Improving Investment Management’s Customer Experience via Multichannel

Improving Investment Management's Customer Experience with WhatsApp Business API

Today’s customers understand the importance of investments. It is no surprise then that the investments in mutual funds have increased exponentially and have contributed significantly to the capital market. Investment management firms have also started to improve the customer experience for their present clienteles. For firms who are still looking for ways to enhance your customer management, a Multichannel service can help your business reach out to potential customers better via multichannel services so (potential) customers can interact with them better.

While the government has targeted the increasing economic inclusion level to 75 percent in 2019, some parties, including regulatory and industry players, are leveraging on its customer basis to another market basis they have never tapped on before. As a narrative, industry players have highlighted the importance of investments since an early age, particularly if the customer desires to protect its current assets or generate gains that will not be eroded by future economic inflation.

Industry players have also lured potential customers by educating the masses about the advantages of investing earlier on in life, such as gaining more profits than what banks can offer, developing discipline in investing to achieve personal economic goals as well as guaranteeing a stable financial situation in the future. These are attributes which are important to also grow the country’s economy.

This narrative has successfully raised consumer awareness in starting investing early. For a start,  new investors often try to invest in mutual funds as these do not require significant capital and have a relatively low risk compared to other financial instruments. It is no wonder that mutual funds have already attracted a vast amount of investors. Data from showed that in Q3 of 2019, about 1.23 million investors were already investing in mutual funds.

It recorded a 77.65 percent increase in the number of investors in 2019 (YoY)—the highest in the capital market—with 99.65 percent ownership composition sourced from domestic investors. The satisfying results were generated from PT Kustodian Sentral Efek Indonesia (KSEI)’s efforts in simplifying the mechanism of opening accounts via the e-KYC (Know Your Customer) system, OJK’s continuous efforts in socializing financial literacy to residents and commercial players’ strategic actions in responding to the digital challenge.

Manulife Aset Manajemen Indonesia’s (MAMI) Journey in Creating Relevant Customer Experience (CX)

One such investment management company that has quickly adapted to the digital situation i.e. to suit today’s customer behaviour of demanding everything through technology —is Manulife Aset Manajemen Indonesia (MAMI). As an investment management entity, MAMI eases the investor’s efforts to start investing with very little funds with as little as Rp10.000,00 for a sharia-compliant and Rupiah-based mutual fund which consists of equity, fixed-income and money market funds.

Initially, MAMI provided two platforms via calls and emails as tools to respond to customer queries about information on products and services. The customer had to interact directly (face-to-face) with the marketing team should they want to acquire MAMI’s products. MAMI then decided to kill two birds with one stone by riding on technology that not only aims to improve efficiency but also to build a better and more relevant customer experience that would inevitably lead to customer satisfaction.

MAMI subsequently activated its Live Chat, Facebook Messenger, and LINE channels as part of its Customer Support’s channels in providing customers with assistance on product purchasing.

In considering a new vendor to manage these channels, MAMI had the condition that the vendor should not only fulfill its current needs but also provide a WhatsApp API since most of MAMI’s customers were inclined to use this platform. MAMI wanted to provide a more relevant customer experience for its stakeholders.

How Qiscus Helped MAMI to Improve Customer Experience

MAMI then chanced upon Qiscus and utilized the company’s Qiscus Multichannel Chat, a service that allowed MAMI to manage multiple enquiries while still sustaining its efficiency in responding to customers. By choosing the Qiscus Multichannel Chat, MAMI was able to leverage on the vendor’s WhatsApp Business API to provide professionalized customer service as well as more personalized customer support.

With the Qiscus Multichannel Chat system, MAMI is able to stay relevant and provide an easy and smooth customer experience for its customers, existing and potential, who are likely born into the culture of immediacy in today’s highly digitized culture.

Through the service, MAMI could create a more effective and efficient conversion rate for its customers. In the process, it could also record customer behaviour with the Multichannel analytics feature. MAMI was able to gather holistic insights and use real data to plan relevant marketing strategies to suit current trends and conditions.

Understanding Your Customers’ Expectations and Thrive Digitally

In a fast-changing world like today, it is essential to understand your customers’ expectations and thrive with the help of technology. Understanding current trends and situations had contributed to MAMI’s ability to listen to its customers who long for a simple, yet powerful, service which could enable them to have a more relevant experience.

Should you want to know more about managing customer experiences and expectations using Multichannel, kindly download our whitepaper here. You can also contact us to  discuss further about our Qiscus Multichannel Chat. We are delighted to hear from you and help you solve challenges you might be facing.

You May Also Like