IRCS Case Study .pdf

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CASE STUDY

‘Voice payment receipts’ are changing how the
microfinance industry connects with customers
IT team integrate Awaaz.De’s personalised voice
messaging API and set up customised dynamic
message templates to cut across customer language
and literacy barriers.

Client: IFMR Rural Channels
and Services (IRCS)
Company type: NBFC
Products: Primarily JLG
loans in addition to MSME, gold loans, and
third-party financial services such as insurance
and investments
Customer base: 3 lakh customers mostly in
Tamil Nadu and increasingly in Odisha and
Uttarakhand

At a cost 90% less than telecalling, this technology
fully automates personalised, vernacular language
voice payment receipts targeting 2.1 lakh loan
accounts
monthly.
Loan
officers
entering
collection details into their tablets trigger automated,
near-real-time calls informing customers of the
amount of payment received as well as principal
amount and EMIs remaining.

Awaaz.De’s cost is ‘90% less
than telecalling’

Client Challenge
In 2016, IRCS’ MD & CEO K. Venkatesh approached
Awaaz.De with a problem. SMS-based payment
confirmations weren’t effective at preventing
irregularities in cash collections and improving
on-time repayment. IRCS doubted if their lowincome, rural women customers using feature
phones were reading these English messages, let
alone even aware they were receiving SMS. Moreover, since SMS can report delivery but not message
comprehension, IRCS lacked transparency about this
core business function.
Awaaz.De’s Solution
Awaaz.De worked closely with IRCS to design and
implement a mobile voice payment receipts system to increase collections transparency and build
customer trust. Specifically, Awaaz.De helped IRCS’

70%
avg. call pickup
rate*

After system launch, Awaaz.De’s team conducted
a field visit with IRCS customers and branch staff.
Customers reported that voice communication
allowed them to better understand their
transactions, more so than paper and SMS receipts.
Furthermore, customers valued that IRCS
prioritised consistent customer touchpoints beyond
what is common for other institutions, in a language
and medium that they can understand. Finally,
after analysing call data and conducting customer interviews, Awaaz.De recommended message
content changes which have increased call
completion rate by 100%. Given the success of Awaaz.
De’s implementation, IRCS now uses Awaaz.De’s
platform for cross-selling and plans to expand
the transactional messaging system into more
languages.

RESULTS

24

seconds

avg. call connection
duration**

64%
avg. call completion
rate †

* pick-up rate = # of calls picked up / # of calls broadcast
** for an approx. 30-sec. duration message
† completion rate = calls completed / # of calls picked up

HOW VOICE PAYMENT RECEIPTS WORK

TESTIMONIALS

K. Venkatesh

Rupa

IRCS MD & CEO (2015-2017)

IRCS Customer

“Since a sizeable number of rural
customers are illiterate, sending a SMS
was not serving the purpose [...]
Awaaz.De helped me meet my above
objectives which was one more crucial
step in deepening our customer
engagement.”

“After the call, I have more trust in the
company. Normally there is no
relationship, but these calls create
relationship ‘bonding’ and I’ll be more
likely to come back for another loan if
I feel that relationship.”

About Awaaz.De
Awaaz.De is an Indian tech company helping MFIs, NBFCs,
and banks grow using mobile. Leading financial institutions
including YES Bank, Ujjivan Small Finance Bank, Bharat
Financial Inclusion (BFIL), and Margdarshak Financial
Services trust Awaaz.De’s communications platform to
connect with customers. Since 2012, Awaaz.De has reached
approx. 20 lakh end users across 23 states and 11 countries
on behalf of 250 clients.

For business enquiries, call +91 7940086740
or email us at info@awaaz.de

www.awaaz.de


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