The traditional EMI collection process via physical meets for micro-banking customers was affected by restriction of movement owing to the pandemic. There was a need for digitizing the EMI payments which not only was more convenient but also saved time.
With a substantial retail base, one of the key opportunities was to increase the balance base for the bank to have float. The Small Finance Bank identified customers who are more likely to build balance, based on past expenditure patterns and ran engagement campaigns (leveraging gamification) to increase balance.
The team segmented customers based on:
Monthly Average Balance (MAB)
Recent expenditure pattern
Average monthly balance movement, and
Probability to respond to offers sent earlier
Different pools were created like Champions, Loyal Customers, Potential Loyal Customers, and more. Ujjivan Small Finance Bank then utilized exclusive offers to encourage higher deposits and customers to pay bills online.