In the bustling world of digital finance, SeaMoney has distinguished itself with a robust array of services aimed at promoting financial inclusion. Yet, despite leveraging various communication channels like SMS and WhatsApp, the conversion rate for users to adopt and activate their solution remained low. A major contributing factor to this issue was the complex Know Your Customer (KYC) process, which led to a high drop-off rate during the application process. This not only hindered user engagement but also impacted the overall efficiency of their service.
In a strategic move, SeaMoney partnered with WIZ.AI, harnessing its Talkbot technology in 2022 to revolutionize its approach. This advanced AI-driven approach, utilizing natural language processing and machine learning, has significantly boosted customer acquisition and redefined user engagement, cementing SeaMoney’s role in the digital finance revolution and ensuring active participation of consumers and business clients alike in the digital finance boom.
The introduction of WIZ.AI’s Talkbot brought a seismic shift in how SeaMoney connected with its users. This AI Talkbot was programmed to proactively call customers, not only to introduce the benefits and competitive advantages of SeaMoney’s cash loan solution but also to engage in meaningful conversations. It was equipped to inquire if users had previously attempted to apply for the loan and to identify specific issues they encountered during the KYC process. By actively addressing these concerns, the AI Talkbot played a crucial role in resolving issues proactively. This strategic move was aimed at elevating the customer experience by offering personalized assistance and preemptively tackling potential complaints.
At the core of the hyper-personalized approach is WIZ.AI Talkbot’s advanced conversation tagging across different languages and dialects. By categorizing customer interactions based on their content, tone, and intent, SeaMoney could tailor communications to the individual needs and preferences of its users, fostering a sense of understanding and care that went beyond traditional customer service. Moreover, with the behavior insights derived from actual customer engagements, WIZ.AI’s Talkbots also constantly update key conversation scripts to interact with the customers more intelligently and efficiently.
“The moment a customer realizes you’re not just responding but understanding them, that’s where real engagement begins,” a customer service manager at SeaMoney reflects. This innovative approach has enabled SeaMoney to achieve, and in some cases exceed, the conversion rates of traditional marketing strategies without incurring their costs.
Since the partnership between SeaMoney and WIZ.AI began in 2021, the Talkbot has expanded SeaMoney’s reach from 1 million warm users at the beginning to over 15 million users in 2023. Compared with the previous app message push, the Talkbot remarkably increased the product activation rate by 40%-50%.
Furthermore, the implementation of two of SeaMoney’s products signified a pivotal shift from basic free app notifications to omnichannel customer engagement tools, significantly lowering outreach costs and enhancing ROI. This strategic use of AI-driven communication not only addressed key customer pain points but also established new benchmarks in the fintech industry to drive effective customer acquisition and engagement.
As SeaMoney and WIZ.AI chart their course forward, they are poised to harness new technologies and seize market opportunities across Southeast Asia, with a keen eye on expanding their footprint in the Philippines, Vietnam, Singapore, Brazil, Indonesia, Malaysia, and Thailand. Their journey thus far sets a precedent in digital finance, showcasing the transformative potential of AI in redefining customer engagement and service delivery.
This blueprint for innovation emphasizes the critical role of AI in driving growth, enhancing customer experiences, and establishing market dominance. Businesses looking to thrive in the digital era should take note of SeaMoney’s strategic use of AI, a testament to its power in shaping the future of finance. For those inspired to explore similar transformations, schedule a demo with WIZ.AI today!
SeaMoney is a part of Sea Group, a leading global consumer internet company. SeaMoney’s mission is to better the lives of individuals and businesses in our region with financial services through technology. SeaMoney’s offerings include mobile wallet services, payment processing, credit offerings, and related digital financial services and products. These are available in seven markets across Southeast Asia and Taiwan under various brands, including ShopeePay, SPayLater, and other brands.
Copyright © 2023 WIZ Holdings PTE. LTD. All Rights Reserved
