Axis Bank Chats Its Way to Growth with RCS
About Axis Bank
Axis Bank is the third largest private sector bank in India. The Bank offers the entire spectrum of financial services to customer segments covering Large and Mid-Corporate MSME, Agriculture and Retail BUSINESSES (Source)
Challenges
Being a large bank, Axis Bank offers a bouquet of products including loans, fixed deposits, credit cards, savings account, core banking products, amongst others. Today, the customer journey is spread across various online and offline channels. Making every interaction — on the web, messaging channels, app and other channels — an opportunity to enhance customer experience.
As the bank’s customer base became digitally savvy, the team at Axis Bank wanted a messaging solution that radically improved customer engagement. They looked for a solution that:
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Supports rich media and interactivity
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Enables native interactions that improves engagement rate
Solution
Axis Bank partnered with Karix to develop an interactive chatbot on RCS. The chatbot served as a tool for managing inquiries and transactions related to Axis Loans, Credit Cards, and Fixed Deposits.
Using the chat interface, customers could seamlessly inquire about loan options, apply for credit card, fixed deposit and initiate service requests, all within the messaging interface.
Customers could simply scan a QR code to Start interacting with the chatbot. They could seek information about products and use buttons to act from the same interface. This simplified and streamlined the complete discovery to conversion process.
Impact
Axis Bank’s RCS Chatbot brought significant improvements across key business metrics. By leveraging RCS, the team at Axis Bank enhanced customer interactions and streamlined the process for applying to Axis Loans, Credit Cards, and Fixed Deposits directly through interactive chat sessions. This innovation not only provided customers with a seamless and convenient application process but also contributed to a marked increase in engagement and conversion rates.
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2000+ users activated through Axis Bank’s RCS chatbot
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45% cross-sell opportunities enabled for loans cards, FD
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6.5% service requests credit created via the chatbot
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Result
8 million Facebook users saw Titan’s ads
More than 125+ new purchases directly attributed to the campaign
With the impressive shopping cart conversion rate* of 25%
More than ~500 users added watches to their carts
Nikhil Padmanabh
Head Martech & Digital Analytics
Axis Bank
"Working with the Karix team has been a highly positive experience. From the initial onboarding process to ongoing support and account management, they have demonstrated a deep understanding of our business needs and a proactive approach in addressing any challenges. The team's expertise in RCS Technology and their willingness to collaborate closely with our internal teams have been instrumental in the successful implementation of the solution. Their responsiveness and Nikhil Padmanabh Head - Martech & Digital Analytics dedication to ensuring our satisfaction have made them a Axis Bank valued partner in our journey towards digital transformation."
Summary
Axis Bank’s RCS Chatbot developed by Karix significantly improved customer engagement. By offering interactive features, the chatbot streamlined inquiries and transactions for loans, credit cards, and fixed deposits. Improving conversion rates by providing a seamless customer experience.