Paisabazaar with WhatsApp Business API

Paisabazaar Boosts Lead-Gen by 3X with WhatsApp

Traditional marketing strategies in this highly competitive environment may no longer suffice. Instead, companies need to adopt fresh approaches to connect with consumers on a deeper level and build lasting relationships.

Paisabazaar faced the same challenge of finding new ways to connect with consumers. That’s when they partnered with Interakt to build an outbound communication plan that expanded Paisabazaar’s outreach exponentially.

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The Challenge

With the lending industry in India becoming more competitive, Paisabazaar recognized the need to enhance its customer engagement strategies. To achieve higher conversion rates, it sought to explore more personalized and efficient ways to engage customers.

•  While traditional communication channels like SMS were losing their effectiveness, Paisabazaar was proactively seeking a solution to better connect with customers and address their needs on an individual level.

• Paisabazaar wanted to offer a seamless experience of accessing pre-approved loans to its users.

• It also aimed to guarantee prompt and efficient responses to every incoming lead.

The Solution

Paisabazaar, India’s foremost consumer credit marketplace, and premier free credit score platform, has solidified its position as an unrivaled leader in the lending industry. Leveraging cutting-edge technology and groundbreaking data innovations, coupled with an extensive network of over 60 strategic partnerships spanning the lending ecosystem, Paisabazaar delivers unparalleled lending solutions, setting the benchmark for excellence in the market. However, with increasing competition in the market, Paisabazaar needed to find methods to connect with consumers.

• The pre-approved loan application process proved to be an effective method for generating leads through WhatsApp Business, as the user’s phone number is readily available, and only a few extra pieces of information are required.

• Additionally, Interakt’s Proactive Messaging allowed Paisabazaar to send 360M WhatsApp business notifications to users since July 2022, resulting in a 100% improvement in conversions as compared to SMS.

• Applicants are proactively approached by Paisabazaar to address any predictable issues they may have and/or provide support.

 The Result

Facing intense competition in the lending industry, Paisabazaar sought innovative ways to engage with consumers and boost conversion rates. Through this collaboration with Interakt, Paisabazaar experienced a remarkable 100% increase in conversion rates compared to traditional SMS-based communication.

Today, over 8 million users benefit from Paisabazaar’s WhatsApp notifications every month, enjoying the convenience and efficiency it offers. This successful partnership between Paisabazaar and Interakt exemplifies the power of conversational interfaces in expanding consumer outreach, enhancing customer engagement, and driving business growth in the digital age.

Sign-up for Interakt’s WhatsApp Business API today and supercharge your business growth!