The current ongoing pandemic has resulted in a lot of uncertainty in the banking and financial sector. Due to the economic downturn, one of the major concerns has been with regards to the possible rise of NPA’s .
Our client, one of the largest NBFC’s in India, wanted to ensure that customers continue to pay regular EMI’s to avert possibility of NPA’s later.
It teamed up with FOXBOX Retail’s Rewards++ program team, to look for a solution to incentivise customers to continue pay their EMI’s.
Since the budget per user was extremely low for this activity, and there was a need for instant gratification to push users to pay EMI, FOXBOX Retail suggested the use of its most popular rewards program – The Discount eCoupons program.
The Discount eCoupons Program developed a massive Rs 40,000 worth eCoupon Booklet absolutely free for the customers who would continue to pay regular EMI’s. This booklet consisted of discount coupons from over 20 major brands such as Croma, Myntra, Medlife, Netmeds, Kalyan, Udemy , Arrow, Titan etc ranging from 5% to 40% totalling Rs 40,000.
The cost to the company was in single digits and more importantly this rewards program provided another opportunity for the NBFC to connect with their customers and give them an incentive to pay their EMI’s.
To read about Discount eCoupons Program – Read Here
FOXBOX Retail specialises in developing such bespoke solutions across Rewards, Loyalty and eSTORES. To know how we can develop an impactful program for your business, please connect with our product specialist.