The consumer finance market in Vietnam is seen as one of immense potential. With the continuous economic growth of Vietnam in recent years, the rapidly increasing consumer demand has attracted a multitude of newcomers to enter this market. In the context of such a fiercely competitive environment, improving user experience through understanding the needs and desires of customers is crucial.
Improve customer experience via a digital-first approach
Grasping market trends and the desire to meet the need to access consumer loans fast and easy, FE CREDIT relies on customer-centricity as its singular value proposition to increase market share and maintain its leading position. With over 50% market share and over 13,000 Point of Sale (POS) terminals nationwide, FE CREDIT initially used two centers for inbound and outbound calls. With the application of new management system, the company streamlined into one omnichannel approach that allows increased agent productivity and operation activities.
Mr. Nguyen Thanh Son, FE CREDIT’s Head of Customer Service, affirmed: “Our entire focus is on customers. We want our customers to be able to access their information on all available channels anytime, anywhere they want – on the web, on the mobile app, or even to chat with us, 24/7.”
FE CREDIT has implemented various performance management tools to actively monitor the performance of agents in real time, thereby maximizing operational efficiency. The results were reduced timeout and rate of dropped customer calls, increased probability of connecting customers by 30%, improved service levels by 85% and significant reduction in ringing and waiting time for calls. The achievement showcased FE CREDIT’s commitment towards excellence in customer experience.
Banking on the voice of customers
FE CREDIT’s business model is geared towards greater diversification as the company seeks to acquire new customers and increase market share. As business demands evolve in the intensely competitive market, the company strives to ensure highly personalized customer experiences supported by an agile infrastructure that can meet the diverse needs of the business.
In the future, FE CREDIT relies on on-premise solutions powered by artificial intelligence (AI) and machine learning (ML) engines to obtain valuable insight about customer demands. Based on this obtained information, all touch points throughout the journey become seamlessly integrated for a better analysis. It is the ultimate goal of FE CREDIT to maintain a consolidated unified communication stack to better service our customers.
