Shakti is a technologist at heart and has more than 20-years track record of leveraging technology-based solutions to drive business value. He has deep domain knowledge of Financial Markets, Banking, Retail and Healthcare and expertise in AI, data analytics, mobile and security. He has built and managed large technology and product teams and over-seen multi-million dollar projects in his previous assignments with companies like Fidelity, HCL Info-systems, Wellington Management, State Street Corporation and Raytheon in US and India. Shakti has PhD and MS from MIT; specialization in finance from Sloan School of Management and a B.Tech from IIT, Delhi and is currently Chief of Product and Technology at Faircent.
1. How do you deal with rising customer expectations?
We deal with rising customer expectations through data, technology and product innovation. We have deployed tools such as intelligent chat, automated push notifications and user-focused dashboards to respond to customer queries. We continuously look for patterns in data to preempt user queries. Our platform provides lot of analytical reports that answer user queries. We have developed advisory tools that provide quantitative guidance to our lenders on how to invest. Two years ago we had two people in our internal operations team. Today, when the business has grown multi-fold, we still have only two people in the team. Automation has helped manage customer expectations!
2. What are the changes/and impact AI and machine learning can bring to marketing?
Data driven events can be designed and automated with “AI and machine learning” being a significant component of the process. For instance, Faircent has garnered a lot of data on user behavior such as investment patterns and loan repayments. Combine this with the experience gained in running marketing campaigns, both digital and newspaper based. This data can be analyzed continuously and the predictive model on customer needs built using machine learning algorithms such as neural networks can be updated regularly. Whenever a significant event occurs, a marketing campaign can be triggered. This can make the campaign timely and very cost effective. Over time, we can go completely digital which will be a paradigm shift when compared to just a few years ago. Soon the marketing team will be wearing yellow caps signifying a large presence of AI engineers and data scientists.
3. What are 3 key points to remember when creating a digital customer experience?
A digital customer experience should provide maximum relevant information to the customer and allow the latter to complete the task with minimum clicks. The customer experience should be same across all interaction points. At the same time, the company should not have to break the bank to implement the solution. As a CTPO, I rely on technologies where finding resources is not a bottleneck. Customer experience is so important that we are building a separate Product team to handle UI/UX. Needless to say that at Faircent, we rely heavily on data to determine what information the user should see first.