Uncertain times plague the credit card industry.
The current generation of customers, following self help finance books, are increasingly viewing cards as ‘evil’ and the root cause of financial mismanagement.
How can credit card providers turn the tide and make customers fall in ‘love’ with cards?
The 5 key ways in digital lending journeys of cards are-
1. Boost business acquisitions-
Smarter lead capturing across multiple touch points both in retail lending & corporate lending enables customers to start, pause and complete their buying journeys anywhere, anytime and on any device. Faster credit assessment & approvals through automated decisioning engines simplify card application processing. Instant sales fulfilment for credit card can be executed through drag and drop visual digital journey designers.
2. Real time personalized offerings-
Actionable insights can be generated through past customer transactions, purchase patterns and profile data on an intelligent origination platform. These insights, coupled with AI, machine learning can help business teams to develop highly targeted customer engagement campaigns for high probability cross selling. An issuer can deliver real-time offers based on where the cardholder actually is, what they have just purchased, and where they might be inclined to shop next.
3. Seamless integrations for E-KYC–
E-KYC shortens lengthy and tedious documentation hassles. OCR capable digital documentation management makes processes paperless and data entry quick and intuitive. Integration with external credit rating agencies results in instant credit scoring with quick eligibility check on pre-approved offers with efficient credit assessment. Robotic underwriting through actionable data & seamless visual designers provides speedy fulfilment.
4. Influence future customer value-
After a customer gets acquired, be it retail lending or corporate lending, the first 90 days are crucial in moulding customer engagement. A robust digital origination platform will interact with customers on key journey milestones. Meaningful engagement ensures highly receptive customers that in turn, increases customer life cycle value. Issuers can make sure that their cards are the first choice for active cardholders.
5. AI driven customer service-
An intelligent origination platform can help deliver AI driven, machine learning enthused delightful customer service. Real time responses through natural language processing can target digital customers for optimizing customer satisfaction metrics. A digital origination platform can equip card providers to deliver an excellent customer experience. Immediate loyalty reward points leads to customer delight leading to higher card transactions which includes enhanced credit scoring with higher valued customer service.
ORIGINATIONNEXT, digital lending journeys platform, leads to higher customer acquisition with increased retention through process automation & robotic underwriting. Intelligent visual designers with simple drag & drop technique helps in seamless customer journey creation with real time analytics with effective risk modelling system & risk rating platform.