As a Product Manager at Niyo, I led initiatives to significantly improve customer satisfaction, reflected in improving Net Promoter Score (NPS) from 13 to 55 within six months.
Methodology
Implemented a tool to measure NPS and spoke with all the users who gave a rating of less than 9 in the survey.
Key Strategies
Improved debit card transactions success rate: Improved debit card transactions success rate from 40% to 80% in 6 months. Key actions to enhance debit card transaction success rate:
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Integrated real-time communication via push notifications, email, and SMS to inform users of transaction failure reasons, by integrating with real-time callbacks.
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Displayed detailed failure reasons directly within the app to improve transparency and user experience.
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Collaborated with the bank and switch partner to identify and minimize network-related failures.
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Implemented user nudges to unlock specific channels when transactions were declined due to channel restrictions.
Improved card delivery: Implemented card tracking, delivery through Bluedart and added the third line in capturing address.
Service Enhancements: Implemented Live chat from FreshChat, prepared detailed FAQs on the product. Removed the annual maintenance charges as per the customer's feedback in the NPS survey.
Results
The NPS improved significantly from 13 at launch in September 2021 to 51 by March 2022. Below is the month-on-month NPS trend for your reference. This improvement in customer experience helped us to sustain the fast growth in the customer acquisition.
Delighted to see NPS cross 50. Look forward to making 70+ happen
Feedback from the CEO, Niyo
Challenge
Challenges encountered in improving NPS further because of limitations at the bank's end.
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Updating personal details: The bank lacked APIs for updating key personal details, such as mobile numbers, email addresses, and communication addresses. These updates had to be handled manually, impacting the user experience.
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Frequent downtimes: The bank experienced daily and recurring downtimes, disrupting critical services like fund transfers and causing inconvenience to customers.
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Account closure: There was no API for account closure, resulting in delays and manual intervention, further complicating the process for users.
Learnings and Experience
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Gained deep product understanding through direct customer interactions, identifying key pain points and areas for improvement.
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Collaborated with the customer service team to implement a robust customer chat and ticketing system via Freshchat, enhancing support efficiency.
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Aligned role as Customer Experience Product Manager with the personal vision to deliver exceptional customer experience.
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Worked with stakeholders to drive initiatives to improve the customer journey and foster a customer-centric culture within the organisation.