FatakPay is India's leading fintech platform. It offers credit facilities virtually to individuals even with low salaries. As FatakPay grew in the industry, it encountered some growth-resisting problems like no tracking of leads, no follow-ups, etc. To get rid of them, FatakPay invested in Corefactors AI CRM. Thanks to their investment, they no longer experience such problems. Besides, FatakPay now handles more than 64800 leads every month. Let's learn how our CRM helped the brand.
Fatakpay is one of the leading online payment platforms. It offers financial services such as virtual credit cards to the masses, especially low salaried people, which can be used for carrying out day to day financial transactions. The platform allows its users to simply scan the QR and make payments in situations where they don't have cash in hand or a low bank balance. The payment made can be paid later, without any interest. In other words, FatakPay is a buy now, pay later online application.
The credit approval process of FatakPay is seamless and fast. Users don't have to wait for days to get their credit card approved. With the right documents and no credit issues, FatakPay issues credits without any hindrance and no long waiting periods. The platform's vision is to offer easy, secure, transparent and fast credit access to anyone, anytime and anywhere. Talking about the FatakPay application, it's available on both Android and iOS devices.
Problems Experienced by FatakPay
The way toward continued growth wasn't an easy way for FatakPay. They encountered some unique issues they had no solutions for. Corefactors offered them AI CRM, which resolved all their issues. Here are some of the problems our CRM got rid of:
No Dedicated Platform For Sales And Marketing Teams
The sales and marketing teams of FatakPay were not synchronised with each other. The marketing team had no clue what the sales team was doing. This turned out to be a huge issue as the marketing team could not run ideal marketing campaigns. The reason was that the marketing campaigns and marketing emails had to be based on the sales team's input.
But since there was no dedicated platform for each of them to stay connected with their datas, both teams suffered. The marketing team suffered because their campaign was inefficient due to a lack of sales data. And the sales team was suffering because of the low conversion rate of marketing campaigns. So FatakPay wanted a platform that could connect the sales and marketing teams together in one place.
Late or No Follow-Ups With Leads
The second major issue in front of FatakPay was being late and not following up with the leads when they were warm. This is also one of the factors that were affecting the lead conversion rate of the brand. Customers entered the marketing funnel, and the agents were successfully converting them on the call. But the main issue started once the call was over.
The agents were unable to send follow-ups to the customers on time. Moreover, the follow-up was also not being offered against the client enquiries. This was affecting the company's reputation, resulting in a low customer retention rate. Trust is the toughest to win when it comes to a payment gateway platform. The no follow up issue was affecting the ability of customers to trust the brand.
Inefficient Tracking of Field Team
Another significant problem in front of FatakPay was the inefficient tracking of the field team. The field team members used to conduct meetings and carried out their daily tasks. But neither meetings nor their daily tasks were properly tracked due to the lack of a dedicated tracking solution. Since there was no tracking solution, the records of meetings by the field team were unclear and unreliable.
Moreover, it was also noted that less number of team meetings were being conducted than the ideal daily target. This had complicated things for administrators because they could not track the progress of field teams. So they had no idea how and which strategy to implement. FatakPay wanted a solution to this issue as fast as possible.
Improper Records of Customer's Purchase History
At FatakPay, the success team cannot perform to their fullest capabilities. The reason why they were not able to perform well was due to the absence of proper customer records. The success team could not understand the customer spending pattern and their revenue potential due to a lack of information.
Besides, other teams too such as the sales team have not maintained proper records and other purchase-related information about the customers. All of this was happening because of the absence of a dedicated CRM tool. FatakPay wanted a solution that automatically maintains the records of every customer once they are converted.
Multiple Platforms For Data Recording
Different teams at FatakPay were using different applications to record data related to their department. In other words, all the data was scattered throughout multiple applications. Now, this became an issue when the administration needed to analyse overall business processes.
Since the data was stored on different applications, it was difficult for officials to gather all the information together without spending more than the assigned time. FatakPay needed a CRM tool that could be used by different departments to share their distinctive data.
Solutions Corefactors AI CRM Offered to FatakPay
The above problems were huge and needed to be resolved as soon as possible. Our AI CRM provided FatakPay with the solutions to these issues. Here are some of them:
Advance Journey Solution
Corefactors AI CRM offered FatakPay an advanced journey solution, which helped the marketing team get the ultimate access to analysed reports of the sales team. Our CRM connects multiple teams together, including the sales and marketing ones. So the marketing team can access the information regarding the sales with just a few clicks.
With the latest sales information, marketing campaigns can be created better, resulting in an increased lead conversion rate. An increased lead conversion rate will automatically benefit the sales team.
Marketing Box Solution
Late follow-ups were a significant issue that FatakPay was looking to resolve fast. Our AI CRM provided the company with a marketing box solution. This solution enabled the business to create Omni channel Marketing strategies. The strategy further helps in reaching out to more prospective customers and leads.
And once they are converted and get inside the marketing funnel, follow-up messages are automatically sent to them. The clients receive the right follow-up message based on their enquiries and revert to previous conversations. This helped FatakPay create more personalised connections with their clients, resulting in customer loyalty.
Sales Box Solution
Another wonderful solution Corefactors AI CRM offered FatakPay is the sales box. The sales box offers an automation facility that captures the leads in real time. They do so by integrating with the website of FatakPay and then auto-assign the leads to the right field executive accordingly.
Moreover, customer information is continuously carried forward between the marketing and sales team. This has helped in multiple ways, like qualifying relevant leads, increased lead conversion ratio, eliminating irrelevant leads, faster conversion time, saving agents time, building rapport between sales representatives and leads.
Geo Tracking Feature
FatakPay was experiencing issues with tracking the field team. Corefactors AI CRM resolved this issue by offering the brand efficient Geo tracking features. These features allow the officials to ensure that any team member does not miss the meeting.
Since everything is being tracked all the time, there are fewer chances of excuses made by the team members to miss the meeting. The Geo tracking features have also helped FatakPay conduct more client meetings than they used to conduct before.
360 Degree View of Customers in Revenue Chart
Corefactors AI CRM collaborates with the success, marketing, and sales teams to map out a 360 view of every customer in the revenue chart. This 360 view of customers helps FatakPay understand customers' journey from start to end and calculate various different metrics such as MRR, ARR and LTV. The detailed view also helped to devise unique, targeted and personalised up-sell and cross-sell strategies for every customer. In other words, it gives an overview of customer engagement from the marketing team to the sales team to the revenue team.
Understanding of this marketing cycle helps the brand increase customer retention by implementing the right strategies in the right area of business. On the other hand, the customer churn rate decreased. Furthermore, doing so has also helped the brand win customer loyalty which is the toughest to achieve.
Results And Benefits
FatakPay invested in our AI CRM and instantly got rid of all the problems they were experiencing. In addition to that, the CRM boosted their growth and helped them streamline their business process. Earlier, their lead handling capability wasn't upto to their objectives. However, currently, they are handling more than 64800 leads every month.
Furthermore, the platform gets 50+ new users every month, thanks to timely auto follow-ups sent by our CRM. To bring your business to another level, try Corefactors AI CRM. Business giants like FatakPay use it and are getting way ahead of their competition. It's time you do the same!