How MSME lendors are preventing payment discrepancies with ‘Voice payment receipts’?
Five Star Business Finance
Five Star’s Problem
In beginning of 2017, Awaaz.De first connected with Five Star Business finance’s CEO, Rangarajan Krishnan. He told Awaaz.De that the reality of their business model was the high dependency on cash collections. As their customers themselves were most comfortable with cash, Five Star worried that pushing cashless collections might have negative business outcomes. Therefore, Five Star’s challenge was to find out whether the cash collected was being reported correctly or not.
Since their focus was on building highly transparent operations and providing good customer experience, it was of utmost important for them to prevent any instances of discrepancies between collections and reported repayment amounts
Solution
After understanding the problem, Awaaz.De helped Five Star reach out to all their customers using their mobile technology solution. Five Star felt that the solution of sending automated calls and SMS in the vernacular language is the most effective and economical method of connecting with customers and bringing their attention to the crucial details of their loans.
Awaaz.De’s cost is ‘90% less than telecalling’
Awaaz.de sent ‘Voice Payment Receipts’ to all of their customers in Tamil, Telugu and Kannada. The call informed customers about the amount the payment amount that Five Star received and the date on which the customer made payment and also asked them to respond by pressing ‘5’ if the amount was incorrect.
At 90% lower cost than telecalling, and delivering much more comprehensive customer engagement data as compared to SMS, Five Star reaches all of their 50,000 customers and allow them to be the first line of defense against any potential irregularity.
Results
78%
avg. call pickup rate
30 seconds
avg. call connection duration
90%
listen rate
Borrower gives cash to the loan officer
Loan officer enters payment details to the tab
Data gets registered in MIS
MIS calls Awaaz.De's API
Awaaz.De sends call with unique details to the borrower in vernacular language
Testimonials
Our business is heavily dependent on cash collections which is why we were thrilled that Awaaz.De’s technology helped us catch 2 instances of collection discrepancies. Now we present Awaaz.De’s report in every Board meeting.
Rangarajan Krishan
CEO, Five Star
