Oracle Customer Success — Bajaj Finserv

Bajaj Finserv

Bajaj Finserv Responds to 95% of Daily Queries Instead of 80%, Reduces Complaints by 50%, and Improves Customer Service with Social Cloud

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By automating social listening and monitoring with Oracle Social Cloud, we now respond to customer feedback in real time across multiple social media channels rather than using an agency model. This enabled us to reduce complaints on social media by 50% and enhance service quality.

— Rinku Anand, Senior Manager, Customer Experience, Bajaj Finserv

Bajaj Finserv is one of the most diversified, non-bank financial services companies in India. Through its subsidiary, Bajaj Finance Ltd., Bajaj Finserv offers various lending and investment products including durable goods finance, household goods finance, home loans, personal loans, fixed deposit accounts, and mutual funds, to three key customer segments: consumers, self-employed individuals, and midsize companies. By partnering with Allianz SE, Germany, it also provides insurance products, such as life and general insurance.

To increase customer engagement and support marketing campaigns across the group, Bajaj Finserv launched a Facebook page with more than 2 million ‘Likes’ in the social platform.

 
Challenges
  • Deploy a social relationship management platform to manage and respond faster to customer comments—such as personal loan interest rates for purchasing a laptop—across multiple social media channels instead of hiring an outsourced agency to manually track feedback in spreadsheets and post reply messages
  • Gain real-time insight into customer sentiment to enable rapid resolution of customer issues, such as reinstating pre-approved card limit, and to reduce negative comments spread on social media
Results
  • Responded to 95% of daily messages, such as questions about home loan interest rates, in two days compared to 80% previously by automating the process to capture and provide real-time response to customer feedback across multiple social media channels, such as Facebook, Twitter, and LinkedIn, with Oracle Social Engagement and Monitoring Cloud Service, rather than using a time-consuming agency model
  • Reduced customer complaints on social media by 50% and prevented negative sentiments from going viral by proactively engaging in social conversations with customers and resolving issues faster
  • Built up more fans and brand advocates in the community by providing rapid response to customers and enabling them to spread the feedback to other customers such as using customer portal to request a legal certificate from the bank
  • Enhanced customer service by using advanced semantic listening capabilities to accurately analyze customer sentiment and gain actionable insight into the top five reasons for customer issues, allowing the company to work with team members to eliminate repeat issues
  • Improved sales growth by gaining ability to track competitor activities and sharing insight with other departments to implement best practices and support targeted social campaigns, such as promoting online home loan applications on Facebook to attract more consumers
  • Supported future seamless integration with social marketing platform and third-party customer relationship management system to further improve customer engagement

 

We chose Oracle Social Cloud because it is flexible, easy to use, and offered more competitive pricing than other vendors. Oracle’s great support team also played an important role in the decision.

— Rinku Anand, Senior Manager, Customer Experience, Bajaj Finserv

Execution

After evaluating multiple vendors through proof-of-concept, Bajaj Finserv implemented Oracle Social Engagement and Monitoring Cloud Service to replace its manual agency model for social monitoring. Oracle provided training to users and the new platform went live smoothly in less than three months. Bajaj Finserv is considering deploying a social marketing platform over the next year.

“We were very impressed with the flexibility and support that Oracle’s teams provided us throughout the implementation process. Oracle is such a dynamic organization to deal with, and we are happy to engage them in the future,” Anand said.


About Bajaj Finserv

Headquarters

 
Pune, India

Employees

 
5000

Annual Revenue

 
$1 to $5 Billion
Published:  Jun 01, 2016