Account Closure
Introduction:
One of our Fintech clients is one of the largest Microfinance Banks in its native country and a significant provider of microcredit loans based on its Gross Loan Portfolio (GLP). Their microfinancing services include innovative deferred payment solutions, savings and checking accounts, micro-insurance, and microcredit, offering small loans to disadvantaged customers.
The MFB operates with a vast network of agents and liaisons across the country, catering to millions of micro-saving customers. The bank offers a wide range of innovative financial services.
The MFB aims to transform the financial landscape of the country by providing immediate access to efficient digital financial services, empowering individuals to adopt a digital lifestyle.
Problem Statement
The MFB faced challenges in handling customer complaints through their BET resource’s complaint management system. The verification process for closing accounts required manual access to multiple portals, resulting in a time-consuming and error-prone procedure. With a daily influx of nearly 630 requests, the manual verification process became cumbersome and hindered efficiency.
Solution:
To address these challenges, this microfinance bank partnered with M.M to introduce automation using bots. The solution focused on automating the manual tasks previously performed by agents, specifically streamlining the account closure process. The following details the solution:
- Automating Verification Process: Bots were programmed to navigate through the multiple portals involved in the verification process. By automating this procedure, the need for manual intervention was eliminated, saving time and reducing the risk of errors.
- Efficient Account Closure: With the implementation of bots, the account closure process became more efficient. Once verification was completed, the bots automatically closed the account, ensuring a smooth and timely process. This eliminated the need for manual intervention, accelerating the resolution of customer complaints.
M.M Approach:
M.M approached the situation with a multifaceted strategy. The objectives of the automation process included streamlining complaint handling, reducing the efforts of the BET resource by automating manual verification, establishing a tracking and monitoring system for complaints, and providing regular training to address any ongoing issues during the transition. The microfinance bank, through its partnership with M.M, gained several strategic advantages. These included:
- Increased Efficiency: Automating the human verification procedure reduced the time and effort required to handle customer complaints, leading to improved overall efficiency.
- Enhanced Customer Experience: Quicker response times and a systematic approach to complaint resolution improved the customer experience, ensuring prompt and satisfactory handling of issues.
- Improved Tracking and Monitoring: By implementing a system for recording and monitoring complaints, Microfinance Bank achieved better tracking, ensuring each complaint was handled promptly and effectively.
- Minimized Human Errors: Automating the manual verification process minimized the potential for human mistakes, resulting in more accurate processing of grievances.
Outcomes:
The implementation of automation using bots yielded significant outcomes for Microfinance Bank’s account closure process:
AHT was reduced to 40 seconds per ticket, indicating a substantial improvement in complaint handling efficiency. Ticket resolution capacity increased by 230%, enabling the bank to handle a significantly higher volume of customer complaints compared to the previous manual process.
Ticketing capacity exceeded 2100 tickets per day, surpassing the initial requirement of 630 tickets and demonstrating the scalability and effectiveness of the automated system.
Conclusions:
The bank’s focus on automating the account closure process using bots reflects their commitment to simplifying operations and optimizing customer care. By automating repetitive activities, the bank aims to reduce the average handling time, redirect issues more efficiently, and allow agents to be assigned to more valuable projects. The successful implementation of this automation solution paves the way for further automation initiatives, benefiting both the bank and its customers.