Archive: November 14, 2022

New Banking Study Reveals Growth Benefits of Personalisation, Innovation and Trust in Customer Experience

India, Bangalore, 14 November 2022: Genesys®, a global cloud leader in experience orchestration, announces the release of “The Challenge of Customer-Centric Banking,” a research report conducted by FT Longitude and supported by Genesys. According to the report, financial institutions leading in delivering high-quality customer experiences are more successful at acquiring new customers, retaining talent, and achieving their financial goals. It turns out that better customer experience strategies aren’t just a boon for banks but are associated with better business results.

Consumers have come to expect more from their experiences with organisations across every industry, and banks are no exception. According to the report, 61% of banking executives say expectations for customer experience are continuing to rise, and nearly half (45%) admit they are struggling to keep up. But in today’s experience economy, banks can’t risk missing those expectations. From attracting and retaining both customers and employees, to increasing brand reputation, to meeting financial goals, banks getting customer experience right are outpacing their competitors, proving that when it comes to people and business results, experience matters.

The window to evolve customer experience strategies and integrate the capabilities that can deliver those experiences accelerates as concerns of a recession increase. Nearly three-quarters (72%) of Customer Experience Leaders shared that personalised services become even more in demand during times of financial crisis, as consumers’ financial worries grow. Unfortunately, half of banks reported being unprepared for the impact a recession would have on their customer service. And, with 60% of banks concerned that a downturn would halt their digital expansion, the urgency to evolve their strategies accelerates.

“With so much economic uncertainty, the ability to provide consumers personalised financial experiences has exponentially increased in importance,” said Janelle Dieken, Senior Vice President at Genesys. “We already see the considerable impact great experiences are having on banks’ business results. Those that are able to deliver the engagement their customers need, no matter the landscape, will significantly differentiate themselves. For their customers and their bottom line, investing in the future of customer experience isn’t something banks can afford to miss out on.”

Examining how banks approach customer experience, the study found Customer Experience Leaders have advanced their strategies by focusing on personalisation and innovation and building trust, placing them ahead of their competitors in many aspects, including:

• Tailoring products and services to the real-time needs and life stages of their customers at higher rates (38% compared with 26%)
• More frequently matching advisors to the right customers (45% compared with 26%)
• Being twice as likely to be available on the channel customers want, when they want it (49% compared with 25%)
• Using individual data patterns to drive offers or experiences (39% compared with 24%)

Other highlighted findings from the report include:

• The future of banking experiences means the redesign of physical banking locations. To provide richer experiences based on the needs of their customers, Customer Experience Leaders anticipate physical locations to be redesigned into financial strategy centers. This means fewer banking transactions and more coaching and financial advice personalised to the customer. Nearly half (44%) of banking executives see this as the greatest opportunity to transform the customer experience in the coming years.
• When it comes to the banking customer experience, money isn’t an issue — siloed data and low employee engagement are. Nearly two-thirds (64%) of respondents believe the biggest obstacle in providing consumers the experiences they expect are the internal silos that prevent integrated views of their journeys. Coming in second: high turnover and low engagement among customer-facing employees (48%). Lack of budget was the least concerning issue (6%).
• Investing in technology that increases personalisation is the most important priority for improving customer experience but delivering on its promise has been complicated. With 72% of Customer Experience Leaders saying that more personalisation leads to greater customer loyalty, it’s not surprising that investing in new technologies that make personalisation possible is seen as the most important step to improving customer experience in the coming years. Delivering experiences that feel genuine will be the differentiator: 54% believe consumers see their attempt at personalised services as generic. Ensuring the technology enables them to do so ethically and meet government regulations is equally at play, an obstacle for the personalisation goals of 49% of banks.

To learn more about how Customer Experience Leaders in banking are driving better business results, trends in today’s strategies, and what the future holds, view the full report here.

Methodology:

“The Challenge of Customer-Centric Banking” is an FT Longitude report supported by Genesys. The insights shared here are based on a new survey of 600 banking executives across 21 countries globally.

Harbour 9 announces BOGO Children’s Day offer on Kidswear

Every parent knows their kids well, but picking a gift for their kids can be tricky at times. As kids love dressing up, what better gift than new clothing?

Harbour 9 has an array of comfortable clothing from jumpsuits to dresses for ages ranging from three months to 12 years. Also, one can avail Buy One Get One offer on the entire kidswear range.

Use Code: BOGO

Harbour 9 is the one-stop solution to all your troubles! With a wide range of rompers, coordinated separates, dresses, and jumpsuits, to t-shirts, sweatshirts, hoodies, and more, you’re sure to find something to match your child’s every mood and occasion. With vibrant colors, on-trend motifs and stylish cuts, Scram’s range has something for every little tyke’s tastes.

Manoj Jain, Director at Harbour 9, said, “Parents have enough problems nowadays, and comfortable clothes for their children definitely shouldn’t be one of them. We recognized the gap in the Indian market for good quality, trendy kids’ clothing, which is locally made and has a social conscience. We wanted to meet this demand, while simultaneously supporting our indigenous talent. This is what spurred us to launch the Harbour 9 brand.”

Harbour 9 products are trendy and yet easy on the wallet. The premium weekend-wear brand, signifies relaxation and ease. Their clothes are both sustainable, trendy, and comfortable. To ensure you get the most out of your clothes, they create fits that you love to wear without breaking the bank. Dressed up and dressed down, the collection offers the perfect balance for men, women, and kids – a one-stop solution.

RSWM Ltd reports H1 FY23 sales of 1, 978 cr up 16.7% (Results)

New Delhi, 14th November 2022: RSWM Ltd. (BSE: 500350/NSE: RSWM), is one of the largest manufacturers and exporters of value-added synthetic, mélange, blended spun yarns, denim fabric, knitted fabric, and green polyester fibers from India, today announced its financial results for the Q2 & H1 FY23 ended 30th September 2022.

Financial Performance and Business Outlook for Q2 & H1 FY23 (₹ in Cr):

Business Update:

Yarn

§ The global economic volatility and high inflationary pressure resulted in subdued demand from export markets

§ While our total turnover (Yarn+Knits+Denim) remained stable, our export turnover dropped ~31% on a YoY basis

§ However, the domestic market performed well with growth of ~18% on a YoY basis

§ We sold our products in domestic markets, but at reduced margins on the back of increased supply

Denim

§ Volatile cotton prices wiped out our margins during the quarter

§ We have been able to pass on the increased cotton prices to some extent only

§ All-time higher prices of cotton during the period under analysis, resulted in an unbearable increase in finished product prices and customers moved away from retail stores or remained with low-cost denim

§ With the arrival of the new cotton crop, prices will settle down to some extent and we expect prices to normalize by the end

of December’22

Knits

§ Commercial production started on 1st July 2022

§ Low-capacity utilisation during Q2FY23, due to teething challenges

§ Since it is our new product in our basket of offerings it may take a few more months to reach an optimum level

Commenting on the results, Mr. Riju Jhunjhunwala, Chairman & Managing Director, and CEO of RSWM Ltd. said, “The last quarter was one of the most challenging quarters we have witnessed recently due to the macroeconomic business environment. We at RSWM continue to focus on operational excellence and optimize costs at different levels to manage our working capital well and generate cash to support our growth engine.

Currently, we are closely watching the cotton prices which peaked in Q2FY23 and now it’s stabilizing on the onset of new crop arrival we expect a further correction in cotton prices. Secondly, Marco’s economic environment such as the issues of high inflation, interest rates increase, and gas prices increase due to the Russia-Ukraine is a cause of concern for demand globally in the short term. But we are utilizing this period to build our customer relationships and ensure smooth functioning.

Our view for the long term in textiles remains favorable. We have been taking all necessary measures to de-risk ourselves from supply chain disruptions and expect to see these efforts bear fruits next fiscal onwards. Due to the current volatile and uncertain environment, we believe that we will not be able to meet our guide, and it will not be prudent on our part to give any future guidance until the situation becomes stable. All our projects and plans are on track, and I am confident that the current fiscal will be a one-off and not affect our long-term growth strategy and aspirations.”

Venture Catalysts ++- the house of unicorns, soon icorns delivers 54 startups above USD 50mn in 7 years

Mumbai, 14th November 2022: Venture Catalysts Group (Vcats++), India’s first integrated incubator and a full-stack investor for early to growth stage startups, has announced that about 54 of its portfolio startups have crossed $50 million valuation this year. Despite challenging times that led to a 70% decline in funding this year, Venture Catalysts grew substantially, housing more than 33 soonicorns and over 100 minicorns. The individual valuations of atleast two dozen companies have crossed $100 million with and about three startups — Shiprocket, BharatPe and Vendantu have attained Unicorn status in the last one year.

Venture Catalaysts Group or Vcats ++ is an early-to-growth stage fund that includes five funds ranging from early stage to sector focused. The company had first launched its $150 million accelerator fund in 2020 post which it has launched four more including – Venture Catalysts Angel Fund, a $200 million fintech focused fund called Beams, proptech fund Spyre, and $200 million growth stage sector agnostic fund Elev8. The group has a combined portfolio of over 300 startups whose consolidated valuation is pegged at around $10 billion thus making it the country’s largest early to growth stage investing platform.

“The valuations assumes importance at a time when the fears around a possible funding winter continues to spook investors and startups not only in India but worldwide too. It talks volumes about the growth and up-rounds of the portfolio companies. Most of our portfolios have done extremely well in the last two years and we see atleast 3-4 turning Unicorns next year,” said Dr Apoorva Ranjan Sharma, Cofounder Venture Catalysts Group.

The company, which has three other cofounders — Anil Jain, AnujGolecha and Gaurav Jain, also aims to close 100 exits and up-rounds by the calendar year 2022. Venture Catalysts has invested in 301 deals across 200 startups since the time of its inception, making it India’s leading early-stage investing platform. Venture Catalysts is more than an investment firm and it believes in the strong mentorship program and timely guidance it provides to its portfolio that has helped those raise up rounds at higher valuations and helping the startups with meaningful connects they need in their growth stage.

Talking about the support Venture Catalysts has provided, SomduttaAssidius, said “Finding a good mentor is the ‘secret sauce’ to a startup’s success, and 9Unicorns, and VCAT have been the guiding force for Assiduus Global. We received support and resources from 9Uniconrn to boost our growth. When properly equipped, we have been able to take Assiduus to establish our presence in our sector across the globe. We were able to take off effortlessly and rapidly in the real world because of the mentorship, financial prospects, potential commercial opportunities, industry networking, and access to a global network for all-around support,” said Somdutta Singh, Founder and CEO, Assiduus Global.

Venture Catalysts has driven early-stage investments worth $100 million (INR782.4 crore approximately) through its network. Across 67 startups, 94 deals were executed, out of which, 27 deals gave partial or full exits, while the remaining witnessed up-rounds. Corresponding to 17 deals, 13 startups have been written off due to the failure to recover assets, or given less than 1x return.

The integrated incubator has invested in startups with significant value propositions, investing in pre-seed, seed and Series A rounds, following up with support for its portfolio in subsequent rounds. Some of the biggest companies included in its portfolio are BharatPe, Vedantu, Zingbus, Beardo, SuprDaily, Innov8, Home Capital, BlowHorn, amongst others. Not only has Venture Catalysts supported the startups right from the latter’s formative stage and helped those manoeuvre through the growth stage, it has also democratised the startup ecosystem in country. With over 3000 angel investors present across 55 cities, Venture Catalysts has the largest network in the country where it has helped create awareness about the startup investments through its well planned masterclasses and tailor-made startup programmes.

Reflecting on the growth of the venture capital industry, Dr Sharma added, “The uprise of startups in India has set a new benchmark for entrepreneurship all across the world. Venture Catalysts have taken preemptive measures to create a diverse, holistic portfolio of companies with a high-growth potential, leveraging capital, mentoring and our network of HNIs, Family Offices, CXOs and more. Our aim is to democratise the entrepreneurial ecosystem, enabling more investors to explore higher return asset classes to achieve profitable returns in a faster turnaround time. As a by-product of these initiatives, we have also contributed to the wealth creation and job creation in the country.”

Agoda Partners With Popular Actor, Rashmika Mandanna as It Launches Its First-ever Digital Ad in India

Bengaluru, November 2022: Digital Travel Platform, Agoda, has launched its first-ever digital ad in India featuring popular actor, Rashmika Mandanna, of Goodbye fame. Addressing pain points faced by many when trying to plan a family holiday, the digital campaign, which launches on Facebook and YouTube today (7 November 2022), features a playful reenactment of classic Bollywood scenes, as it highlights the dilemmas faced trying to incorporate everyone’s needs into the final destination decision process.

In a nod to real life’s obsession with capturing everything on camera, the ad opens with Rashmika in a home setting surrounded by her “reel” family, trying hard to book a vacation that satisfies everyone’s needs. Her family is seen debating over different aspects of the vacation and their personal preferences – affordability, activities, spacious rooms, free breakfast among others. Over-the-top and quirky personalities that mimic relatable characters Indians have grown up watching – a mother with a thali in her hand, brothers dressed like bickering warriors, and a father ‘balancing the books’/’holding the purse strings’, are saved with the help of Rashmika using the Agoda app to find solutions to their woes.

The ad messaging seeks to focus on the ease of planning and booking travel on Agoda’s hassle-free platform and app. This campaign with the theme “Holiday Bookings? No more drama” encourages travelers to Try Agoda, and is part of Agoda’s growing focus on the India market, following successful influencer campaigns across the country over the last year.

Matteo Frigerio, Senior Vice President of Marketing, Agoda explained, “India is a dynamic market and one where we have seen real growth for our accommodation and flights products. We want to connect more with Indian travelers and partners alike, and hope this collaboration with Rashmika will reflect the fun side of our brand, endearing us to Indian customers in a memorable and relatable way. The ad strikes a chord because it weaves in real-life dilemmas faced by many people booking a family getaway while working with Rashmika gives Agoda that added authenticity and profile to reach new audiences in India.”

Rashmika Mandanna, said of the partnership, said ““I love to set off on new adventures whenever my filming schedule permits, and I need a travel app that lets me plan those trips easily. As I am sure so many people can relate, when you travel with family or friends, you want to make sure everyone’s happy and their needs are satisfied, but sometimes there is a lot of back and forth to make that happen perfectly! I loved Agoda’s approach to this ad to play on those real-life dilemmas in a fun and engaging way. We had fun filming in Bollywood-esque style with me as the heroine who manages to use the Agoda app to find a holiday spot that suited my macho ‘brothers’’ need for a gym, my ‘mother’s’ request for free breakfasts and of course my ‘dad’s’ desire for great value deals. I am thrilled to have partnered with Agoda for their first-ever digital ad in India, and hope you #TryAgoda while planning your next trip”

McCann Worldgroup, the partnering agency behind the campaign, leveraged their deep cultural understanding of evolving India to create a concept that resonates with families throughout the country.

The campaign will run on Youtube and Facebook, check out the campaign .

Agoda offers great value travel solutions for accommodation, flights, and activities worldwide. Choose from more than 29 lakh hotels and Agoda Homes.