How Bajaj Finserv Increased Loan Disbursement By 9%

Increase loan disbursement for Financial Services Marketing with webEngage
Customer Profile

Bajaj Finserv, a part of Bajaj Holdings & Investments Limited, is an Indian financial services company focused on lending, asset management, wealth management and insurance. It is engaged in life and general insurance businesses through its joint ventures with Allianz SE namely Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited.

The Objective

The influence of digital channel is on a rise across all types of financial buying. Whether it be gathering information during the pre-purchase stage, comparison of alternatives or even the final purchase digital has emerged as a dominant channel.

BCG estimates that by 2020, three in four insurance purchase would be influenced by digital channels during either pre-purchase stage, purchase or renewal stage.

For Bajaj Finserv it was no different, they registered monthly traffic on site to the tune of ~1 million. A large chunk of visitors came to look into particular sections of the website but only to leave without sharing any information. Meaning most of the site visitors were anonymous, unidentified.

The marketing team at Bajaj Finserv thus had one aim –
They wanted to make the most of the traffic on the site, convert them into leads to be fed into the sales funnel.

The WebEngage Effect

With the aim to make visitors take desired actions on the website, the marketing team at Bajaj Finserv deployed a comprehensive campaign using WebEngage.

The campaign was designed to segment specific set of visitors based on their behavior, target them with relevant messaging, guide them to relevant pages, thus optimizing the conversion funnel. Here how they did it:

Generating Financial Services Leads with Onsite Retargeting

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A tried and tested approach to attracting eyeballs, thus customer interest is highlighting benefits of your product. Using onsite retargeting, a set of visitors on the website were targeted with relevant promotional messaging.

Onsite Retargeting is targeting the users with ads and messages while they are on your website. The intent of the user in such a case is quite clear and hence the targeting makes much more sense and results in better conversions.”

In this case, using WebEngage’s targeting rule builder returning visitors on the site were shown notifications based on their previous interaction during last site visit.

For e.g. all visitors who visited home loan pages in their last visit when return back are shown a message prompting them to Apply for Home Loan.

Onsite retargeting for financial services lead generation

We crack this by dropping cookies in web browser and tracking users using them.

Also, we used URL targeting that ensured notification is only displayed on homepage and time delay targeting that defines a minimum barrier/threshold time after which notification triggers into action.

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Guiding users to the next step in decision making process

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During the pre-purchase stage prospective buyers invariably take actions critical to completion of final purchase. In application for loans, checking loan eligibility is one such critical step.

Using sticky-footer-notification, a micro-segment of visitors were targeted with a message to check their eligibility. As you must be expecting, this micro-segment of visitors had already depicted interest in taking a loan.

Marketing financial services during pre-purchase phase

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Customers buying financial services want to mitigate the risk of post-purchase dissonance. They want to ensure they are making the right choice and try to look for all the information there is before buying.

One way to assist their decision making process is done via supplementing customers with content that helps them make the right choice. Bajaj Finserv did exactly that using onsite notifications.

Visitors on the site looking to calculate interest rates were nudged to know more about benefits of investing in FD. Upon clicking the CTA (know more), visitors were redirected to the blog enumerating seven reasons to invest in FD.

The Result

Equipped with WebEngage’s hyper-targeting capabilities, the campaigns run by the marketing team at Bajaj Finserv turned out to be incredibly fruitful.

After using WebEngage, monthly leads for one of the financial services product shot up by 29%. The effect of the increase in leads captured reflected in business numbers; the month on month loan disbursal increased by an impressive 9%. Further substantiating that simply assisting the right set of users, at the right time during purchase process encouraged users to act and convert into customers.

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