Achieving Customer Retention in an Ever-Evolving Digital Lending Space
15th Mar 2023
By RING CTO & Founder, Karan Mehta, March 15, 2023
In a constantly evolving digital lending space, the RING app keeps itself abreast of all technological innovations to bring the best possible solutions to our customers. We maintain a singular and laser-sharp focus on ensuring completely digital, hassle-free, and instant access to credit. We have built a robust technological platform and leveraged it to provide a brilliant customer experience while staying compliant with all regulatory requirements. Our cutting-edge technology platform manifests in the form of a seamless customer journey along with a very powerful credit decision engine which leads to an excellent credit portfolio for the company.
We intend for RING to be synonymous with easy access to credit as well as functionality across a large number of avenues for our customers to be able to make use of the credit that RING offers.
The digital lending landscape in India has witnessed a phenomenal pace of change over the past few years. Some of these trends included expansion outside traditional lending products, entry of new non-traditional players, and strategic partnerships. There is a perfect convergence of several factors in India – easy means to KYC, access to smartphones and apps, rich digital footprint, streamlined bureau data, and most importantly, an aware and knowledgeable customer. This has led customers to embrace and adopt digital lending.
RING has made use of analytics since its inception. The power of sharp analytics has allowed us to customize the communication channels to determine the ideal frequency for each customer, identify the customers who will require payment reminders, and in devising smart customer support queues to detect and route queries to very different channels. These digital tools have also helped us leverage repeat transactions by identifying highly targeted products for existing customers. By smartly positioning these products, we have been able to retain customer attention and interest in a diversified portfolio.
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