners to its #GROWTH Summit 2022 held in Bengaluru. The focus was on successful onboarding strategies and how they impact the customer lifecycle. The session aimed at uncovering good customers in onboarding practices and their impact on long-term retention.

The stellar panel comprised Setal Patel, Dir of Products, ShareChat, Monica Shrivastava, Dir of Products, Byju’s, Achin Jindal, Head of Product, Good Glamm, and Akhil Sharma, Sr Director of Product, OLA. The discussion was led by Dilip Punjabi, Regional sales lead, Mixpanel.

The varied flavors brought in by the experts, given the diverse brands they lead, made it an      insightful and eye-opening discussion plush with real-world examples and experiences. 

Here’s the long and short of what the speakers had to say about creating a great customer onboarding experience and working on better retention from the very first step.

Building Effective On-Boarding Flows To Drive Optimal Customer Engagement

“Every page is friction.”

To begin with, one thing is for certain – designing seamless onboarding flows is paramount for the success of any app. This includes ensuring that the customer gets the right information at the right time, rather than being bombarded with content that may not be necessary during onboarding. 

Monica from Byju’s made an insightful remark here. “Every page on the app is friction to the customer journey. The important thing is to differentiate between the ‘must-have’ and the ‘nice-to-have’ content.”

So, when you’re onboarding a customer on your app, don’t overwhelm them with too much information or too many options at that stage. Instead, only expose them to what is necessary at that point in the journey. 

One example of great onboarding flows is Instagram, which adopts a minimalistic approach to customer onboarding. Instagram gets the customer going in a few simple steps. With just a few details to enter on clutter-free screens, customers can create an account in no time! 

Allow the customer to consume the app well

When optimizing customer engagement post-on-boarding, ensuring that the customer consumes the app well also becomes vital. On-boarding should, therefore, focus on designing flows that maximize the usage of the app.

As a marketer, aim to get the customer into the “core loop” of the app early on by communicating the main value proposition of the app. The core loop is a series or chain of actions that are repeated as the primary flow of customer experience. In gaming, it is the main reason why we return to playing the same games again and again.

If the intent of the customer matches the value proposition and if the product offering exceeds customer expectations, you may just have won greater engagement post-on-boarding.

From Setal’s (of ShareChat) perspective, since customers on the app come looking for       entertainment, it was important not to waste their time during the onboarding process, but to let them access entertainment as quickly as possible. The important thing to note here is – “to value customers’ time!” 

How To Improve Long-Term Retention With A Good Customer Onboarding Experience 

Target the right customer base at the right time

For longer-term retention, Achin from Good Glamm had some great points to share. It is important to consider the type of customer you want to engage with. So, from the onboarding stage itself, targeting the right customer base is important. Brands must also identify at what point the customer will begin consuming, and how you construct those steps or flows for onboarding.      

Pay attention to customer preferences

It also becomes important to pay attention to what the customer likes and does not like, that is, give them pathways without distracting them from the “core loop.” So, once a positive interaction is identified, say, a product is explored, customers can be led into buying them. Brands can then get customers into a rating flow, get them to recommend, get feedback, which can actually ensure long-term retention and monetization.

Customer Monetization and Retention by Leveraging Other Platforms

On monetization, Achin asks marketers some important questions, “How often is your product going to entice the customer into coming back? How often is the customer going to use the app? You may use Amazon, for example, once or twice a week. Being a personal care brand, customers may come to your app once a month or so. With fashion eCommerce – people browse a lot, and that’s where we could create loops to attract customers in the loop more frequently.” 

This could include creating blogs on how to use a product, communities to discuss problems and solutions, and even community-led marketplaces adding to the whole content-to-commerce pipeline. This is particularly useful when post-on-boarding, you don’t see customers coming directly to the product, but instead, from social media.

Many blogs have flourished into interactive communities where customers engage with each other. Most customers seek products that will suit them best, particularly for the personal care segment. Here, Nykaa does a fabulous job of nurturing a customer community called ‘Nykaa Network’. customers ask for recommendations and are then directed to the products that may be appropriate for them. The company has also created a community with an array of influencers who show the right way to use products, extending that extra helping hand to the customers. 

Engaging With Customers During Those Value Moments / Touch Points

Identifying defining moments in a customer journey can be a tough learning curve. Here, mobile apps can track actions performed by customers that result in purchase or monetization or any sort of valuable engagement. Akhil’s point here hit home: “Identify high-value actions and allow customers to take baby steps. It may be a difficult learning curve to identify transformative actions of conversion. But, when it happens is the point you start engaging using things such as push notifications for offering monetizing options like upgrades and subscription.” 

Other speakers also added practical tips such as carefully treading the fine line as to not annoy the customer. We think so, too! Asking for unnecessary personal information that is not relevant to your offering can be pretty annoying. The important thing is to always focus on what the customers feel when using your app. That said, points, loyalty programs, and gamifying things at the right moments could add more meaning to CRM journeys.

Common Customer Onboarding Mistakes And How To Avoid Them

Introducing everything at once

Once again, all speakers converged on this most common onboarding mistake—trying to introduce all the features at once. 

Not having a clear objective

Another point is that onboarding should not be done without a clear objective. A clear incentive gets signals from the customer that helps brands engage better. Onboarding should be seen as a step rather than a one-shot experience.

Monica added, “Having a reason or purpose for onboarding is very important. A lot of times, we marketers get so biased and engrossed in introducing customers to all our features that we end up overwhelming the customer—which is a complete no-no. Simplification is immensely important during onboarding.“

Asking customers for too much

When it came to getting information from the customer, it is suggested to get the bare minimum from them, just as in the case of WhatsApp. 

Using heavy words

At the same time, there were some copy-related best practices shared. Using the right copy was central to an effective onboarding experience. customers often get deterred by words like subscription and free trial right at the beginning. Brands end up losing customers who could have given them 7-14 days of engagement and then could be targeted in a better way. 

So, with the intention of knowing many things about customers from the marketing perspective, we start asking for preferences to personalize the experience. But, the truth is customers don’t read and they just want to get started. Overwhelming them at the outset would lead them into choice paralysis. 

Being too text-heavy and overwhelming

On this, Akhil added that many of the best onboarding journeys don’t even require content. They are intuitive ones. Introducing the right things at the right moment to the customer was the smart thing to do.

Akhil recollected from his experience at Adobe that they eventually had to decide at what point should someone discover a specific feature. And also, devise the steps that construct an experience up to that feature. 

Achin seconded this, “Too many things at the same time is not a great way to go. Instead, talk about things when they are relevant. For example, you don’t talk about offers at the time the product is being introduced and talked about.” He recommends brands be very transparent, committing to being on the same page as the customer. 

Not experimenting enough

The other point he emphasized is to experiment and learn. Every interaction is a give and takes from the customer – customers need the freedom to navigate, and it is important to think from the customer’s standpoint.

Setal from ShareChat also had some interesting points to add to experimenting. The first being central to an app like ShareChat and other location-specific products was “not to blindly follow western standards.”

“Don’t accept everything taught by mainstream marketers. Experiment a lot and try to understand your customer. For ShareChat, the biggest learning has been accepting how visual the customer is. We are therefore making on-boarding as visual as possible. We are also experimenting very aggressively.” 

He went on to explain how ShareChat confidently forayed into the English category. Despite being available in 14 languages, it was a massive failure for them, realizing that customers came in with a certain expectation to the app and did not like the content. This was a strong signal that what we may assume could be incorrect. 

On Churn, Re-Engaging And Re-Targeting customers

Setal made some key points here – he said that every slide in the case of ShareChat was a potential drop-off point. (This is true in the case of any app, really!) 

Therefore, getting the recommendation engine right helps. In the end, every AI tool you use has a certain probability of success. It is necessary to know actively why customers drop off. Is it because of your product or the category or the preference? The recommendation engine gets better over time, with more signals coming in. 

The largest risk of churn is in the first session itself. This is what makes onboarding critical in the first place. Further, it is important to re-engage in different ways by classifying customers into different funnels – customers who are not always frequent, customers who take more time to return, customers who are not active at all., and so on. Once you have these buckets, you may decide to use different methods — more and less aggressive — to retarget them. 

We wrapped up the talk with Monica speaking on her key learnings at Byju’s. The focus, she said, is always on introducing customers into a core loop, which sets the stage for customers to come back the next day. She concluded, “…whenever you want retention, start from what you do on day zero. If the customer gets into the core loop and is able to extract maximum value from it,… it really impacts long-term retention. Hence, strengthen the customer experience in the early days.”

A winning customer onboarding experience is crucial in deciding the rest of the journey. It is important to focus on creating a hassle-free customer onboarding experience for richer pay-offs later in the customer lifecycle.

TLDR_ On-Boarding experiences

How to Build a Brand and Customer Loyalty [#GROWTH19 Wrap-up]

In today’s hyper-connected age, there is no single way to connect with your customer. Customer journeys have become more complicated than before, and marketers have to constantly find ways to break the clutter and engage with customers through multiple channels such as e-mails, SMSes, apps, websites, offline, etc in order to boost customer loyalty.

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How to Build a Brand and Customer Loyalty

We invited Mrinal Singhal, AVP Marketing, YatraSharad Harjai, Sr. Director Marketing, Grofers, and Amit Tandon VP Marketing, HealthKart to learn how they have succeeded in building their brand and a robust customer loyalty program across the digital and offline platforms. The panel discussion was moderated by Yashwant Reddy, VP at MoEngage.

We bring you the excerpts from the discussion.

How do you engage customers across different channels such as paid media and social media? How do you decide what kind of message should be used?

Sharad: With so many channels at our disposal, maintaining the consistency in the brand’s language is important. It is important how you position each product. It’s not just the text; even the design should be taken care of. It should give the buyer the confidence to buy from the portal. To maintain consistency, we have built a team architecture that’s less focused on calling people channel owners such as social media head, or a digital marketing head.

Instead, we have divided the entire team into two areas based on metrics – acquisition and retention. So, if a person is driving a campaign based on one metric, then the focus is not on which channel to use to communicate with the customer. The focus is on the larger metric, and that brings consistency in the campaign. If the campaign is to improve downloads and conversions, everyone involved in the campaign has to be a part of the entire process. Everyone works cohesively for the larger benefit of the metrics.

Mrinal: We have multiple touchpoints to explore, so the challenge is to get the consumer’s attention. At Yatra, we follow two metrics to engage with the customers. One, to keep the messaging very simple. We must understand that we are sending a message to the consumers and not marketers. The second thing we stress upon is the user’s journey.

We ensure that the consumer’s journey from communication to the point where they make a booking is seamless and does not have any broken/slow links. So, irrespective of whether the campaign is large or small or covering different touch points, we ensure the basic principles of simple messaging and simple customer journey is followed. In terms of team structure, we do not function in silos. Whenever there is a business challenge to be solved, all the channel experts sit together to decide on the best channel to work upon.

Amit: Engagement is less of a challenge for us as customer loves to engage in health and wellness especially when they want to know more about particular products. In fact, we get a lot of inbound queries. For us, the challenge is maintaining a consistent omnichannel experience, which we are trying to build now. We are trying to integrate our physical footprint with the digital footprint to provide a superlative experience to our customer.

For example, if the customer buys a product online, they should be able to return it at the nearest store, or they can buy a product online if it is not available at a store. In terms of how our team is structured, we have a common centralized marketing team to provide a consistent experience in both digital and offline stores. We also have a centralized training team that trains every storefront executive about the domain and store ethics to ensure that the messaging on digital medium and in-store remains consistent.

The consistent experience has increased the Customer Lifetime Value (LTV). The customers engage more with the portal because of the relationship they have developed with the store.

What metrics do you measure to track the health of growth besides vanity metrics such as installations, downloads, and the number of new users?

Sharad: For us, the Northstar of our metrics is the monthly wallet share the consumer gives to Grofers. A typical family of 2-3 people spends around 7,000 to 8,000 Rs each month on grocery. Global survey says that the maximum share any offline or online platform can have for the minimum amount spent on grocery by a family is around seventy percent. Achieving this kind of share is a challenging task as you cannot lose track of a customer at any moment. You have to be at the top of things. Your engagement channel should be in tune with how your customer buys.

Customer engagement must revolve around how the customer buys every month. For example, customers do monthly top-ups on the day the salary is credited. By the end of every month, we analyze the wallet share we could get from a customer. We also monitor the replenishment cycle when it comes to eatables. One of our best resulting engagement campaigns is where we understand when a customer is going to buy what.

It is easy to find out how does the household look like, how big is it and depending upon when a customer is going to buy a product, we work on the reengagement campaigns. It is one category that has given us great results.

Mrinal: Unlike groceries, travel is not a very frequent use case. An average customer makes two to four bookings in a year and they look for the best deals in the market. Apart from acquiring new customers month on month, the key metrics that we track is the 9O-day repeat trait. We monitor how the lifetime value looks like – is it moving up or down or is it flat? These are the two metrics we measure to determine if we are moving in the right direction.

Amit: We look at two metrics – repeat and new. In our category, we always have new customers. However, repeat metric is equally important for us. Within repeat, we see if we can upgrade the customer’s experience and move them to a more core product. We track repeat records regularly to check out the health of our business and to figure out if there was an event that led to the exit of our loyal customers. Given that the target group is quite finite, Net Promoter Score (NPS) becomes our core metric. We do weekly NPS checks and keep on changing our benchmarks to track the NPS.

Do you want to discuss a specific use case on how loyalty programs can drive repeat business?

Sharad: In 2O17, Grofers moved from a marketplace model which served multiple categories to an inventory-led, grocery-focused e-commerce model. We have become more of an e-tailer than a typical e-commerce company. We have refined our brand positioning with the lowest price guarantee for groceries and optimized the cost of operation as much as we can so those benefits can get passed to the consumer in terms of prices.

Loyalty program was a big step in the same direction. We started a Smart Bachat Club, wherein If you pay a small membership fee each month, you will get access to even lower costs on the products. It strengthens our core proposition of pricing itself. Right now, 66% to 70% of our transactions get done through the members of the Smart Bachat Club. Eventually, we plan to build an online cost structure like DMart who offers products at the lowest price. We aim to strengthen our supply chain, so we can reduce the prices even further.

Mrinal: The category we work in is a commoditized category; so something like loyalty does not work. Customers are out in the market to look for the best possible deal. However, there are a handful of customers who are not deal seekers. They seek convenience and come out of familiarity with the platform. The objective is to drive wallet share from those customers and acquire such customers who make you grow at a profitable rate.

Our call centers offer preferential treatment to high-value customers. These services would include faster turnaround time for complaint resolution, a higher authority granted to customer care agents for making exceptions for these customers in order to reduce the turnaround time and deliver better customer experience. All this has helped us to improve the retention rate of the customers.

Amit: We don’t have a structured omnichannel loyalty program. We are working upon it right now. However, just to give a context; unlike Grofers, our objective is not to offer products at the lowest price. In fact, as compared to Amazon and Flipkart, we sell certain products at a premium, because we are focused on profitability. We are planning to segment our customers based on the frequency of purchase.

So someone who frequently purchases from us will be considered a power user. As their LTV is high, we plan to offer them products at the lowest price. We have a significant one-time user base who come in and flirt with the product and fall out of the funnel. For those guys, the pricing will remain premium. We aim to pass on the benefits from the flirtatious user to the power user to avoid losing them to any other platform.

Somebody has asked this question on Twitter. How do you build a different experience for different customer segments?

Amit: Earlier, our segregation system was more conventional. We used to target the top 10 cities, then the next 25, and finally the rest of India. It was working well in the initial stage. We were dominant in the top 20 or 30 cities, but now the trend is changing. We see a lot of volume from the rest of India. So now we are segmenting the customers purely on the basis of purchase.

We have a power user segment, and then we have a flirtatious user, a deal hunter who looks for best deals on different portals, and a onetime user. So it is like a VIP club (power user) vs. a non-VIP club (rest of users). Our messaging differs according to it.

Mrinal: One segment that we focus on is our high-value customers. The other segment is the SME segment that travels more for business purpose. For the SME segment, we have created a separate platform within our yatra.com ecosystem, wherein customers can avail corporate fares. They also have the flexibility to reschedule their flight tickets at almost no extra cost, get free meals onboard, etc. These are the two different segments that we have identified. The rest of the customer base falls under the regular category, which we try to capture through regular promotional events that we do on our platform.

Sharad: For us, it’s slightly different. We don’t and can’t have different experiences for different customers. We have to maintain consistency for everyone because for every customer the rate at which they get the product matters the most. It is not just one or two products per order. It is a basket of 16 to 18 products per order. So, if we do not maintain consistency for every customer, it will work negatively for us. However, we take a lot of initiatives internally to segment and understand the customer well. We look into different parameters and use algorithms to assign churn scores, conversion scores, etc to drive segmentation. We look at those data and based upon that drive our different initiatives.

Thank You, Sharad, Mrinal, and Amit for sharing your valuable insights with us on how you have built customer engagement for your respective organizations. We have come to understand that measuring the right metrics, building customer loyalty programs, and communicating the right message to the right audience is the key to successful customer engagement.

How Marketing Automation Enhances Customer Experience in BFSI [Marketer Spotlight]

Editor’s note: The trend in 2020 leans toward financial apps that offer great convenience for consumers and business opportunities for the BFSI organizations themselves. A study by Business Insider Intelligence’s Mobile Banking Competitive Edge study suggests that 89 percent of consumers – and a whopping 97 percent of millennials – use mobile banking. The bigger problem, however, is that traditional BFSI companies often lack the technical and pragmatic expertise to engage these “digital-only” and “mobile-only” users. They try to adapt their web and brick-and-mortar customer service best practices for the mobile crowd, only to find that their efforts fall short. Mobile banking can be a particularly vexing environment for financial institutions as they try to acquire, upsell, retain, and engage consumers throughout the entire customer lifecycle. We caught up with Paurush Sonkar, Head Online Sales at Bharti AXA Life Insurance and Founder of BFSI Digital Stallions Forum to understand how technologies such as marketing automation and AI can help the BFSI sector fast-track their digital consumer engagement.

Please share a brief introduction of your background and a few interesting insights from any of the projects you have led.

Paurush: I completed my MBA in the 2002-2004 Batch and started my career with ICICI Lombard General Insurance as a management trainee. I was part of a team called the e-Channel. I started my career on the digital side when digital was all about microsites and e-mailers. As the medium gained prominence, I grew with the medium both from an experience and a knowledge perspective. I have a holistic perspective of digital and financial services, having worked in General Insurance, Life Insurance, Broking, Mutual Funds, NBFC, and more.

The most exciting project that I can recollect was in 2011-2012 at Aditya Birla Capital (Erstwhile Aditya Birla Financial Services Group). I worked alongside the central marketing team to revamp all the digital assets across multiple lines of business, 7 to be precise. The project encompasses website UI / UX, website design, SEO, essential social media presence, content, analytics, and more. It gave me a 360-degree perspective and put me at the helm of the project. I yet remember it was called ‘Project Ultimate.’

Another interesting project was when we launched the online term business and social media at Future Generali Life Insurance. We were a late entrant into social media, so we worked hard to get it right. Within the first year itself, our Twitter campaign won an international award.

We are currently in the midst of a revolution in terms of marketing practices. This is also because consumer behavior has transformed drastically over the last few years. Consumers today are more digitally active. They do not necessarily need a salesperson to lead them to the point of sale, so the role of marketing has shifted from supporting the sales function to engaging with the consumer across the purchase journey.

How have the changing dynamics in the marketing ecosystem impacted the banking and financial services sector?

A lot has changed in the last decade; however, the pace was further accelerated in the recent 4-5 years with internet access nearly free/super affordable. I see a host of things working in tandem to give rise to what we could call the ‘Digital Consumer.’ People began to use wallets to make payments, bill payments moved online, and so did movie tickets and food ordering. If you step back and reflect, all this has not happened overnight, but it has occurred due to sustained efforts by all the stakeholders, and members of the digital ecosystem.

Paurush

For the BFSI sector, the birth and rise of the ‘Digital Consumer’ has been a boon and has the following advantages:

  • Cheaper acquisition cost
  • Faster turnaround time
  • Direct control of the customer (no intermediary involved)
  • More comfortable to educate a customer by way of videos and tools
  • Curbing misspelling, which was a rampant practice and seamless servicing options by way of chatbots, social media channels, etc.

The sector has also seen the birth of pure-play online financial players who neither own a brick-mortar branch nor do they sell through any other offline medium. A whole new sector within the banking and financial services called Aggregators/Comparison portals have taken center-stage in this economy which I term as ‘The Economy of Affordable Multiple Choices.’

From your experience, can insurance and financial services rely on an automation tool to connect with their customers? What are some benefits or improvements you’ve seen when these organizations use a marketing automation platform?

Well, my answer is an emphatic YES. Taking it a step ahead, I’ve seen that AI Tools are far superior to even a personal touch interaction between a sales executive and the end customer. BFSI brands are aware that an AI Tool is in a way their 24X7 Branch, their dependable salesman, and the best part is neither does this salesman take a holiday nor does he take tea & smoke breaks, and yes he works over the weekends too.

Let me give you an example of a brand where I headed digital marketing and online sales, and we implemented an AI-based marketing automation tool end-to-end. We saw the following benefits:

  • We engaged users better due to personalized content.
  • We reduced the drop-offs both from site and transaction section – business increased by 35%, conversions via social media enabled campaign was the biggest beneficiary, and the list is long.

In summary, the AI-based Marketing Automation tool paid for itself in a few months and then became a revenue stream in itself.

Paurush 2

At what stage/point in the business does a BFSI company need a marketing automation platform? Are there any ways to evaluate this need for the organization?

I think digital encompasses every touchpoint and process in a business/brand these days. Thus the direct answer is that an AI-based marketing automation tool should have been made ‘yesterday.’ However I am glad to see that most brands are now moving in the right direction, a new age insurance provider signed up for a tool on these lines even before they launched operations, and that is, in my opinion, a bold and the right decision. The company engaged, sold, and serviced their first customers through the tool, and is going strong. The most significant advantage is they are now connected to the customer, and vice-versa like none of their competitors are.

Banking and financial service brands can evaluate the need very quickly by asking themselves the below stated five questions:

  1. Do I want to bring down my acquisition cost?
  2. Do I want to target a customer who is the ideal fit (target audience) for my product or is the audience spread too thin?
  3. Do I want to know each customer individually rather than classify them as 1 of the ten broad profiles that my digital consultant told me about?
  4. Do I want to cross communicate across channels with the same customer?
  5. Is my customer a digital-first customer?

At this stage, I would also like to congratulate MoEngage on their special program to support startups by giving them complimentary access to their tools and marketing credits. It is such initiatives that make up the ecosystem worthy and a constantly evolving space.

Thank you, Paurush, for your kind words about MoEngage.

My next question to you is, how can a BFSI company make that purchase decision? Are there any guiding principles to follow?

Paurush-7

I’ve seen most banks, insurance, and other financial service institutions look to check these 5 boxes while evaluating a marketing automation platform vendor:

  1. A mobile-first approach to the platform.
  2. Extremely easy to implement – Quick and cost-effective.
  3. In house BFSI practice – A special focus across the vendor teams in BFSI use cases and requirements makes them a natural choice.
  4. Advanced features such as geofencing, Push Amplification, and more.
  5. Last but not least, a proactive team and a reasonably priced solution.

I must compliment your team here – the MoEngage platform fits right well on all these points.

In fact, as the founder of BFSI Digital Stallions Forum, where we have 200+ CMO’s and Digital Marketing Heads / Professionals across 105+ BFSI Brands, we do a lot of knowledge sharing and discussions on best practices. I have personally deep-dived and evaluated multiple AI Marketing Automation solutions and can confirm that MoEngage is a natural choice.  In fact, basis the response, we’ve now introduced members of the Digital Stallions Forum – UAE to MoEngage so they too could take their digital marketing to the next level.

Can a BFSI company build its marketing automation platform ground-up? Are there any specific advantages of integrating a ready-to-use platform?

Paurush 3

If any financial services brand plans to build their automation platform, I wish them good luck. A chef should focus on cooking the fish and leave the fishing to the experts for he is trained to use the knife and not the fishing rod.

The benefit of integrating with a ready to use can be best summarized in one line from a Hero Honda campaign that goes way back to the 1980’s – “Fill it, shut it, forget it.”

Sit back and watch while the AI tool takes over and does your work, only efficiently.

In terms of customer engagement and experience, where do you see banking and financial services headed over a decade from now?

I am a firm believer that the BFSI sector is set for exponential growth. As per statistics, India has nearly 190-200 Million people who do not have a bank account leave aside insurance, mutual funds, and other financial products. However, what these users have is a mobile phone and internet connectivity.

Some of the key drivers of growth in today’s world would be; growing smartphone penetration, free/cheap internet, exposure to media platforms which makes a person aspire for more, migration of people to bigger towns and cities, growing disposable income, and more. This for the banking and financial services sector- I can confidently say that we are yet only getting started… The way ahead if tough but full of opportunities.

Thank you, for sharing your advice and insights, Paurush. This is very helpful for marketers who are keen to grow their brand’s mobile share of the business. Readers, for more conversations on marketing automation in BFSI, connect with Paurush Sonkar.  

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