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Tata Capital > Blog > Circulating Capital Loan > 5 ways for NBFCs to leverage data to improve customer service

Circulating Capital Loan

5 ways for NBFCs to leverage data to improve customer service

5 ways for NBFCs to leverage data to improve customer service

In today’s customer-centric markets, acquiring and retaining customers has become paramount for businesses to survive year on year. Raising the bar for customer service has become crucial to prevent customers from moving to competing brands offering similar solutions.

As per a study done by Microsoft, 54% of the global consumers have higher customer service expectations than they had a year ago. Businesses must improve their customer service to stay relevant with increasing customer expectations.

Data can play a crucial role in delivering improved customer service with widespread digitisation and higher availability and accessibility of information about customer preferences and behaviour patterns. Companies can leverage the power of data by investing in the right data analytics to map customer behaviours and delight them with personalised and exceptional customer service at every touchpoint.

Ways in which NBFCs improve customer service by leveraging data:

Map customer profiles

Getting a clear picture of existing customers is necessary. The idea should be to understand better a customer’s interests, preferences, demographics, purchase habits, and online behaviours. The more elaborate the customer profiling, the higher value it delivers in understanding and micro-segmenting customers.

At Tata Capital, data on the above lines is collected and migrated to a unified and secure platform. The available data is then mined by experts and made accessible through user-friendly dashboards to improve customer communications and manage customer grievances.


Additional Read – How can treasurers maximise benefits from setting up supply chain financing programs?

Review Customer Feedback

Besides direct communications with the customer, customer feedback is a great resource to understand deficits and gaps in current customer service processes.

Customers often feel compelled to share complaints or feedback when they have an extremely negative or positive brand experience. Brands can use these inputs to evaluate the pitfalls in the current internal processes and improve customer service.

Tata Capital leverages data to track positive and negative remarks frequently to improve customer service practices and create fulfilling customer experiences continuously.

Ascertain customer needs

In today’s overcrowded and saturated markets, customers do not have the time to study, research and identify the brands that meet their needs. With personalised offers reaching customers every minute on their mobile phones, they are likely to go with the brand that reaches out to them on time with an offering relevant to fulfilling their immediate requirements.

Data helps derive solutions to cater to consumer requirements and time the communications well. Using data to derive customer spending patterns, needs, and lifestyle preferences, financial institutions can target the right customer segment with tailormade offerings at the right time. This would have been impossible for a brand to fulfil a decade ago, but with the strategic use of data, it’s possible to make this a reality today.

For instance, a customer may have availed of a home loan and might now need a top-up to service the loan better. Data provides NBFCs with the necessary information, leading them to approach the customer just in time with a suitable offering.

Additionally, offering a touch of personalisation helps go beyond meeting customer expectations and delighting customers. Data-driven personalisation helps brands stand out amidst competition and convert customers into loyal fans and brand evangelists.

Eliminate bottlenecks

Customer service bottlenecks have a negative influence in the form of increased service delays and rising costs. Customers feel disappointed with slow responses, lack of engagement, extended waiting time, and incompetent executives. Data helps get insights into these problems basis past experiences, which ultimately help in reducing friction and improving the quality of customer service.

Once customers feel heard and attended to without bottlenecks, there will be lesser attrition and higher revenues.

Additional Read – Trends Transforming Online Business Lending

Data – The secret ingredient to delight customers

Customers may be offered the best of products and on-point marketing messaging, but this may not be enough to make them stay. In several instances, customers have chosen to do business with competitors and never show up for repeat associations.

Here, the problem is with the service levels than the product itself. In such a scenario, data can prove helpful. Brands can learn more about the customer and leverage it to serve them better with access to accurate data.

Improving customer service and experience is crucial in converting existing customers to brand evangelists. Delighted customers have the highest return on investment for any company.

At Tata Capital Corporate, our focus is to continually surpass customer expectations by offering the best retail and business products with the highest service standards. Visit the nearest branch or reach out to your Tata Capital relationship managers to conveniently access a diverse range of low-cost financing solutions with expert guidance and consistent service.

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