This case study was originally published by Adobe
Bajaj Finserv, one of India’s largest NBFCs (non-banking financial companies), recently launched Finserv MARKETS, a comprehensive digital marketplace that offers loans, insurance, investments, payments, and lifestyle products. With trials of the model seeing success, the company decided to partner up with Adobe Solutions Partner Tekno Point/DEPT® to scale the platform into a fast, intuitive, and targeted marketplace using Adobe Experience Manager.
Driving the need for speed
In today’s world, digital offerings are fast becoming crucial to growth, even in traditionally offline industries like finance. The journey in this sector, however, is far from straightforward. Brands first need to excite customers about financial products, before educating and driving choice for their portfolio, all while offering a highly contextual experience.
Keeping in mind the importance of excellent (digital) customer experience, Bajaj Finserv launched its digital marketplace Finserv MARKETS. The company knew that to scale the marketplace rapidly, it would need to offer a comprehensive and fast-expanding range of products. And the customer journey would need to be fast, intuitive, and seamless across platforms.
Hence, with the help of our team at Tekno Point/DEPT®, they deployed Adobe Experience Manager to move to an agile go-to-market approach, improving publishing and loading speed and scaling from three products to 30 products on a standalone website.
Time is money
In an attention economy like ours, customers value time. On digital platforms, this behavior is amplified, driving companies to bank on context-driven speed.
With the help of Adobe Experience Manager, Finserv MARKETS is now able to offer customers a fast and seamless experience with 4-second load time for pages, irrespective of changes in traffic, compared to a lengthy 15 seconds previously. The time taken to make changes to the website has also reduced to 12 minutes as opposed to several days that it used to take.
Smart is tremendous but intuitive is exceptional
One of the critical drivers of Finserv MARKETS’ success is its ability to understand what customers want quickly before making them a customized offer. In collaboration with our team, the company implemented Adobe Analytics to generate intricate details about website visitors – from drop reasons and error codes resulting in drop-offs to the number of repeat visits and information about data submitted.
Building relationships of trust
Efficiency is only one part of the battle, and strong customer connections are where the real magic happens. Each of Finserv MARKETS’ customers has a unique profile that needs specific solutions, making personalization integral to the business model.
Powered by Adobe Target, Finserv MARKETS was able to convert product landing pages to pre-approved offers, offering customers intuitiveness and speed: when a known customer visits the website, Adobe Target converts the entire product landing page from a generic page to a pre-approved page. For example, a Personal loan page gets converted to a customized page for returning visitors, where they are shown pre-approved offers based on the information they may have shared in their previous visit. This significantly boosts Finserv MARKETS’ conversion rates. Through the tool, the company also runs targeting experiments, identifies known customers and visitors, and even pinpoints specific reasons for low conversion on individual offers and products.
Fast forwarding the future of finance
In transforming into a digital platform tailor-made to the needs of the current consumer, Finserv MARKETS’ and Tekno Point/DEPT® have accomplished several notable milestones:
- Over 20 products taken to market, each complete with customized consumer journeys, within a month
- Over 130 pages created in just three months
- 4-second website load time, nearly 75% faster than the previous version
These exceptional results have reduced time to market, improved customer satisfaction, and added to the efficiency of the business. Now, with its unique offering built on the back of exceptional customer experiences, Finserv MARKETS is furthering its goal of making financial products accessible, relevant, and personal to its customers.
CTO – APAC & DEPT® Adobe Practice