Piramal Capital & Housing Finance Limited (referred to as Piramal Finance), headquartered in Mumbai, India, is a leading player in the financial services sector with a focus on home loans and MSME lending. As of Q1 FY25, the company has a retail AUM of over ₹50,000 crore and operates 501 conventional branches and 210 microfinance branches across 26 states, serving over 13,000 pin codes throughout Bharat. As part of their ongoing digital transformation, Piramal Finance sought innovative solutions to enhance customer interactions and operational efficiency.
As Piramal Finance expanded its operations, the company encountered significant challenges that impeded customer engagement and operational efficiency. These hurdles were particularly evident in their communication channels, which required modernization to meet the needs of a rapidly evolving market. Here are the key challenges Piramal Finance faced:
Improvement Required in the Collections Process
Collections were primarily managed via emails and voice call reminders, often leading to missed payment deadlines and delayed customer interactions. The lack of timely, engaging communication created a gap where customers struggled to stay on top of payments, frequently requesting penalty waivers. This impacted both the customer experience and the company’s collection efficiency and financial stability.
Low Call Pickup Rates
A major issue was low call pickup rates, as customers often ignored unrecognized landline numbers, mistaking them for spam. This led to missed opportunities for timely communication, particularly with customers awaiting loan updates or payment reminders, causing delays, frustration, and potential loss of business.
The company’s strategic partnership with Exotel has led to dramatic improvements in customer engagement and operational efficiency. The company has not only transformed its collections process through automated, round-the-clock communication, but also increased call pickup rates.
Automated Collections Journey
Piramal Finance transformed its collections process by introducing an AI-powered, 24/7 journey on WhatsApp, using advanced campaigns and chatbot-driven interactions. The AI solution enabled real-time, personalized communication, handling queries, sending reminders, and guiding customers through payments with minimal human intervention. This streamlined approach improved operational efficiency and strengthened customer engagement. WhatsApp became the preferred channel for remittances and repayments, now accounting for over 60% of collections, showcasing the effectiveness of AI-driven communication in enhancing customer experience and payment compliance.
Shikha Mittal, Head Product (WhatsApp & Application), was recognized for her innovative efforts in designing this journey, significantly enhancing the collections experience for the consumers.
TrueCaller Number Whitelisting
To tackle low call pickup rates due to unrecognized numbers, Piramal Finance used TrueCaller’s number whitelisting service. This made their numbers appear as verified, reducing the chances of calls being ignored as spam. The initiative led to a 22% increase in call pickups, ensuring timely communication with high-intent customers and improving both engagement and the overall customer experience.
Piramal Finance achieved continuous, around-the-clock collections through WhatsApp campaigns and chatbot interactions.
The WhatsApp channel now accounts for over 60% of Piramal Finance’s total collections, demonstrating its significant impact.
With TrueCaller number whitelisting, Piramal Finance saw a 22% increase in call pickup rates, enhancing overall customer engagement.
Our partnership with Exotel has been a game-changer for Piramal Finance. The implementation of Exotel’s solutions has dramatically improved our customer engagement and operational efficiency. The 22% increase in call pickup rates, thanks to TrueCaller number whitelisting, has ensured that our high-intent customers are reached without delays. Exotel’s automated WhatsApp communication has not only streamlined our collections process but also enabled us to offer 24/7 support, significantly boosting our customer satisfaction. This transformation has brought us closer to our customers, making our services more accessible and responsive.
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