Finserv MARKETS Reduce Time to Market by 40% with Adobe Experience Manager
Today’s customer is more in control than ever before. For businesses, while choice, speed, and personalization were once competitive advantages, they are now basic prerequisites. With the rise of digital platforms, companies are made or broken over their ability to create compelling experiences. Irrespective of the sector, even in traditionally offline industries like finance, digital offerings are fast becoming crucial to growth.
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. In a market more fragmented by behavior than it is by demographics, the challenge of personalizing every step of the buyer journey is even more complicated.
Keeping in mind the importance of innovation and excellent customer experience, Bajaj Finserv, one of India’s largest NBFCs (non-banking financial companies), has launched Finserv MARKETS www.bajajfinservmarkets.in, a comprehensive digital marketplace that offers loans, insurance, investments, payments, and lifestyle products.
With trials of the model seeing success, the company decided to scale the platform into a fast, intuitive, and targeted marketplace using Adobe Experience Manager.
Driving the need for speed
Finserv MARKETS knew that to scale the marketplace rapidly, it would need to offer a comprehensive and fast-expanding range of products. And that’s not all. The customer journey would need to be fast, intuitive, and seamless across platforms.
The company 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.
“We only had a 3-month window to deliver the website displaying 30 products across lending, insurance, investment, and EMI cards with engaging content and exploratory tools, and that’s what Adobe did for us,” says Avinash Dhane, Senior Manager – Digital Marketing and Innovations, Bajaj Finserv Direct Limited. “We have witnessed a 40% decrease in time needed to create landing pages and take them live. In our view, any other content management system or solution could not have done that.”
Money in time
In an attention economy, 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.
“We also went live with Accelerated Mobile Pages (AMP) in May 2019 and published them in the subsequent month. Many of these pages are now ranking amongst top 10 results, with Adobe Analytics being leveraged to track page impressions.” says Brijesh Mishra, Sr. Manager – SEO Optimization, Finserv MARKETS
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 Adobe Solution Partner, Tekno Point, who executed the project, Finserv MARKETS 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. “Finserv MARKETS features multiple product-specific journeys with new journeys added regularly. It needs to offer the flexibility of adding new performance parameters without affecting the existing implementation.” says Himanshu Mody, CEO of Tekno Point.
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 asset is designed and served specifically to that customer, and thus gives a significant boost to our conversion rates,” Dhane adds. Through the tool, Finserv MARKETS 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 has accomplished several notable milestones:
- Over 20 products taken to market, each complete with customized consumer journeys, within a month
- With reduced publish time, Finserv MARKETS created over 130 pages in just three months
- 4-second website load time, nearly 75% faster than the previous version, makes Finserv MARKETS one of the fastest digital marketplaces in the financial space
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.
Finserv MARKETS uses Adobe Experience Manager, Adobe Analytics, and Adobe Target to offer consumers in India a comprehensive marketplace for financial products and insurance with a laser focus on customer experience.