Customer Story
Piramal Finance boosts customer engagement by 22% with Exotel's Conversational AI
After Exotel
Before Exotel
What Piramal Finance says about Exotel
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.
Shikha Mittal
Head Product (WhatsApp & Application)
Piramal Capital & Housing Finance Limited
About Piramal Finance
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.
Navigating Customer Engagement Challenges
In a rapidly evolving financial services market, Piramal Finance faced significant challenges with customer engagement. Low call pickup rates, limited communication channels, and increasing competition threatened their ability to connect with customers effectively and maintain their market position.
Challenges
Inefficient Collections Process
Email and voice call reminders led to missed payment deadlines and delayed customer interactions, creating gaps in communication and impacting collection efficiency and customer experience.
Low Call Pickup Rates
Customers ignored unrecognized landline numbers, mistaking them for spam. This resulted in missed opportunities for timely communication and caused delays in loan updates and payment reminders.
The Solution
Automated Collections Journey
Introduced an AI-powered 24/7 WhatsApp journey with advanced campaigns and chatbot-driven interactions for real-time, personalized communication. This streamlined approach improved operational efficiency, with WhatsApp now accounting for over 60% of collections.
TrueCaller Number Whitelisting
Implemented TrueCaller's number whitelisting service to make Piramal Finance's numbers appear as verified, reducing the chances of calls being ignored as spam. This initiative led to a 22% increase in call pickups and improved customer engagement.
Key results
24/7 Collections on WhatsApp
Piramal Finance achieved continuous, around-the-clock collections through WhatsApp campaigns and chatbot interactions.
Increased Contribution from WhatsApp
The WhatsApp channel now accounts for over 60% of Piramal Finance's total collections, demonstrating its significant impact.
Improved Call Pickup Rate
With TrueCaller number whitelisting, Piramal Finance saw a 22% increase in call pickup rates, enhancing overall customer engagement.
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