INDUSTRY
Banking
HEADQUARTERS
Mumbai, India
FAVORITE FEATURES
- Automatic ticket assignment
- Freshworks analytics
- Freshchat integration
PRODUCTS USED
- Freshdesk
- Freshchat
About Jupiter Money
Established in 2019, Jupiter Money is a promising digital banking startup modeled around the neobanking concept. It’s an easy, personalized money management app that helps you take control of your finances. You can use it to track expenses, pay bills, save for goals, and invest in growing your wealth.
We chatted with Nikhil Godbole, Group Customer Service Head at Jupiter Money, to understand their growth and customer experience journey.
Breaking away from conventional banking
Traditionally, banking in India has been perceived as a conventional concept that requires physical visits to a branch and face-to-face interactions with bank staff. However, Jupiter Money was targeting India's youth population who prefer to conduct their banking activities from the comfort of their homes. Jupiter Money enables users to do things with a button, making banking more convenient and accessible.
But they faced a major challenge: building trust as a digital platform. To solve this, Jupiter Money invested in best-in-class customer service.
This was a new approach for a new-age banking experience. Everything was done in-house to ensure quality output. Jupiter Money focused on salary accounts to help build customer trust in their brand.
“Usually, when you have a salary account in a particular bank, the trust is much higher. You also tend to do more transactions because the primary account is your salary account, right? So that's where the entire focus is. We have a very niche salary account with a lot of benefits. That is also one way to build trust with the millennial population. We are already catering to many of the small and medium-sized businesses.”
Winning customer trust by creating a world-class experience
Since major traditional banks had decades to build an established global presence, it was paramount for Jupiter Money to build trust as a new entrant in the space. To gain that trust and win customers, they worked on building a comprehensive customer experience strategy.
Availability played a crucial role in gaining customer trust. They enabled standardized support from 9 am to 9 pm, and a 24x7 emergency support line to ensure support was always available. Jupiter Money wanted to go beyond traditional phone support and simplify the process further.
The click-of-a-button generation doesn't want to pick up the phone and wait on an IVR. They sought instant gratification, and Jupiter wanted to deliver on that promise.
Partnering with Freshworks to deliver a new-age banking experience
Jupiter’s team needed an excellent ticket management tool because, in the banking sector, everything depends on how well issues are recorded and how fast they are resolved. Freshworks was Jupiter’s first choice as it checked off all its evaluation criteria and regulatory compliances.
With native integrations enabled through the Freshworks Marketplace, Jupiter could seamlessly connect with their middleware, Retool, Ozonetel - their cloud telephony platform, and Jira, which they used for tracking engineering dependencies.
“We decided to go with one of the voice solutions because the integration was easily available in Freshworks Marketplace. It helped us get the outcalling facility much faster than we imagined! Overall, everything with respect to integrations can be easily handled by our team. We get assistance from the Freshworks team whenever we need it, and they have been kind enough to support us for the past many years.”
A chat-first approach
Jupiter Money leveraged Freshdesk and Freshchat to create a robust support strategy, and the implementation was completed in a short span of 2 months. Jupiter frontline executives receive around 40-50 queries on chat, 60 voice queries, and 50 via email daily. Today, 350+ agents handle cross-channel queries using Freshdesk Omnichannel. Considering the high volume of cross-channel customer interactions, Freshworks Analytics equips Jupiter to track agent performance and drive service desk efficiency.
“We don't have an implementation partner. Our team does everything, and that’s the beauty of the system. I don't need an engineer to configure the rules or automations. My Ops manager can do these things easily and works without issues.”
They have also connected their social media handles, like Facebook and Twitter, through Freshworks Marketplace to prioritize responses to tickets coming through these channels.
“We want to push chat wherever possible because it also helps us have contextual conversations with the customer rather than just asking them multiple questions on voice. We don’t spend much on marketing and believe in word of mouth. So, customer experience is integral as most of our growth comes from organic traffic.”
The Freshworks adoption and impact
“Today, the learning curve is less than two weeks. That's a winning situation for me as well. So it's a very simple tool to use.”
Jupiter Money leverages automations to simplify things for frontline agents, including ticket routing, assignment, and reassignment. Depending on the query type, time of day, and choice of words, queries get prioritized in the queue and assigned to the right team.
“Automations play an important role because we have multiple teams, and each specializes in a certain area. The query may be as simple as transferring one rupee to somebody. But if it isn't routed to the right person, it just goes into a black hole. So, it is imperative to ensure queries get assigned to the right team based on the urgency of the request.”
In mid-2022, Jupiter Money struggled to achieve a CSAT of 70%. With Freshworks’ help, Jupiter crossed the 80% threshold in December and stands at an impressive 86% CSAT today. The team attributes much of their success to their Freshchat integration and working with Freshworks to customize and reset the away-from-keyboard feature to 72 hours from the previous 30-minute chat auto closure. Jupiter Money realized that nearly 90% of users returned to the chat in the 72-hour window. Hence changing the default setting had a significant impact on the user experience.
Jupiter also achieved a first response time of 20 seconds and significantly reduced average handling time with category and subcategory automation. Not only did Freshworks help Jupiter improve their CX metrics, but it also helped them improve the agent experience. Their agents shared great feedback as they found the tool easy to use, and it helped them resolve queries faster. Even new joiners didn’t face any major challenges learning the tool.
“We have agents joining us from different institutions, and they have all found this tool very simple. The speed at which it works is also great because unless there is a network issue at our end, things generally don't go wrong, which is great. And the best part is, once you set an automation code, we’re good to go.”
Top areas of impact
Automatic ticket assignment has proven to be a boon for Jupiter, enabling seamless ticket handover from one team to another. It also ensures ticket prioritization across teams and SLA adherence, something they have yet to experience with other tools in their tech stack.
- Ease of connecting and interacting with the customer and the overall customer support experience
- Simplified data management and analysis, as data is readily available, easy to download, and work on
- Real-time monitoring of chat on the dashboard
“I really like the UI. I work with many other companies and find the Freshworks UI very intuitive. You don't have to worry about where to find what. It's all easily accessible. The search function is superbly designed too, and it works phenomenally. The account managers are very helpful, and they take feedback on priority. I have seen that in very few companies.”
Looking ahead
Jupiter Money has expansive growth plans for the coming years. They see Freshworks as an integral partner that will help them accelerate their journey toward becoming a revered financial services company.
