 So, ladies and gentlemen, after this, it is time to move on to the next session. Well, ensuring a wholesome consumer experience while catering to changing consumer patterns can be tricky. But our next brand, which started in 2018, is definitely doing something right to be succeeding amongst those with the competition to have to become a unicorn in this process earlier this year. Well, ladies and gentlemen, we're now joined by Dhruv Dhanraj Baal, the Chief Operating Officer of Parakpe to share his insights on the better consumer experience, a game changer for companies. With this welcoming Dhruv on the stage and screen, thank you Dhruv for your valuable time. With this, the stage and screen is all yours. I hope you're doing great today. I'm great Bhavna. Thank you so much. And you guys seem to be having an amazing session. I didn't think I would enjoy Snapchat that much. I've never used it. But now I think after that last presentation, I'm definitely going to be picking it up and using it and maybe even considering adding, as he said, a camera to our brand strategy. But that was very insightful. Thank you so much. Great to be here. And it's an interesting topic that we've picked up, right? It's very volatile times, very uncertain times. Things are changing. And in these changing times, we necessarily want to build excellence in consumer experiences that transcend in some regards, the transactional nature, but create a brand identity and create something that people can associate themselves with. And especially in financial services, that becomes extremely relevant, right? So I'd like to just put on my presentation. If you'd give me a second, would you guys be putting, why don't I just put that up and share my screen? Just give me a second. Sure, just share my screen. OK, so financial services and brand in financial services. I mean, this is very interesting and brand as a function of what it becomes because of consumer experience and or customer experience and how that becomes a game changer. So just to give you a little background about Bharatpe, we're a little over a three-year-old company backed by some of the Maki investors. We're in the financial services world. We started with the QR payments. From there, we went into costs. We went into lending. We now do deposits. Very recently, people heard about our foray into the banking world with the joint venture partnership with Centrum and the launch of the Unity small finance bank. You also heard about us getting into the consumer space with BNPL, which is by now pay later through our brand called Postpay, which was all over the place during the T20 World Cup. So we're doing everything. Someone recently said, hey, you guys are like the SpaceX of financial services. You're doing everything in a very short period of time. And I think that's the best compliment we could have had. So we're doing a lot, but at the core of it is our customer. Our customer is two types. One is the merchant, which is our established business, which is what Bharat Pay is. And the other is the consumer, the newer BNPL credit deposit, 12% club features that we are launching. But at the end of the day, even our merchant business, we behave like a B2C business for us. Everyone's a customer. So what we call MX, which is merchant experience, or CX, which is consumer experience, put together is one entity. And that's how we focus on it. But to take you into that world, let me tell all of you a little bit of a small story. So when you look at customer experience, there is a metric called NPS. NPS tracks how many people are truly promoters of your brand, what's the strength of the word of mouth of your brand, how many people to go and talk great things about your brand. Unlike customer satisfaction scores where there is an above average or a below average, NPS sort of differentiates people who are truly promoters or people who are really high up on that scale of satisfaction or who had a wow experience. And it actually says anyone with an average or just above average experience is not going to be someone who is going to promote your brand. But there will be negative word of mouth. So it's not that because they're not satisfied, they won't even talk about your brand. They will actually take people away from your brand. And so the ratio of the people who are promoting your brand versus who are detracting from your brand becomes that target NPS. It's very easy to think about brands that have this very visceral customer experience that people enjoy and hence become promoters of it. I'm an, as they call it, an Apple fanboy. So Apple is one of those products that people love. It could be in cars. It could be an Audi, a Mercedes, or a BMW. But do you, like, I would love, if this was a live audience, I would have asked people to put up their hands and tell me, can you guess which is the brand that is the highest NPS in the world? And very interestingly, let me show that to you. The highest NPS in the world actually belongs to an insurance company. And that's very, very surprising for people who track consumer experience, customer experience, and the world of it. Because there's three reasons why insurance is actually a, is a terrible industry to deliver of our experience. First, you pay for a product upfront that you may or may not consume. So insurance claim rates are virtually four to five percent. So 95 percent of the people who pay for something don't actually claim it. And also when they're buying that product, they have to imagine the worst that could happen to them. So it's not a great experience. It's not like buying a 75 in Samsung TV and thinking about the amazing Avengers movie that you're going to watch again on it. It's actually thinking about, oh my God, if I was in a car and my car got totaled, would it be insured? What if I died in that? Would my family be taken care of? So you're thinking about the worst thing and you're paying upfront for your biggest fear. The second thing is you only interact with insurance customers when something bad really happens. So something really bad happens, that's when they reach out to you. Otherwise, you never hear from insurance insurers and insurer customers who buy insurance don't interact with each other. The third is most laws in most countries are written such that it's in the favor of the insurer. So they are actually protected by law to not pay claim. So there is a lot of fine print that can allow an insurer not to pay their customers. Now, in such a situation where you've gone to someone, paid the money upfront for your worst fear, you reach out to them in your moment of need and they don't come through, that's just such a terrible customer experience to go through. Even then, Allianz as a company ranked the highest. When Allianz started trying to discover what was going on, they were so confused about what they were doing right. They actually hired a big management consulting company to come in there and figure it out. And that management consulting company actually came out and they started studying all the data and all the call centers and all the claims. And they found that there was this one agent in their call center who was consistently performing better than everyone else. And this wasn't when they were the best NPS. This was when they were somewhere in the middle, but they wanted to get better. And when they went to that agent, they found that this was a German middle-aged agent male sitting in some call center in Germany doing auto claims. So when people would call him when they got into an auto accident. What was very interesting was, people give him very high satisfaction scores. And it was not because his claim rate was higher or he was paying more reimbursements, none of that was true. What he was doing was the minute someone called in, the first thing he said was, are you okay? I can see on your file that you're married, you have kids. Is your family okay? Are your children okay? Were they with you? Do you want me to call someone? The first five or ten minutes of that call, he only spent in ascertaining. So the emotional, the mental and the physical health of that individual before he went into the claims experience. And that was enough for them to decide that this is what we're gonna do for the rest of our customer base across the world. So if you now call any alliance call center, the first thing they ask inquire about is you, your health. What are you calling for? So if you say health insurance and you're calling to claim, let's say you or your spouses had a baby and you're calling to claim that, claim for the child, they'll actually congratulate you first. They'll ask about the child's name. They'll say everything's okay. How high is the baby? Are there no issues? If you're calling regarding a sort of a shop fire, they'll sort of say, is your fire okay? How are you running a house? Have you figured out where you're living? Were you living in the same shop? So on and so forth. So the experience is something that they've sort of standardized and institutionalized. And so that's something that they did. And what you started seeing was that level of customer centricity and that level of realization that everything is in transactional. There is a lot of EQ led on top, emotional caution led on top of your business to consumer, B2C relationship that you deploy is what was there. So we started asking that same question saying, okay, what is it that people actually expect of a financial services brand? And especially a digital financial services brand. And we actually came up, we ran a pretty massive survey across our customer base. And what we realized by condensing the entire voice of customer that we collected was three things. They want trust, they want accountability and responsibility, and they want excellence. And I'll just touch on all three with regards to financial services. So when it says talks about trust, they want trust about data security. They want trust about that the money when collected will go through that your success rates are high, that when they want the money, the money will come back to them. That, for example, if they were investing the money with Bharat Pai at the 12% rate of interest that we do, which is a market changing product. But it's in the P2P lending space. So there are certain inherent risks, the trust that we are upfront about those risks, but also that we have put enough checks and balances in place to prevent any losses that would come across. Similarly on accountability and responsibility, really being proactive and reaching out to them, telling them that, look, this went wrong, we are fixing it, we'll come back to you. I think a brand that does this beautifully in the financial services space is Zeroda. I think a big shout out to Nitin and Nikhil for what they've built. They proactively reach out and explain when something goes wrong, even if it has nothing to do with them, even if there's a problem at the exchange, they take responsibility for it by saying, look, it happened to the exchange, but because you're using our platform, we are as responsible for this problem and we are accountable to you to explain to you what happened and we will. And I think excellence is, people tend to think about the word like excellence is always wow. I think excellence can also be condensed into a very simple word. I think that's called consistency. So if you can do something consistently without error the same way, that's the only way you can repeat that transaction or repeat that behavior. And that's the only way you can scale. So if it's repeatable and it's scalable, then only it will be sustainable and for that excellence is extremely important. So we took this at Bharat Pai and we actually leveraged this to create it as a growth tool at Bharat Pai. So our mission became how do we improve experience so that we solve three problems. Problem number one, our word of mouth increases. So our cost of customer acquisition reduces because people start telling each other about the product. We don't have to send very big feet on street. Recently, there was an article about how one of our competitors has nearly one and a half lakh people in the field trying to acquire customers and acquire merchants. And we run a pretty lean ship even though we're giving them, run for the money in the market in terms of market share or wallet share. So we realized that the word of mouth, the advocacy of the brand, its products, its services is what is going to fundamentally lead us into a more efficient customer acquisition pipeline. The second piece of it was around success, technological success. So the fact that our product can go through, that our services are foolproof or at least have an uptime of let's say 99.9%. And if something were to go wrong, that brings us to third part which is where we are proactive and we know what it is. We identified, we communicated. So as we started building these levels of acquisition, consistency and sort of proactive service or proactive reach out and proactive communication, we built a two phase approach. So till about genuinely this year, which is the first two and a half years of Bharat Pes existence, we were growing very fast. We were growing roughly to the tune of eight to 10X a year. Every year, the first year was even significantly higher. And then what we saw was that look in this situation, we were continuously building new products. Just last year, we launched lending, swipe deposits card, our debit card, credit card, our post pay and our 12% club. So all of our big products got launched in the last 12 to 15 months. So and that too during the peak of the pandemic. So what we really saw was that as smaller programs tended to grow, we would start experiencing these problems. And we were reactive and we had to go and sort of solve these problems, be curative in our approach. So that phase one, what we started doing was we would pick up a problem and we would first say, how can I eliminate this problem? So we did a four step process. How can this problem not come to our customer? For example, if I have applied for a loan, but my loan is currently on hold because you require me to do more transactions on the platform because I don't have a very strong civil score. But you will give me the loan. But only when I continue to use the Bharat pick you are in your, and as a company, we use payment data as a signal to underwrite. So as we get more signals, we're more sure about that loan and we're able to give it off. How do you communicate that? Are the communication channel working? So we saw, for example, that the app page did not give enough information. So people were calling in or the SMSs that went out weren't very well written. So we improved the copy of those SMSs to make the message clearer or that the messages that went out were not in regional languages. They were written in Hindi or English. And we realized that a lot of our base was coming from the south of the country, from the west of the country. So we started changing, introducing a lot of these changes. And as we did that, we brought down the incidents of certain kinds of cases. Now imagine we are not able to completely eliminate it and the person still needs some help. What happens? They call a call center and then they go through the whole process. What we did was we actually took a page out of Zomato's book and we built a very, very good chatbot system. This chatbot system works both within our app, but also works on WhatsApp. So we have a strategic partnership with Facebook and WhatsApp and the same experience that you get within the app, if a customer say, if a merchant says hi to us, they get that same experience. So all they have to say is hi and we'll say hi, how can we help you? And they'll say, okay, when did I last get my money from you guys? How much money have I collected this month? And then we'll just send them a summary saying, okay, in the last 30 days or in the month of November, you collected so many payments. And all of these payments were deposited in your bank account on these, these, these and these dates. So that clarity of sort of trust is there. And, you know, if they open the app, the same information was available. So, you know, you don't, if you're not able to eliminate it, if it comes in, you self serve. But let's say even then we live in India where people like to hear someone's voice, where they like to speak to someone, they want to put a name and a voice to a problem and who's giving them the answer. So they will, they will then still want to speak to a call center agent. And at that point in time, when the call center agent picks up the phone, the worst experience in the world today is you have to start explaining the same problem all over again, which you might have explained, you know, might have typed in the chat board or had a WhatsApp chat with someone, or you'd explain it to the previous agent. So what we did was we created something called the persona world. So now if Dhruv calls into the call center, they know that Dhruv uses the QR actively, has never applied for a loan. So if I press loan on my IVR in the call center, the person who picks up the phone and says, okay, sir, the only problem you could be experiencing is that you don't understand a loan application or don't know how to apply for it, which is, which of the two it is. If you understand the loan, I'll help you apply it. If you don't understand it, let me send you a WhatsApp, read it on your own time. I'll also send you a video on how to apply from the app. It's all self-serve. And even then you want to call back, feel free, then I'll, I'll, I'll assist you on that. So by targeting the solution to the, to what the other person was looking for, and really just answering their question right off the bat, we actually track a metric called first time resolution. So what we, what we track is like, how many times did we answer the right question off the bat as soon as the phone got picked up? And that number is over the last two years has gone from something like 60% to, you know, 85, 86% now. So then you ask me, where does the remaining 14% go? The 14% is not that we don't get the right answer. The 14% is that the frontline is not enabled for that answer because we still have newer products, products that are evolving. We sometimes experience technical bugs. Sometimes there are bank outages. Sometimes there are platform outages. So that's where we, you know, have a escalation team. So if a call came in, that call immediately gets escalated through. So we have a ticketing system within the company. It immediately goes to the tech team and the product team of that product or service, whether it is lending, QR, swipe, card, and the various, you know, seven to 10 other products that we have. And it will go to that team. That team will immediately pick it up. And then there is a dedicated person in that team to just do problem solving. So they drop all businesses as usual work or anything new that they're building. And they first fix the problem that the merchant or the customer is experiencing. And I think that that's also been one of our tools to drive customer centricity and customer first behavior within our employees as well. Telling them that it's not just the sales people who are on the ground who are responsible for what's happening or the call center guy who picks up the phone because it's not their ownership only. It's everyone across the board. And so that's what we did. About a year ago, we realized that, you know, this was a very interesting problem, but we were still solving everything downstream the way we were approaching. All our KPIs were good. Our OKRs were good. The metrics were great. But it seemed like, you know, we were still sort of catching babies in the river. I'll tell you a small story. There are two friends walking along the river. Suddenly they see a baby, you know, being swept downstream in the river. So both of them jump in, grab the baby, bring it to shore. Suddenly they see another baby. So one of them jumps in and helps the baby. There's another baby they see. So they jump the other friend jumps in and they do the seven, eight, 10 times. Suddenly they see another baby coming, one friend jumps in and one starts running up the river. So he says, hey, where are you going? We need to save the baby. He says, no, I want to first go stop that idiot who's throwing babies into the river. So really that's the realization that we had. That was our Eureka moment. And we decided to sort of go upstream. And I'll just plug in one of my favorite books. It's written by Dan Heath called Upstream. And this is the stories in the first chapter. And I picked it up from there when I read that book. That was the epiphany I had. So we changed our strategy. What we started doing was we have now put in triggers into every product where what we have clearly identified and said is look in every product, there are a few adverse events that can happen. So for example, if you're using our 12% investment product, if you added the money and the money got cut from your bank but didn't get added to your 12% club, then for us, that is an adverse event. If you try to withdraw the money and the money didn't hit your bank account or you didn't get the funds credited and we didn't get a confirmation from the bank that the funds have been given to you, that is an adverse event. You try to log into the app and you're not able to log in. That is an adverse event. So we started tracking all the adverse events in the company and we have a very clear tracker of that. And every time an adverse event happens, we start an omnichannel communication. So we have something called a karma score, which is the goodness of the merchant score. So if it's a very high karma score merchant, we basically go back to that merchant and we say, hey, you're a very good merchant for us. You're experiencing this problem and maybe that person gets a phone call or even a visit from our sales agent. But another person who's an infrequent user of our product might just get a WhatsApp or an SMS from us and says, hey, you might have experienced this problem. We're on it. We're trying to fix it. And if it doesn't get fixed in the next 24 hours, we'll call you otherwise if it's fixed, we'll just inform you over WhatsApp. So the whole parametrically triggered events leading to automated communication channels and automatic task allocation to individuals saying, okay, this happened to individual A, so you must go into task X with them is something that we experienced. So that's really been our journey. So what we've seen is we've actually seen at one point about two years ago for every 100 merchants who were active on our platform, 25% of them used to reach out to us. Today, that number is close to 7%. So in the last two years, we've brought that incidence rate down significantly. That's a huge cost reduction, but it's also a great customer experience that we've given, especially during the pandemic, when people have already have anxiety, when people already have stresses of not just whether the business is going to come or not come or if it comes, how am I going to manage it, but also of their personal health and safety. During that time, we took it on ourselves to continuously make our service better so that their anxiety of managing their money at least wasn't there. And because of that, we've seen a significant growth. So today, we have 7.5 million, about 75 lakh merchants on our base at any point in time. More than half of them are using one of our product. We have close to 25 to 30 lakh of them just active on our QR and swipe payment businesses. And as I said, we behave like a data science company. We don't charge for payments. So all of that data enables us to then help these merchants with capital needs, which is primarily give them loans through our unsecured lending program, through our distributed retail lending programs, gold loan, and a couple of other lending programs that we are about to launch. But also there are merchants who are flushed with cash and they're looking for better returns and we give them a 12% investment product. We also give them a card where they can easily use the funds that they collect at their own convenience, both offline and online. And we've also now allowed them to choose between a debit and a credit option on that card. So we've not only built great products, but we've also tried to build great experience across each product and gone deep into that. And I fundamentally believe that's been a huge driver of our growth across the board. So yeah, that's the story that I wanted to share with all of you. And just to end that note, we recently did an NPS and some of the leading banks and the private banks in the country have an NPS in the range of 55 to 60. Bharatpe very interestingly, we thought we were very self-critical. We thought we will be in the negative range. But actually we have one of the best NPSs in the country, in the financial services domain. So I think the crux is that what we have been doing as a strategy, as a way of life, we call it the Bharatpe way, has worked out very well for us. Absolutely. Thank you so much, Dhruv. What a wonderful journey you've shared and so many insights we've got from your session. Once again, a big thank you. No, absolutely. Absolutely. I'm happy to take any questions if there are. No, so Dhruv, we're falling in short of time. Apologies on that. Great. Hopefully I didn't keep you guys too long. Absolutely. Thank you so much. Absolutely. Thank you so much. It was a pleasure being here. Thank you so much.