The Challenge Faced by Paisabazaar
As the lending industry in India grew more competitive, Paisabazaar recognized the importance of enhancing its customer engagement strategies. Traditional channels like SMS were becoming less effective, prompting Paisabazaar to seek out personalized and efficient ways to connect with customers. The company aimed to offer a seamless experience for accessing pre-approved loans and ensure quick responses to incoming leads.
Haptik's Innovative Solution
Paisabazaar partnered with Haptik to develop a comprehensive marketing plan focusing on leveraging AI technology via popular platforms like WhatsApp. By integrating AI-powered conversations, Paisabazaar aimed to attract new users and enhance the lending journey for existing clients. The adoption of pre-approved loan applications on WhatsApp proved successful for lead generation, optimizing the user's phone number availability and streamlining information collection. Additionally, Haptik's Proactive Messaging feature enabled Paisabazaar to send numerous WhatsApp notifications, resulting in a significant 100% boost in conversions compared to SMS.
Unveiling the Results
The collaboration with Haptik led Paisabazaar to experience a noteworthy 100% increase in conversion rates, illustrating the effectiveness of AI-powered communication. Over 8 million users currently benefit from Paisabazaar's WhatsApp notifications per month, enhancing user convenience and operational efficiency. This successful partnership between Paisabazaar and Haptik showcases the transformative impact of conversational interfaces in expanding consumer outreach, improving customer engagement, and driving business growth in the era of digitization.
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