Revolutionizing the personal loan experience with WhatsApp
Overview
Challenge: Enhancing customer engagement with a seamless, personalized loan experience
Solution: Using WhatsApp to create a conversational loan simulator
Results: Simplified customer interactions and impressive campaign conversion rates
91%
read rate
1.4%
conversion rate
€20M
generated through simulations
Challenge: Crafting a seamless, personalized loan experience
Creating seamless, personalized digital banking experiences is no easy feat, even for industry giants like HSBC. Rising to the challenge, the company set out to make personal loan applications smooth and simple and enhance its relationship with its massive global customer base.
Driven by an innovation culture and a strong customer focus, HSBC's CRM team joined forces with Sinch for a transformative mission: simplifying and personalizing the personal loan experience.
Solution: Building a conversational AI experience in WhatsApp
After experimenting with various formats like Rich SMS and personalized video, HSBC took a bold step into the realm of conversational banking and built an AI chatbot in WhatsApp, allowing customers to do a personalized credit simulation on a communication channel they love.
At the end of the simulation, the customer received their quote in the form of a personalized image with the desired loan amount, applicable interest rate, monthly payments, and legal notices.
“We're delighted with this initiative. WhatsApp is more than a new channel for us. It's a new way of interacting with our customers which allows us to understand their needs and provide ultra-personalized offers in the same discussion thread. The power of WhatsApp lies in the ability it gives us to cross-reference conversation data with customer data to personalize subscription processes,” said Sabrina Giry Fernandez, Head of CRM at HSBC.
Results: Enhanced customer engagement and impressive conversion rates
The solution was launched in just one month with more than 18 variations and was a resounding success. With 91% of targeted customers engaging with the campaign and a conversion rate of 1.4%, the simulation generated over 20 million euros.
"The Sinch team was great and very professional. Their expertise and advice allowed us to quickly collect opt-ins, find technical solutions to implement sophisticated scenarios, and offer a smooth experience to our customers. The results exceed the objectives we set for ourselves and we’re already thinking about next steps,” said Sabrina Giry Fernandez.
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