Using AI to understand customer feelings, we create focused strategies to raise sales and lower churn
Banking & Finance
ICICI Prudential Asset Management Company Ltd. (AMC) is one of the leading investment management players in India. A joint venture between India’s ICICI Bank and UK’s Prudential PLC, it has been in operation for about 25 years. By delivering delightful experiences consistently over the years, the organization has been able to develop a base of ~8.5 million happy investors.
With vision of evolving to the next level, the business decided to design a feedback structure that enables regular & in-depth customer conversations highlighting their emotions & experiences. In early 2022 the team collaborated with NUMR CXM to build a digital module that facilitates such feedback conversations.
• Customer First is a core value at ICICI Prudential AMC. And one of the ways they’ve made this possible is by keeping in touch with customers regularly through online surveys
• While the survey was measuring ‘what’ customers felt, it couldn’t dig out comprehensively the ‘whys’ behind those feelings
• To bridge this crucial need gap, ICICI Prudential AMC team worked with NUMR & launched a ‘Calling Module’. It enabled talking to the customers directly to understand their experiences and identify ways of enhancement
• This helped the business learn from customer feedback, identify trends or opportunities & act on them in a timely manner thereby delighting customers further & bolstering brand trust & loyalty amongst them
ICICI Prudential AMC already had a customer feedback program in place in form of online surveys. While the surveys were giving a directional sense of customers’ sentiments, as a business they wanted to deep-dive further into those sentiments. Driven by this need to understand their customers even deeper, the organization joined hands with NUMR. A ‘Calling Module’ was designed & launched to initiate nuanced conversations with the customers.
Against this backdrop, ideation & exploratory discussions were held between the business & NUMR to layout the skeletal structure of Calling Module. Post this, cross-functional meetings were done within ICICI Prudential AMC’s internal teams to flesh out each & every specific aspect that had to be covered during the customer call. Once these details were in place, the business team engaged in extensive brainstorming to design final structure of the Calling Module & aligned it with the identified functional requirements. Finally, NUMR helped evaluate the implementation effectiveness in terms of UI/UX.
Within two months of onboarding, the Calling Module was launched and made operational.
The Calling Module gave the business a consistent access to sharply focused & actionable customer feedback. All relevant teams review every single verbatim on a daily basis to prioritize their work streams accordingly & to provide loop closure to the customers. In addition, recurring or trending customer inputs are taken up during cross-functional discussions to identify ways of structural enhancements.
By implementing the Calling Module, ICICI Prudential AMC is now engaging in rich conversations with its customers to understand their day-to-day experiences with the brand. Acting on these conversations has been beneficial at multiple levels such as:
• In-depth understanding of customer sentiments behind the survey ratings. And every function has access to these customer inputs that helps them take necessary actions in a timely manner
• Initiatives for Customer Journey enhancements and their prioritization now align seamlessly with customer realities & requirements
• With all concerned functions diligently closing the feedback loop, customer delight has been continually on the rise
To know more about the fund house, you may visit their website at www.icicipruamc.com
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With AI, Numr CXM gauges your customers' emotions and actions, providing you with actionable insights to elevate sales and customer retention