In the last few decades, we all have noticed that India’s NBFC industry has come out as more mature and stronger than ever. NBFC has a significant role in offering opportunities for financial inclusion to the enormous unbanked sector of India. Over time, the consumer base of the NBFC has evolved a lot.
As per the Statista report, The ratio of profits from non-banking financial firms to India’s GDP was around 0.4%. There was a small improvement compared to five years back when the ratio stood at 0.37 percent. The companies now strongly require to focus on the NBFC loyalty program and more aspects to gain the market share.
Various ways to build customer loyalty in NBFC customers
#1. Competitive interest rates
It is the most essential and first factor to start. You might check out an NBFC for a loan, especially when you contain less than a perfect credit score. NBFC offers a simplified and quicker loan sanction process and makes sure a quicker loan amount is disbursal.
But, the NBFC’s interest rate could be comparatively higher than the banks. However, those people who don’t have any issue in credit score should go for banking loans. NBFC’s could look at the interest rates and make them a bit more competitive to increase their customer base and ensure that they can retain them.
#2. Efficient engagement of customers
As per the Statista report, The number of smartphone users in India is estimated to reach over 760 million in 2021. With this substantial number of smartphone users, Indian consumers now know what they want and need.
As the customer base is evolving, NBFC firms have to look at their services, whether they are capable enough to hold the customers’ attention today or not. The habits of purchasing goods and services by the customers are changing every day.
The NBFC enterprises can engage the consumers across the whole lifecycle and enhance their retention rate.
#3. Building an effective reward and loyalty program
Along with the aspects mentioned above, the NBFC loyalty program is essential to retain their customer base. Most of the banks, especially private firms, have a robust concentration on handling public relationships and providing their clients with a host of advantages right from discounts, air miles, etc.
Loyalty programs are among the most effective marketing tools in the finance industry and have also been a revenue-generating tool. It is high time for firms to introduce the NBFC loyalty program using customer information to know expenditure patterns and develop customized NBFC loyalty programs that suit their customer base.
#4. Focus on customer satisfaction
It is imperative to keep customer satisfaction front and center of paramount in today’s competitive business world. As we know that the customers are the brand’s strongest and most robust ambassadors, so focusing on customer satisfaction becomes vital. Here are some of the essential aspects to elevate the customer experience for customer retention.
● Fine-tuning with internal and external processes
● High service quality
● Delivering a high-quality end-to-end customer experience
● Identifying a few specific drivers
● Having metrics to measure customer satisfaction
#5. Focus on innovation
Technology and innovation are crucial aspects. For every business, technology plays a significant role, and NBFC is not an exception. The use of technology can be done to refine the process of application. With the use of technology, you can make your application smoother and faster.
Additionally, it would be a cherry on a cake if your users can see their application status, several payment options, transaction safety, and better interest rates. Technologies like analytics and big data help to get actionable insights into product and customer portfolios.
Also, innovative technologies can help firms recognize the loopholes and tell the scope of improvement and new business opportunities by offering targeted customers’ targeted profiling.
There are tons of ways to build customer loyalty in the NBFC industry. As we have mentioned earlier in the post, firms specifically need to focus on the NBFC loyalty program. It is the most effective and robust technique to retain and build customer loyalty.
Technology has assisted NBFC firms in launching new services and products with increased business agility. It is assisting the NBFC sector in building customer loyalty and generating more business opportunities. Loyalty programs assist the NBFC sector in increasing customer retention rates and increasing productivity.
Talk to us today if you are interested in hearing more about loyalty programs for NBFC industry. For more you can request a free demo of our loyalty management platform!