Seeking competitive advantage through IT is a game Tata Capital is playing only too well. Not too long ago, the non-banking financial arm of Tata Group, launched a 'myLoan' mobile app to make an intelligent and real-time assessment of the borrowers loan application via a highly sophisticated algorithm, using a mix of digital, social, financial and alternate data coupled with Machine Learning. The industry- first initiative was targeted at the under-served segments such as first-time loan takers who do not have a credit history.
Tata Capital is using technology to run rings around its industry peers. Take, for instance, its online portal cars.tatacapital.com, a first-of-its-kind online, car loan integrated store, where customers can both search for the right car (new/used) and the right car loan. The online care store offers consumers an end-to-end car buying experience from accessing reviews and ratings, comparing different models and customizing their loan with multiple flexi EMI loan options available for repayment. This is a first of its kind digital product in the industry.
Digital lies in a space where technology and customer behavior intersect. Thats how Veetika Deoras, COO- Digital Business at Tata Capital puts forth her idea of digital. This overarching assessment puts IT squarely in the middle of what it takes to create an enduring competitive advantage for the company.
Deoras does more than charting the digital roadmap of Tata Capital. She is nurturing IT innovation to ensure the digital imperatives are met.
Agile methodology required for the digital age is just the kind of thing that demands automation. And Deoras knows this only too well. So when she realized that AI based chatbots were ready for prime time, she adopted it pronto.
The recently launched Tata Capital Chatbot, which is live on the website, is powered by a virtual agent (VA) engine. The online Chatbot understands and provides a response to individual online queries around its financial services products.
It can handle over 70% of the routine customer queries including product information, application tracking and sales and after-sales service. The chatbot has thus far shown positive results and being an Artificial Intelligence, machine learning-led bot, our endeavor is to keep improving the customer experience. The Chatbots evolving data insights will help us track and measure customer queries, sentiments, satisfaction, she shares.
With the launch of the chatbot, it didn`t take Tata Capital long to reduce the dependency on traditional customer servicing platforms while improving its customer service level.
Prior to the Chatbot, the Live Chat functionality was supported by our call-centre and faced typical challenges like - not being operational 24x7. Attrition was another challenge, which necessitated re-recruitment and re-training to ensure that the agents managing the chat are well-aware and knowledgeable. We also had to make sure that the agent is up-to-date with the latest products, processes, policies and prevailing rates in the industry is critical and needed an investment of time and effort from stakeholders across products and verticals within the company. Besides functional knowledge of the agent, communication skills and language was another issues she adds.
The Tata Capital Chatbot has enhanced the speed and quality of response through the bot. Additionally, since it is machine learning led, additions and removals from the website are easy to feed into the chatbot for quick up-to-date and informed responses.
Our progress is clearly reflected in our satisfaction score, which currently stands at around 75%, Deoras shares.
Three weeks ago, Tata Capital also launched a Robotic Automation Bot focussed on our Personal Loans product. Typically, when a customer visits Tata Capitals website, he has a form to fill which usually includes a number of fields. Basis the data fed in, the potential customer is shown his individual eligibility and is taken to the next step of applying online. The newly launched Robotic Automation bot helps the customer input data in a chat-based format and returns an eligibility quote.
The last few years have seen a surge in the percentage of visitors to our mobile web. About 12 months back, the traffic split was almost about 2/3rd via desktop and 1/3rd via mobile devices and today, the ratio is equal on both sides,she says.
Responding to questions in the chat format does not appear to be as tedious because customers are used to messaging friends and family. The chatbot was built on this insight.
The Robotic Automation bot takes data from customers in the format of a chat. When a prospective customer clicks on check eligibility and is accesses the website through their mobile handset, the bot takes over and the entire user experience changes to that of a casual conversation with a friend.
In a short span of two to three weeks, the bot has led to a marked improvement in customer service with a 5X to 6X increase in a number of customer responses. We have has seen a 600 % increase in the lead generation after the launch of the robotic automation bot, she reveals.
With a slew of initiatives, Tata Capital digital roadmap is poised for the next wave of growth. The organization is relentlessly working towards being a cloud first company. Over 15-20 percent of its workloads are on cloud including the underwriting algorithms. Next step would be to moving its website to the cloud.
Robotic Process Automation, Machine learning, AI, OCR and facial recognition technologies are the next technology frontiers Tata Capital is trying to conquer.