HOW SACCOS CAN USE INNOVATIVE PRODUCTS TO IMPROVE CUSTOMER EXPERIENCE AND INCREASE REVENUE
Impeccable customer experience is the key to the success of any business, regardless of the industry.
For the year ended, the internationally celebrated #customerservice week was themed around Customer Centricity. Informed by future analytics, this was certainly not mere hype. SACCOs have not been left behind. The sector has witnessed a renewed focus on understanding members’ needs and providing solutions that fit the needs.
The concern, therefore, is how Saccos can increase revenue and improve customer satisfaction without necessarily having to invest heavily in new systems.
Taking advantage of simple, innovative and secure products is therefore the most effective way achieve the two. We sample a some of the affordable yet innovative products :
- Effective ERP solutions:
The statement “happy employees equal happy customers” cannot be further from the truth.
How better can you achieve this than by making work easier for your team? This is easily doable by providing the best tools to facilitate efficiency in customer-service delivery.
Among the easy cost-effective ways of achieving this is by upgrading an older erp system to a more versatile, even web-based erp, that allows your Sacco staff to work conviniently.
A system that serves members fast and accurately is likely to improve customer satisfaction and boost revenue through increased productivity
- E-Loans
Giving customers easier access to services 24/7 without having to fill physical forms or queue will skyrocket you ahead of any competition. The e-loan product gives your members access o emergency loans, whose limit parameters is determined and set by the Sacco. Driven by an understanding of the challenges encountered by our customers, we have developed the solution so that members receive funds directly to their mobile accounts vis a vis having to withdraw from Sacco first.
This not only guarantees expansion of your loan book as members do not have to run to digital lenders for emergency loans but also increases revenue through interest.
- USSD
The Unstructured Supplementary Service Data (USSD) is a communication protocol for mobile phones. By using USSD code, your members can access web-based services without installing a mobile app. When customized to cover the functionalities needed by individual saccos, this solution can boost revenue for the Sacco as customers are able to access key functions such as Cash deposits ,withdrawals ,subscriptions, etc without necessarily visiting the Sacco offices. The convenience of this product is that it is accessible to customers using feature phones.
- Interactive Web Portal
A web-based interactive portal where both Sacco and board members can not only view statements but also access important information necessary to appraise loans, anytime and anywhere in the world
- IPRS and CRB and Bank Integrations
Saccos do not have to loose hard earned savings through defaults. The risk can be significantly reduced through IPRS integration that verifies the kyc details of a borrower as well as CRB integration that provide credi score and loan appetite reports.
If these solutions are integrated to the cbs, service delivery to customers is faster and more effective.
- Agency Banking:
The easy way to operate a branchless Sacco whilst providing excellent service to members who are away from the Sacco is through agency banking. Customers receive the exact services they would have gotten from the branch, only this time, the services come to them through an agent.
- BulkSMS
SMS commuicationis the fastest and chepest ways to communicate to customers. When correctly integrated, saccos can automatically send notifications of transactions to customers , reminders and even corporate communication of upcoming events
In summary, knowing your Sacco members, undersanding their needs and making services easily available is the key to improving their experience and increasing SACCO revenues through retention and consumption.
