Demonitization and its aftermath has brought Fintech and e wallets to the fore front in India in the past 6 weeks.
All of them fighting for market share and announcing achievements, growth, besides of course sniping at each other.
It is quite nice to read and the consumers will follow it hopefully; however given the way everybody is going ‘Digital, Digital’ as a mantra and Social Media being what it is – to be fair, E wallets have depended on social media to populate and gain traction, so they should also be listening about what is being spoken.
But somewhere in the quest of Desh badal raha hai, Digital India and all that, they seem to have missed the bus.
Yes, they are adding merchants, users, getting over extended by 300-500% every month, but still.
And of course, there are the staunch supporters of ‘Brands’ who believe their best efforts are being done; and many consumers, customers who swore by them, now agitated.
According to me, they missed out the following:
- Multi pronged process mapping of customer journey. – Their focus on institutional sales and trying out smaller merchants changed to Merchants wanting to sign up and go live, pushing for service. They signed up users who were deal seekers suddenly were active and added to the mayhem. The eventuality of referrals, advt. boosting usage let to outage which became a talking point of the customer’s journey and experience.
- Empathy – This is something most brands in India seem to lack, and their behaviour seems to reflect. The leader here was known to be extremely customer focused and friendly, but suddenly seemed to be over burdened and went off. The common complaints of Wallet not reflecting amount, KYC documents not picked up etc received no answers.
- Service Recovery Response – With the sudden and unexpected rise in business, users, it does become a huge problem to maintain the same service levels, however the excuse cannot hold good for more than a fortnight, given the fact that this is the Digital world and answers, feedback, engagement and assurance need to be at that speed. The basic response staggered and fell.
- Communication- This ended up at a virtual low. With full page advt turn around, sniping and infighting on different platforms BUT not making use of all this to communicate to the users – EG – ‘Due to sudden surge we will not be able to stick to our 48hrs committment of KYC but will take 21 days’ OR ‘Your money is safe with us, and please expect normalcy within the next 7-10 days’.
Of course there can always be an argument, that they did so; unfortunately it is not visible and therein lies the problem.
Crisis – bad or good, requires specialists – maybe outsourced for a while too; use own customers and ambassadors…
They may have done so, unfortunately did not seem to be.
The kind of access to funds and technology available today, some basic top of mind specialist could be usage of Kashyap ‘s HyperTrack for KYC journey. Evaluation and quick response to sentiments could have been Anand ‘s CleverTap and for inbound calls anybody from Zomato to dozens of other options that would help generate a ticket and assure the customer.
Product is the same or similar, Behaviour is the differentiator and Experience is what everybody remembers.
Disclaimer: I have interacted and know most of the FinTech and other companies mentioned.