Why Are Employee Background Checks in Delhi-NCR Essential for Safeguarding Your Business?

Safeguarding your business protects assets and intellectual property and ensures your workforce’s integrity. Employee background verification plays a pivotal role in maintaining a secure work environment.

This article delves into why background checks are crucial, the challenges faced during the verification process, what is included in a comprehensive background check, and the benefits of implementing such measures in Delhi-NCR.

Why Employee Background Verification Matters

For any business, employee verification is a must. Here’s why you should consider this verification process in your workplace:

- Ensuring Employee Quality

It is paramount in fostering a thriving business. The careful selection of talent is the bedrock of a high-functioning workforce. Employee background checks play a pivotal role in this process by meticulously verifying the qualifications, experience, and skills detailed on a candidate’s resume.

This verification ensures that businesses attract individuals with the right credentials and the capabilities essential for their specific roles. In a competitive business landscape, having a team of qualified and skilled professionals can significantly contribute to the overall success and growth of the organization.

- Building Trust and Security

It is another critical aspect of employee background verification. Trust forms the core of any successful business relationship with employees or stakeholders. Conducting thorough background checks communicates a commitment to due diligence, transparency, and creating a safe working environment.

When employees and stakeholders are confident in the integrity of the hiring process, it fosters a positive and trusting organizational culture, which is essential for sustained success.

- Mitigating Risks and Preventing Fraud

It underscores the proactive nature of background checks. Employee fraud and misconduct can inflict severe damage on a business, ranging from financial losses to reputational harm. Background checks are preventive measures by identifying potential red flags in a candidate’s history.

This crucial step helps businesses mitigate the risk of unintentionally hiring individuals with a history of dishonesty or unethical behavior, safeguarding the company’s interests and reputation in the long run.

What are the Challenges in Employee Background Verification?

Here are the challenges you may face in Employee Background Verification, including:

- Incomplete or Forged Documentation

Applicants may submit incomplete or forged documents, making it challenging to verify their credentials accurately. A robust verification process is essential to identify discrepancies in documentation.

- Legal Compliance Variations Across Regions

Legal requirements for background checks can vary across regions. Navigating these differences requires a thorough understanding of local laws to ensure compliance while conducting comprehensive verifications.

- Delays in Verification Processes

Delays in the verification process can impact the timely onboarding of candidates. Efficient systems and communication channels are necessary to streamline the verification process without compromising accuracy.

- Verification of International Candidates

Hiring international candidates adds extra complexity to the background verification process. Different countries may have diverse verification requirements and legal nuances, necessitating a global perspective in the verification process.

- Data Privacy and Consent Issues

Adhering to data privacy regulations and obtaining consent from candidates for background checks are critical considerations. Failure to handle personal data responsibly can lead to legal repercussions.

What is Included in Employee Background Verification

A comprehensive background check typically includes the following components:

- Document/Identity Verification

Confirming the authenticity of identity documents such as passports, driver’s licenses, or national identification cards.

- Employment Verification

Validating a candidate’s work history, including positions held, dates of employment, and reasons for leaving previous jobs.

- Address Verification

Verifying the candidate’s current and previous addresses to ensure accurate background information.

- Criminal Record Check

Checking for any criminal history to identify potential risks associated with a candidate.

- Court Record Verification

Confirming the existence of any legal actions or court records involving the candidate.

- Education Verification

Verifying academic qualifications, degrees, and certifications claimed by the candidate.

- Social Media Check

Examining the candidate’s online presence to identify any red flags or inconsistencies.

- Global Watch List Check

Checking if the candidate appears on any global watchlists for illegal activities or associations.

- Economic Default Check

Assessing the candidate’s financial history to identify any defaults or financial red flags.

- Drug Check

Screening for drug use to maintain a safe working environment, especially in safety-sensitive roles.

- Credit Check

Evaluating the candidate’s credit history may be relevant for certain positions, particularly in finance or positions involving financial responsibility.

- Marksheet Verification

Confirming the authenticity of academic mark sheets and transcripts.

The Benefits of Employee Background Verification in Delhi-NCR

- Creating Safe Work Environments

A thorough background check contributes to a secure workplace by identifying potential risks and ensuring that employees with criminal behavior or dishonesty are not hired.

- Enhancing Productivity

Businesses can improve overall productivity and efficiency by hiring individuals with the right qualifications and experience. Employees with misrepresented credentials may struggle to meet job requirements, impacting the team’s performance.

- Fostering Trust and Building Efficiency

Building trust among employees is crucial for a positive work culture. When employees know that their organization prioritizes a transparent and fair hiring process, it fosters a sense of trust and loyalty, contributing to increased efficiency.

- Enhancing Reputation

A company’s reputation is closely tied to the quality of its workforce. Implementing stringent background checks helps build a positive reputation as a responsible and ethical employer, attracting top talent and potential clients.

- Customer Trust

Customers are increasingly concerned about the integrity of the companies they engage with. Demonstrating a commitment to thorough background checks builds customer confidence in the reliability and credibility of your business.

According to a survey, 40% of consumers are more likely to trust companies prioritizing employee background verification.

Safeguarding Your Workforce Using Employee Background Verification from MIMO

At MIMO, we understand that employee background verification transcends being a mere regulatory obligation; it is a strategic investment that underpins the long-term success and security of your business. Our commitment goes beyond routine checks; we aim to redefine the way you perceive and implement background verification.

As your trusted partner, we take pride in ensuring the quality of your workforce. With a meticulous approach, we verify qualifications, experience, and skills, ensuring that you bring in individuals with the right credentials and capabilities. Our expertise in navigating the complex landscape of Delhi-NCR allows us to tailor our solutions to meet the unique needs of your business, aligning with your goals for growth and efficiency.

Businesses prioritizing background checks experience tangible benefits, from increased productivity to enhanced reputation and customer trust. Hence, you should embrace a comprehensive background verification process is not just a best practice. It is a strategic imperative for businesses aiming to thrive in the dynamic and competitive business landscape of Delhi-NCR.

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Why is Contact Point Verification Essential for Business?

5 Essential Strategies to Enhance Contact Point Verification

5 Essential Strategies to Enhance Contact Point Verification

Customer verification has become the linchpin for establishing a secure and trustworthy business environment. Whether conducted through email, address, or phone verification, the core objective is to unequivocally confirm an individual’s identity. The surge in data breaches has prompted companies to reevaluate and fortify their customer verification protocols, prioritizing heightened security measures.

As the gateway to authenticating customer identities, robust employment verification processes mitigate the risks associated with fraud and instill confidence among businesses and consumers alike, fostering an atmosphere of reliability and integrity in the ever-changing digital realm.

Types of Contact Point Verification

Contact point verification offers various methodologies to ensure robust identity confirmation. Here are the different types of verification that you must know:

- Two-factor or Multi-factor Authentication

Adding additional sign-in layers, such as entering a code sent to email or mobile, enhances security manifold. This dynamic approach mitigates the risks associated with unauthorized access and strengthens overall identity confirmation.

- Knowledge-based Authentication

Verifying identity by responding to security questions strikes a delicate balance between user accessibility and protection. This method ensures a nuanced and personalized verification process tailored to each user’s unique knowledge, enhancing the overall security posture.

- Age Verification

Of paramount importance for online businesses, age verification ensures compliance with specific age-related regulations. This method confirms that customers meet predefined age criteria before making certain purchases, which is crucial in industries where age restrictions apply, such as alcohol or adult content.

- Credit Bureau-based Authentication

Leveraging credit bureau data for verification adds robust scrutiny to the authentication process. By encompassing extensive consumer credit information, this method validates an individual’s financial history and creditworthiness, providing businesses with valuable insights.

- Online Document Verification

A crucial tool in thwarting fraudulent activities, online document verification involves authenticating identity documents like passports and driver’s licenses. This meticulous process ensures that the presented credentials align seamlessly with legitimate forms of identification, fortifying overall security measures.

- One-time Passwords

An automatically generated series of characters for single-use verification during login sessions or transactions forms a dynamic layer of security. By providing temporary codes that expire after use, one-time passwords significantly minimize the risk of static password vulnerabilities.

Challenges in Customer Verification Process

In the intricate landscape of customer verification, businesses encounter various challenges that demand astute navigation to ensure robust security measures and positive user experiences.

- Technological Evolution

Rapid advancements in technology bring forth both opportunities and challenges. The dynamic nature of digital tools and platforms challenges businesses to keep pace with emerging technologies while maintaining compatibility with existing verification systems.

Adapting to technological shifts requires ongoing investment and a strategic approach to ensure customer verification methods remain effective and current.

- Regulatory Compliance

The regulatory landscape governing customer data protection is continually evolving. Navigating the complexities of diverse and often stringent regulations poses a significant challenge for businesses.

Ensuring compliance with data protection laws, such as GDPR or HIPAA, demands a comprehensive understanding of the legal landscape, and failure to comply can result in severe penalties and reputational damage.

- Global Accessibility

Businesses that operate globally face the challenge of catering to diverse regions with varying verification requirements. Countries may have distinct regulatory frameworks, cultural expectations, and technological infrastructures.

Adapting customer verification processes to accommodate these variations without compromising security or user experience requires a nuanced approach and a robust understanding of regional nuances.

- Integration with User Authentication

Integrating customer verification into the overall user authentication process is a persistent challenge. Striking a balance between a secure verification system and a frictionless user journey requires careful consideration.

Businesses must ensure verification methods are not overly intrusive or time-consuming, maintaining a delicate equilibrium between heightened security measures and user convenience.

- Emerging Fraud Tactics

The fraud landscape is continually evolving, with cybercriminals devising increasingly sophisticated tactics. Businesses must stay ahead of these emerging threats to safeguard customer information effectively.

Adopting advanced fraud detection tools, artificial intelligence, and machine learning algorithms is crucial to promptly identifying and mitigating evolving fraud tactics.

Ways to Improve Your Contact Point Verification Process

In the evolving landscape of digital transactions, refining the contact point verification process is crucial for businesses aiming to ensure security, streamline operations, and foster trust.

Here, you can learn about the key strategies that improve verification processes and align with consumer expectations and industry best practices.

- Explain the 'what' and 'why' behind the process to your customers.

Transparent communication is pivotal in building trust with consumers. Some studies reveal that 65% of consumers are more likely to trust companies that clearly articulate the purpose behind collecting personal information.

When integrating services like email validation for platforms such as Shopify with ZeroBounce, explaining credit consumption during verification fosters understanding.

Businesses cultivate a sense of transparency that resonates positively with customers by demystifying the verification process.

- Reduce manual processes and automate

Automation, as recommended by McKinsey, plays a pivotal role in enhancing verification processes. Automation significantly reduces errors and accelerates verification timelines, contributing to operational efficiency.

Introducing behavioral biometrics, which considers typing patterns and device handling, further fortifies security measures. It mitigates risks associated with manual processes and ensures a more secure and efficient user verification experience.

- Speed things up with SSO

Single Sign-On (SSO) is a powerful tool for streamlining the verification journey. A study highlights that 71% of customers expect a seamless experience across digital channels.

SSO allows users to log in with a single set of credentials, simplifying the verification process and enhancing user experience.

Platforms like Google, which offer SSO, authenticate users seamlessly across multiple services, contributing to the overall efficiency and convenience of the police verification process.

- Give customers something to do while they wait

Engaging customers during verification wait times is essential to mitigate perceived delays. Studies suggest that incorporating interactive content can reduce perceived wait times.

Offering entertaining or informative snippets during education verification. This waiting period engages customers and contributes to overall satisfaction.

By providing customers with activities or information relevant to their interests, businesses turn potential moments of frustration into positive interactions.

- Use identity verification software.

As demonstrated in a Jumio case study, identity verification software emerges as a robust solution for improving verification processes. Implementing such software leads to a 20% reduction in fraud rates and a 15% increase in customer conversion rates.

By leveraging biometrics and artificial intelligence (AI), identity verification software ensures real-time and robust customer authentication, instilling confidence in the verification process.

Conclusion: Enhance Your Contact Point Verification Process with MIMO

In the landscape of customer verification, MIMO stands as an ID verification services provider, seamlessly integrating multiple verification methods.

We pride ourselves on offering a comprehensive solution, combining transparency, SSO, engaging content, and excellent identity verification services.

With MIMO, we don’t just upgrade; we strategically invest in building trust, reducing friction, and staying at the forefront of digital transactions.

Experience the excellence of MIMO in enhancing your contact point verification process – where security meets seamless efficiency, and we stand by you every step of the way.

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How Can You Streamline the Contact Point Verification Process?

The verification of customer identities, termed contact point verification, has evolved into a critical process for businesses across various industries. It is essential not only for building trust and compliance but also for curbing fraudulent activities. However, this verification process often introduces friction into the customer onboarding journey, which might lead to potential customers abandoning their sign-up processes.

Hence, businesses must balance stringent verification and a seamless onboarding experience. Business owners need a strategic approach to streamline the contact point verification process.

Why is Contact Point Verification Essential for Business?

Contact point verification is essential for businesses for several reasons. First, it can help to prevent identity fraud. Identity fraud is a serious problem for businesses of all sizes, and it can lead to significant financial losses. It can help identify and prevent fraudulent activity by verifying customers’ identity and contact information.

A study found that 28% of businesses have experienced fraud in the past year. This study shows that CPV is an important tool for businesses to protect themselves from fraud and financial losses.

It can help to ensure compliance with regulations. Many industries are subject to regulations that require businesses to verify the identity of their customers. For example, financial institutions are required to comply with the Know Your Customer (KYC) regulations. It can help businesses to comply with these regulations and avoid penalties.

It can help to improve the customer experience. When customers know their identity and contact information have been verified, they feel more secure and confident doing business with the company. It can lead to increased customer satisfaction and loyalty.

Challenges In Contact Point Verification

Firstly, manual verification processes continue to be a persistent issue for businesses. Relying on human intervention for customer contact information verification can be time-consuming and error-prone. Human errors and delays often result in inefficiencies and inaccuracies, hampering the verification process.

Furthermore, these challenges amplify the lack of integration between Contact Point Verification systems and key business platforms like Customer Relationship Management (CRM) or Enterprise Resource Planning (ERP) systems. The fragmented nature of these systems leads to data silos, duplicated efforts, and lack of a comprehensive, unified customer profile. It ultimately complicates the verification process.

Additionally, data quality concerns present a significant obstacle. Outdated or inaccurate customer contact information hampers the identification and validation process. Flawed customer data compromises verification accuracy and leads to challenges in establishing secure communication channels.

Businesses need to transition toward more data-centric approaches to address these challenges. Streamlining CPV processes through system integration, automated verification protocols, and a robust data quality management system becomes pivotal in mitigating these challenges and ensuring a more efficient verification process.

Strategies to Reduce Friction in Contact Point Verification

Let’s delve deeper into strategies to alleviate friction in contact point verification processes.

1. Eliminate Tedious Processes

Streamlining the Phone Number Verification process aims to ensure a user-friendly experience. Multi-factor authentication (MFA) exemplifies a secure yet relatively straightforward method. It involves an initial username-password entry followed by a secondary authentication factor, such as a code sent to users’ email or phone.

Adding steps in the sign-in process while enhancing security demands a delicate equilibrium between security and user experience. MFA’s added security layers contribute to an intricate user experience, necessitating consideration for a balanced approach that values both stringent security measures and a smooth, efficient onboarding process.

Maintaining user satisfaction without compromising security remains the underlying challenge in integrating MFA, signifying the necessity for a reasonable fusion of these crucial factors.

2. Speed Up the Process

Prioritizing efficiency stands as a fundamental necessity. Allowing customers to log in using established accounts (like Google, Microsoft, or Facebook) significantly expedites waiting times and simplifies the onboarding phase. Commonly known as Single Sign-On (SSO), this method is both rapid and secure.

Nevertheless, establishing and fortifying user trust in the security of these login mechanisms is crucial to ease concerns surrounding account privacy and data usage. Ensuring transparency about the robustness and confidentiality of these third-party login systems is pivotal for assuring customers of the safety and reliability of their data when adopting SSO methods.

3. Minimize Human Reliance

The automation of the Phone Number Verification process stands out for its remarkable speed and the substantial reduction in human errors typical of manual verification methods.

Innovative technologies like Knowledge-Based Authentication (KBA) capitalize on personal data to authenticate users’ identities, offering an expedited process while substantially diminishing inaccuracies and the risk of errors in customer verification.

These automated systems streamline and optimize the verification journey, ensuring swift yet reliable authentication, thus significantly enhancing the precision and efficacy of identity verification processes.

4. Flexibility in Verification Methods

A robust verification process thrives on adaptability in countering evolving threats and potentially fraudulent activities. Security measures are fortified by incorporating multiple verification methods like biometrics, token-based systems, and identity documents, ensuring a multi-layered defense.

This approach solidifies the security aspect and enhances the overall customer experience, catering to the varied preferences and circumstances of diverse customer profiles.

The flexibility in the verification methods guarantees effective authentication. It enhances the efficacy of identity verification, addressing a spectrum of potential needs and circumstances.

This diverse toolkit fortifies security and molds to the evolving dynamics of customer requirements and preferences.

5. Compliance with Legal Obligations

Ensuring compliance with regional legal frameworks and privacy regulations is critical. Automated verification systems must strictly adhere to these legal parameters, refraining from encroaching upon customer privacy or breaching data protection norms.

This diligent adherence not only safeguards customers’ personal information but also serves as a protective shield for businesses, averting potential legal consequences.

Operating within legal boundaries not only secures customer data but also bolsters the business’s integrity, fostering trust among its client base and preventing any possible legal ramifications in the future.

Maximizing Efficiency with MIMO Contact Point Verification

In today’s digital world, you may face the complex challenge of authenticating customer identities while maintaining a smooth onboarding experience. Effective strategies can significantly streamline contact point verification, enhancing security and a positive user experience. However, you should also consider the Field Verification Services.

Striking a balance between robust Background verification services and an effortless onboarding process is crucial for the success of businesses. At MIMO, our online document verification solution can offer instant document verification. It will reduce friction significantly, eliminate human error, and ensure legal compliance. With 100% authentication backed by forensic data, you can create a seamless yet secure verification process.

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How Data Digitization Improves Decision-Making Processes

How Data Digitization Improves Decision-Making Processes

April 25, 2023
12:19 pm
data digitization, digital transformation, digitization

Every business, whether small or large, has used digital technology to extend the limitations of the traditional business world. New and advanced technology helps companies release their products and services to the market faster to reach their target audience while providing the most satisfying user experience.

There is a wide range of technologies that businesses continuously adapt to fit in the competitive world. However, relying on paper documents for different business operations may restrict your business and prevent you from achieving the most substantial benefits of digitization. Digitization is essential to transform data into digital technology to offer actionable information that helps carry on business marketing, sales, and production most effectively and efficiently.

Data digitization is becoming more crucial for businesses for better management. It is the first step every company should take to start its journey toward digital transformation. There are various ways in which digitization provides aid to business processes, such as improving the decision-making process, managing communication, reducing the need for paperwork, etc.

What does Data Digitization Means?

Data digitization is the process of converting objects or information into digital data. Data digitization involves converting something that has mass into 1s and 0s. It is the primary process of storing images in a suitable form for transmission and computer processing, whether captured or scanned, with the help of sensor-equipped tools. The digitization process may involve the following:

Why is data digitization necessary?

Data digitization is the most valuable business skill that helps improve systems and business operations processes. Data digitization offers a cheaper, faster, and more convenient solution. From business to government to individuals, digitizing data is necessary for everyone as the transformed digital data helps offer better audience engagement. Digitizing makes it efficient to boost business plans most effectively, which also helps eliminate issues and errors.

Various tools and analytics offer project leaders and managers access to information that can drive better decision-making. It helps to improve consistency and reinvent processes and quality. Organizations can collect, store and analyze digitized data through technological improvements, informing smarter and more efficient decisions. Besides increasing business continuity, planning, and decision-making, it also helps reduce operational costs, boost response time, etc.

How does digitization help in management?

Data digitization helps every business area by offering a wide range of benefits. However, there are various ways digitization can help business management and data-driven decision-making become more effective in achieving future goals. You can also get insight into the organization’s operations.

Enhance the Decision-Making Process

Data digitization significantly improves the organization’s decision-making process. Digitized information offers the pace needed to deliver and exchange quickly with the proper individual. Different tools and devices provide access to analytics and data that help to make more informed and beneficial decisions, which will eventually help the business. For instance, data from financial reports help make better financial decisions; on the other hand, customer surveys help enhance customer services. Moreover, it can draw on past and present data to create a more confident and reliable future decision.

Improve Communication and Transparency

Data digitization offers various digital platforms and tools that help improve communication and transparency within the business. These tools and platforms help you stay connected and updated by sharing information effortlessly.

Boost Collaboration

Data digitization offers an effective way for team members to connect and work together, which helps boost collaboration within the company. Online collaboration tools allow staff to share ideas, resources, and files for better workflow.

Focused Knowledge

It helps to understand the essential elements that can improve business outcomes and the negligible factors. Managers or project leaders can target their investment and attention on the factors more likely to offer the desired result.

Improved Performance

Digital devices, as well as tools, permit businesses to automate inner events as well as tasks, enhancing efficiency. It helps personnel remain organized, track progress on numerous projects, and offer insight into employee performance.

Greater Effectiveness

With the help of specialized digital details as well as digital devices, a business can conveniently automate processes as well as jobs, which results in boosted effectiveness. For instance, automated payment as well as online order monitoring assistance eliminate the extra time invested in handling repayments and also orders.

Risk Management

Digitized data and advanced analytics help to identify the risk, inform business models that reduce the risk, and help businesses make data-driven decisions based on insight. It also helps mitigate regularly, enhance governance, and manage compliance risk.

Impacts of Digitization

Data digitization offers easy and quick access to data, changing how a business operates. It positively impacts business, the economy, and society by bringing data across different areas to the workforce for more effective workflow. However, here is the critical impact of data digitization on other sites:

Improved Customer Experience

An organization may suffer a loss due to poor customer experience. Whether verifying the customer’s identity, resubmitting personal data, or rescheduling appointments, it all affects the business if it does not offer the right and quick measures. However, data digitization makes these tasks more effective and seamless to control.

Robust Digital Infrastructure

Governments have begun digitalizing the country’s economy to improve citizens’ access to public and private services. However, a robust digital economy needs a powerful digital infrastructure with digital payments, money, etc. Hence, data digitization helps to build a strong digital infrastructure that enables efficiency and transparency for government, citizens, and businesses.

Simplifies Lifestyle

Digitization has simplified everyone’s lifestyle, as every aspect of daily life is built with integrated sensors and computers, effectively increasing living standards.

Omnichannel Interactions with Buyers

The audience uses many communication channels, making it difficult for businesses to track histories and correspondence with different users. With the help of digitization, organizations can offer their customers centralized systems that can save and log data from their interactions with them. Omnichannel approaches help more customers and increase their satisfaction.

Better Environmental Performance

Data digitization and leveraging different digital technologies help improve environmental performance by addressing environmental and social issues. It helps to increase the global attractiveness and competitiveness of the country.

Reduce Costs

Managing paper documents is time-consuming and expensive, as you will spend much of your time and resources recording the data. However, digitization will reduce operational costs and effort in the future.

Data Analysis and Collection

Data digitization improves data collection and analysis for every industry. Sophisticated tools and access to business data quickly enable businesses to operate more innovatively, better, and faster.

Competitive Benefits

Embracing digitized tools as well as devices that provide far better customer support aids the business to obtain affordable advantages versus those firms that require it to be faster to adapt to changes and patterns.

Conclusion

Data digitization is crucial for all companies to benefit from all locations of their organization. It is an efficient procedure to boost organizational decision-making, cut maintenance prices, as well as make management easy and efficient. So, it would be best to take on data digitization in your company to get one of the most significant benefits.

If you are looking for the best data digitization provider in India after that MIMOIQ will certainly be your ideal option. We offer the best, safest, and most exact information digitization solutions, which will aid you to lower the high maintenance expenditures of storing your physical files.

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The Future of Work in India: How the Gig Economy is Shaping the Labor Market

The Future of Work in India: How the Gig Economy is Shaping the Labor Market

April 20, 2023
12:40 pm

Today’s generation has more versatility in their workforce model, as they do not have to rely on traditional 9–5 jobs to provide for themselves. Different elements like telecommunications and email have brought people together and made work more flexible. However, it is only possible with the rise of the GIG economy. People now have an efficient and more creative work life, taking on only short-term work because of the GIG economy.

It is a significant environment where businesses can contract freelancer workers for the short term, so both businesses and workers can benefit from this technology platform. The GIG economy offers the most beneficial opportunities for workers and companies, dramatically impacting the future labor market. However, this guide will help you understand the GIG economy’s impact on shaping the future labor market.

GIG Economy - A Primer

A GIG economy is an essential digital economy that operates with the flexibility of the workforce. It involves the exchange of workers and resources via digital platforms that actively offer seller-to-buyer matching. It is a free-market system where organizations temporarily or part-time hire independent laborers based on short-term contracts.

It is a contract-based economy where businesses fill part-time positions of freelancers for specific projects according to the needs and skills of workers. GIG workers gain independence and flexibility but need more job security. It can benefit businesses, workers, and consumers by making work more easy-going to meet demand needs and for a flexible lifestyle. The outcome of the GIG economy is more efficient services that are affordable for those willing to use the digital platform.

However, people who don’t use digital services may be left behind by the advantages of the GIG economy. An extensive range of positions falls into the category of GIG, which can range from delivery partners to freelancer developers. It has become an excellent source of job and income opportunities for working people, students, and people occupied with other work.

Some Examples of GIG Economy

A prominent example of the GIG economy is freelancing. Big data and the internet have played an essential role in scaling up the GIG economy so people can use it. The Internet makes it easy for freelancers and businesses to transact or make deals. However, the GIG economy’s different platforms make it efficient to assemble independent laborers, employees, and customers. Moreover, jobs like ride-hailing drivers, home improvement projects, freelance services, delivery services, tutors, independent consultants, etc., are great examples of the GIG economy.

Who is involved in the GIG economy?

The GIG economy consists of workers, companies, and consumers. But all gigsters are not the same. However, here is the list of people who are a part of the GIG economy.

Part-time hires who are working for a fixed amount of time,
Freelancers who get paid according to their projects,
The project-based worker who gets paid after completing the project,
Independent contractors who do work and get paid according to contract basis,
Part-time workers who perform their job less than full-time hours.

The GIG economy offers consumers a substitute for commercial industries and products. Consumers turn to it for better services and convenience. GIG platforms or apps have also been designed to meet consumer demand where a service is temporarily supplied and sometimes at lower prices.

Driving Factors of the GIG Economy

The rise of technology-based workplaces has played a significant role in the growing interest in independent or self-employed workers and work that is more versatile. The current workforce is more inclined toward gigsters or freelancers, and the COVID-19 pandemic makes it a more appropriate job option for everyone.

According to a study, the GIG economy in India is likely to rise to $ 455 billion by 2024. As the demand for gigsters also increases, the purpose-driven and supported platforms help to overcome the issue. Companies, gigsters, and GIG platforms are building a mutually-beneficial environment to meet each other’s needs and demands. GIG platforms not only help freelancers get opportunities and work but are also very beneficial in providing support through online consultations, courses, and specializations.

GIG platforms are increasing to bridge the gap between the demand and supply of gigsters and companies. Organizations seeking qualified and skilled workers can leverage freelance platforms to attract the right candidate. Therefore, online freelance platforms are working as a stimulant to connect companies and freelancers.

Perks of GIG Economy for Businesses

The GIG economy offers significant opportunities and benefits to both workers and businesses. Workers get flexible jobs at home and can set their working hours. Independent workers can easily choose their interested job according to their schedule and preferences, which also offers them new opportunities. However, the GIG economy is incredibly beneficial for businesses as well.

Businesses can easily save their resources and money as they are not responsible for providing various employee benefits. It also enables companies to contract with experts who might be too expensive to hire full-time for a specific job. Still, they can easily hire experts for part-time positions in the GIG economy. Freelance platforms help businesses fill the skill gap as workers become more innovative and expand their skills with new projects.

The GIG economy also helps eliminate the need to set up a physical location, office space, and utilities for a business, reducing the additional cost. Specialized and independent contractors do not require high levels of training and supervision, which helps reduce development and coaching costs. Moreover, hiring an independent worker allows a business to have flexible staffing. The company can get the necessary staffing, whether the project is small or large.

Impact of GIG Economy on the Future of Work

As per the survey of current market trends in India, the future of work will depend on the amalgamation of a larger and more digitized workforce. Due to the opportunities and various benefits to all sectors, more and more people will inevitably transfer into the GIG economy.

However, the future of the GIG economy is expected to employ around 23.5 million people by the end of this decade.

However, here are some points that demonstrate the impact of the GIG economy on the future of work:

Technological Development

Technological development has expanded the opportunities of the modern workplace. Seamless integration of technology can increase business productivity and improve the living standards of GIG workers.

Supporting the Rapidity of Business Change

GIG models save money and help businesses invest resources and time in the technical department. It allows new start-ups to increase their workforce to adapt to shifting goals.

Changing Mindset to Work

The rise of the GIG economy changed the working mindset and allowed freedom, flexibility, and personal fulfillment.

Clarifying Work Structure

The GIG economy benefits both employer and worker by offering flexible and more productive work arrangements for workers and lowering company training costs.

Conclusion

Since the GIG economy offers different advantages to everyone, including companies, consumers, and workers, it will significantly impact the future of work in India as more and more people will work on a contract-to-contract basis for a short-term to do a specific project.

MIMOIQ is an excellent GIG platform that can help you join the GIG economy. We offer online training, job opportunities, and incentives to strengthen your growth and help you achieve your goals.

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The Gig Economy and Rural India: A Look at its Potential

The Gig Economy and Rural India: A Look at its Potential

April 17, 2023
12:58 pm
Gig economy, GIG ECONOMY IN INDIA, Gig workforce

The gig economy has risen drastically in India due to its flexibility, cost-effectiveness, and independence. According to a survey, India’s gig workforce comprises 15 million workers. The pandemic is a key factor in the rising gig economy, as employees who loved the work-from-home model are no longer interested in traditional jobs. Nowadays, the gig economy model has become a primary source of income for many people.

The gig economy generates more efficient, cheaper, and flexible services as gig workers can work accordingly. It also has a lot of potential for workers in rural areas in India. Here you can learn how the gig economy influences workers in rural areas of India.

What is the GIG economy?

Before you learn about the gig economy’s potential, you should clearly understand the GIG economy. It is a popular term that describes the working model for independent workers or freelancers who provide their services on a short-term or project basis. It is growing rapidly worldwide, and it has the potential to transform how people work and make a living in urban and rural areas.

The gig economy gained momentum when new platform-based companies emerged. It comprises workers of all ages and genders, such as students and women. It offers excellent opportunities for workers to work part-time or full-time from home.

Why are gig workers essential in India?

About 31% of gig workers are in low-skilled jobs, 22% in high-skilled jobs, and 47% in medium-skilled jobs. It indicates how valuable gig workers are for organizations and businesses in India. The gig workers provide a labor force that directly suits the company to the freelancer. GIG Economy in India removes the hassle of dealing with a middle person throughout the hiring process.

Gig workers also reduce operational costs as the organization isn’t required to cover the health benefits for their workers. With the gig economy, businesses can hire off-site workers without requiring them to manage large, expensive offices.

Another reason gig workers have become an important part of the economy is India’s output production. The gig model allows individual workers who like to work for extra money to apply for positions that offer unique working hours. With this flexibility, workers can work with motivation and increase the output production of the company.

Most suited gig economy jobs in rural India

The gig workers in rural areas perform various gig economy jobs to create an earning. Here are the top gig jobs available for people living in rural areas in India, including:

Agriculture-related services

Rural India has a large number of farmers and agriculture workers. They provide agriculture-related services that include supplying crops, livestock management, farm maintenance, and more to the farmers. Various food processing industries are dependent on agriculture-related services to execute their operation. By leveraging the power of artificial intelligence, remote sensing, and other technologies, agri-tech companies can adopt sustainable approval for farming at a large scale.

Content creation

The rural part of India has internet access, which allows them to connect with urban cities and international countries to learn new ways to make an earning. Many gig workers use technological advancement to learn new skills and provide services to clients worldwide with emerging platforms. Some common types of jobs for content creation include content writing, web design, data entry, and digital marketing.

Online tutoring

Many teachers and trainers are now working from their homes and teaching students. With the help of mobile and internet access, anyone can educate and provide awareness to the world. Without proper infrastructure and school buildings, students can access online tutoring via various online platforms and learn essential skills. Local teachers have successfully gained popularity for teaching students from rural areas.

Translation services

Rural India is filled with diverse communities, which create language barriers. People from rural areas can provide translation services to reduce the language barriers between businesses and native people. Gig workers can translate books, literary texts, and novels into various languages, allowing others to learn about the Indian rural culture.

Delivery services

Online shopping is also famous in rural areas, with a growing demand for delivery services. Gig workers can work in rural areas to reach local customers. They can also be cost-effective for companies.

However, many gig workers have started offering delivery services for local shops in India. Online companies can provide fast delivery services within a particular area with gig workers’ help.

How do gig workers in rural areas make a living?

Generally, gig workers in rural areas work to support and provide for their families. There are several ways to earn money by freelancing as a delivery partner or tutor. The average monthly income for a gig worker is Rs. 18,000. The income of gig workers rarely has any spot for saving as they spend most of their income on rent, education, household, and medical. However, some gig workers utilize the power of the right financial tools and services to reach a sustainable monthly income.

What is the potential of the gig economy in rural India?

According to a report, the gig economy generates 56% of new employment across the white-collar and blue-collar workforce. The gig economy has great potential for rural people as it can provide up to 90 million jobs to the non-farming sector in India. The demand for gig workers in white-collar jobs such as salespeople, project-specific consultants, content writers, web designers, and software developers are emerging.

The gig economy provides flexibility, convenience, higher unit pay, and more benefits. But it must meet the minimum wage requirement, consumer rights, and worker protection to allow workers to live sustainably.

Regulation for gig workers to improve their standards of living

Most gig workers don’t have post-school education, and most learn skills through gig jobs. To address these issues, organizations or governments provide free courses to learn valuable skills. Another problem gig workers need help with is job security and regular pay. Government should also provide a trusted platform for gig workers to find gig jobs.

Is the gig economy beneficial for women?

The gig economy empowers women to join the rural gig workforce by educating them about technology, money management, and digitization. It offers equal opportunity to all genders and allows women who have faced discrimination in a traditional workplace to work.

Women with many responsibilities can work flexibly, as many gig economy jobs offer flexible work arrangements. It also gives women the power to work remotely and access clients from all over the world.

Wrapping up

The gig economy offers various benefits for both workers and organizations. The gig economy in rural India has begun emerging as it creates more employment opportunities and empowers students and women. The gig workforce in India is expected to grow to 2.35 crore gig workers by 2030.

MIMOIQ offers excellent opportunities to people in rural areas to work in the gig economy. You can develop popular skills according to your preference and earn a living from your home. You can become a MIMO task associate and perform various tasks, from delivering packages to a cash settlement.

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Impact of GIG Economy on Traditional Jobs: What it Means for Workers and Employers

Impact of GIG Economy on Traditional Jobs: What it Means for Workers and Employers

April 12, 2023
12:29 pm
Gig economy, GIG ECONOMY IN INDIA, Gig workforce

Traditional workplace employees typically work for 9 to 5 full-time and work in a physical location. The traditional job has undergone many changes in the past few years, which has given rise to the GIG economy. It offers workers more flexibility and freedom in their employment model, which causes more and more workers to adapt to the gig economy.

The gig economy offers various benefits for workers and organizations. However, if you are wondering how the gig economy impacts the workplace and jobs, you can learn about the gig economy’s effect on the business landscape in India.

What is the GIG economy?

The term gig is a slang word for a short-term job. Whereas a GIG Economy is a free-market system that allows organizations to hire independent workers for short-term commitments. In simple terms, it is a digital platform that connects individuals and companies in exchange for money or labor or vice versa.

What are examples of a GIG economy?

Examples of the gig economy include freelancing, independent contractors, project-based jobs, and part-time hires. Generally, workers and organizations use gig apps and digital technology to connect with each other. Other common gig economy jobs include:

Graphic designer
Content writers
Administrative assistants
Substitute instructors and tutors
Technical writers and photographers
Network analyst
Ride-hailing driver

Advantages of the GIG economy for workers and organization

The main benefits of the gig economy for the worker include the following:

Flexible working schedule as gig workers can pick up jobs and earn anytime.
Higher salaries but it is based on the worker's performance.
A large variety of gig platforms in different niches.
Location-independent opportunities to work with big companies.

The advantage of the gig economy for organizations includes the following:

Effect of the GIG Economy

The gig economy is changing the way people do a job as this concept allows workers to choose between part-time and full-time options. Here’s how the gig economy changed the traditional working model.

Worker's perspective

The main impact of the gig economy on the young generation like Gen Z and Millennials is how they perceive work. Nowadays, the younger generation prefers working in the gig economy rather than a traditional model in which they must work full-time.

The modern workforce allows the worker freedom, versatility, and personal fulfillment. Moreover, the young generation is more likely to multitask, meaning performing more than one job at a time to maintain a good career profile.

Smaller gig jobs offer workers more control over their life and allow them to focus on things they adore. However, some independent workers choose to work as gig workers full-time or use it as a supplemental income.

Organization's perspective

Companies and organizations benefit from the gig economy as they can keep the focus on core operations and hire gig workers when they need them. Simply put, employers can call independent service providers for services they don’t specialize in and require regularly.

By hiring on-demand, organizations can add new skills and capabilities that their employees may lack. Hence, the gig economy provides a more agile workforce and the ability to manage the workforce, the number of people, and people’s expertise depending on their needs. Also, gig workers are more efficient and productive for the organization as they can control their work location and hours.

Refining work structure

The gig model is the perfect solution for workers and employers as it provides benefits to both. It allows workers to find jobs regardless of where they are from and how long they work. If they work productively, they can earn better than the traditional job. This model is more beneficial as employees don’t require to work 9 to 5 jobs to make a living.

Employers are also promoting the gig economy as they don’t have to put much money into training costs for new workers. They create a more flexible and productive structure of work rather than work driven by schedules. Moreover, employees and employers can communicate via email, allowing them to collaborate regardless of geographical location.

Save time and money

Another benefit of the gig economy for the organization is that they can save time and money as the gig economy doesn’t require office space for workers. Hence it cuts the office space costs and other expenses associated with operating work from the office.

It also saves companies from paying for healthcare and other benefits for gig workers. Companies can focus their money on profitable investments as they don’t have to provide their workers with training, equipment, and other needs.

Catalyst the pace of business change

The gig economy supports the pace of business change by offering flexibility and agility for companies. With this model, businesses can scale up or down as required to adapt to shifting objectives without the administrative burden and overhead cost. Moreover, it helps various start-up businesses to shift their focus on essential tasks by hiring freelancers to handle a single task or outsource a complete project.

Gig models encourage new businesses to be more responsive and agile to market changes by hiring specialized skills or expertise to adapt to the changing market.

Technological development

The gig economy also accelerates the development of technology in the workplace. Nowadays, employers utilize the power of robotics, artificial intelligence, and data analytics to overcome the restrictions of the modern workplace.

Nowadays, smartphone connection has replaced the bridge that connects producers and consumers. With smartphones, gig workers can perform various tasks for business in real-time demand. Also, technology can help improve the work quality for gig workers. They also use technology to manage their schedules and workloads, allowing them to reduce stress and improve work-life balance.

The Future of the GIG Economy

According to a survey from MISI, 31% of professional workers take part in short-term gigs and make a living. Nowadays, freelancers can get their first client without spending a lot on building a professional reputation. Also, it is estimated that the gig economy will become a $5 trillion economy by 2025 in India.

Many GIG Economy platforms in India are responsible for the rise of this flexible employment model. These platforms reduce employers’ concerns about bad hiring by providing transparent customer assessment tools, rigorous verification processes, and simple dispute resolution mechanisms. Moreover, telecommunication tools like WhatsApp and Skype cut the cost of international communication and allow gig workers to find jobs internationally. Various universities are also now offering a range of free, world-class courses on their site that people can easily access. It will give rise to a gig economy associated with highly-skilled independent workers rather than low-skill workers.

Conclusion

Observing the current position of the gig economy, you can say that it is not downsizing anytime soon. In fact, the GIG Economy in India is rising because of flexible jobs. It has also provided new opportunities for workers and organizations but challenges the traditional job market.

MIMOIQ is a gig economy platform that provides a range of services to its clients. You can work as a gig worker and earn while you learn at this company. You can empower yourself and others around you with this opportunity from MIMO.

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The 10 Skills You Need to Succeed in the GIG Economy

The 10 Skills You Need to Succeed in the GIG Economy

April 10, 2023
5:27 pm
Gig economy, GIG ECONOMY IN INDIA, Gig workforce, remote work

According to a report, India’s GIG workforce consists of more than fifteen million people across various industries. Leading business experts suggest that the freelancing economy will show no sign of stopping in the next few years. Soon, more than 25 million workers will become freelancers to earn a living in India. A career as a freelancer is full of opportunities, though it also brings many risks. For example, you may need help finding the right jobs and employers, especially if you are a beginner.

A thriving GIG economy suggests that the freelancing industry has no job shortage. Employers look for freelancers nowadays to save time and money. Moreover, the freelancing industry encourages hiring people from different places, as working remotely has become convenient due to the advancements in internet-based communication. Even though the industry offers ample opportunities, only a few people can sustain them. The reason behind the failure is the need for more essential skills to succeed in the GIG economy.

Top 10 Skills for GIG Economy Success

So, what essential skills do you need to improve your productivity as a freelancer? In the following section, find a detailed discussion on thriving in this industry.

1. An Initial Motivation

Freelancers require initial motivation to survive in the industry. However, obtaining an initial motivation may take much work in the industry. Successful freelancers devote 5-6 months to their jobs to become somewhat successful. Real growth starts with gaining more experience in this field. Therefore, patience is always the key in this industry. You must maintain patience even though you do not get an initial motivation.

Freelancers can get initial motivation by choosing short-term jobs.

For example, a writer can write gigs and create an online portfolio. The portfolio will attract many clients who can offer you assignments. Completing these assignments will earn you instant money. You can gradually grow and develop a good client database to get regular jobs.

2. Understanding the Alternatives

Understanding the alternatives is a key skill for freelancers working in the gig industry. For example, you have an excellent command of language and literature. Therefore, you can find various content writing jobs. However, jobs are not regular in the freelancing industry. Therefore, a content writer can start personal blogging and earn revenue through advertising networks.

Every freelancer has multiple alternatives, and searching for those alternatives is essential. The search must go on to grab and explore new opportunities. Moreover, you may add more skills to serve a large client base.

3. Sole Responsibility

Working remotely as a freelancer is fun, as you can balance professional and personal lives in a better manner. But freelancing can often become boring since you work alone from home. You should maintain the correct schedule to follow the deadline and keep clients happy. You must not take your work casually because clients want quality services from freelancers. Understanding the responsibilities and working accordingly is crucial for everyone in the gig industry.

4. Problem and Goal Orientation

Since the GIG economy platforms are growing, the scopes are getting larger for freelancers. But, a thriving industry also brings tough competition. Many people want to become successful in this field by showcasing their skills. People who stay organized with their jobs will likely stay ahead of the competition. It would help if you had a career goal as a freelancer. You will need more motivation to work and grow in the gig industry. Moreover, you should understand and cope with the industry’s challenges to improve your skills.

5. Evolution

In conventional jobs, people can excel in their skills slowly. For example, a plumber can stay the same in his approach to working anytime soon. But freelancers work in a competitive and dynamic environment. They should update their skills after certain intervals to stay relevant and efficient in the gig industry. A person, who does not adopt the changes, will soon find themselves losing jobs quickly in the gig economy. You should be ready to take on new challenges and understand the latest industry trends.

6. Assertiveness

Self-belief is the most crucial thing in the freelancer industry. You should believe in your skills and knowledge to succeed in this industry. Beginners often face challenges and start losing faith in their skills. As a result, they leave the industry and pursue something else to earn a living. The gig economy offers endless scopes for those who are believers. Your assertiveness will make you an excellent prospect in the gig economy.

7. Source of Capitals

Managing and understanding capital sources are crucial skills for people working in the gig economy. A good source of capital is required if you want to start a freelancing job that requires time and money investment. Investing in both for a certain period will yield the best result for your career. On the other hand, investing money without conviction in a job may eventually lead to financial losses. Therefore, you should handle your capital sources better for a better financial decision.

8. Maintaining consistency

Sometimes, jobs can be redundant in the gig industry, and you may need more scope to showcase your creativity. In such cases, consistency becomes an issue for budding freelancers. But seasoned freelancers never compromise on skills and qualifications. They remain focused on delivering consistent services even though jobs are redundant.

9. Willingness to Learn

Do you love learning new things to improve your skill? Sometimes, you may need to learn things that will not directly impact your skill. A willingness to learn is the most crucial thing for a professional freelancer. The gig industry will offer ample opportunities to those ready to learn. Knowledge will improve your skills, eventually enabling you to deliver better services to clients.

10. Other Soft Skills

Freelancers should develop multiple soft skills to improve their chances of finding success in this industry. For example, you should acquire exceptional communication skills to contribute significantly to India’s GIG economy. On the other hand, your personality is also essential to improve your stature as a freelancer. An attractive personality will help you find prestigious clients in the industry.

So, these are some crucial skills that individuals must obtain to improve their chances of success in the gig industry. Develop these skills gradually to make your growth in the freelancer industry faster.

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What is a Customer Satisfaction Survey? And its Types

March 29, 2023
2:47 pm
survey, survey data collection, surveys, Types of survey, Types of survey methods

Connecting with customers to understand their needs and solve their issues makes a brand popular and increases customer retention. It is essential to know how customers feel about your product and services.

But the hurdle comes in front of the company in connecting with customers to get feedback. For this problem, the Customer satisfaction survey helps the brand connect easily with its customers.

The concern is which type of survey is helpful to get feedback from the customer. This post will give you an idea about Customer satisfaction surveys and their types. So that you can use it while interacting with customers.

What is a Customer Satisfaction Survey?

The customer satisfaction survey is a questionnaire that many enterprises use that helps them understand how satisfied their customers are with their customer support team’s service or by the customer service knowledge base content like FAQs, help articles, etc., on the company’s website.

Does a customer satisfaction survey typically include questions about delivery, product quality and value, delivery speed and availability of products, product information via the website, technical support, and service quality?

Customer satisfaction surveys are often conducted online but can be completed in person or via telephone.

Now the market is competitive, and the company is trying to improve its services and products for customers. In this, the Customer Satisfaction Survey plays a critical role in understanding how many customers are not satisfied with services and products provided by companies.

The collected response helps to evaluate why your customer like your product over your competitor and how you can work more on customer satisfaction.

How to calculate the Customer Satisfaction Survey?

To calculate the Customer Satisfaction Survey, divide all positive responses by the total responses received and multiply them by 100 at the end. The digit you get in percentage is the complete satisfaction level of your customers.

For example:- Let’s calculate the CSAT score.

Survey with a question like “How satisfied you are with our service” they can answer it by only rating your service in a number, and it is easy to answer for them. The rating will be 1 to 7, 1 to 3 being the worst, four average, and 5 to 7 satisfied.

It is easy to interact with customers to know their experience and whether they are happy with the services. If customer experience could be better, then it is easy to know at which point it needs to improve so that it will not affect the customer cycle. So you can use surveys at various touchpoints to get the big picture of how the customer feels during the process.

You can do this customer satisfaction survey questions of different types according to the need of the process. Now let’s discuss the types of Customer Satisfaction Survey questions.

Customer Satisfaction Survey Questions

The customer satisfaction survey is one of the most important ways to measure customer satisfaction. While interacting with agents, It can be done in a number of ways, by phone, email, etc.

A great way to know how customers think is to take the survey after completing the interaction with the brand so that customers can respond honestly. While doing the survey, always use unbiased questions so that you can get honest feedback. The survey should be short and to the point.

Customers take surveys because they want feedback, so don’t make it too long.

The following are the different customer satisfaction questions that can be used in a survey:

What did you like about our service?
Why do you choose us over other brands?
How likely are you to recommend our services to others?
What could we improve?
How was your last experience with us?

4 Types of Customer Satisfaction Survey

A survey is a tool used to collect information from a group of people. It allows you to gather data about their opinions and feelings toward specific issues, services, or products. Surveys let you make decisions based on this data and help you better understand your customer base.

To give your customers the best possible service, you should consistently ask them for feedback and survey opinions to keep up with industry trends.

There are four types of customer satisfaction surveys that you can use to gain valuable insights into how your customers feel about your brand.

Net Promoter Score (NPS)

The net promoter score NPS survey help asks customer questions like “How likely are you to recommend this product to your known ones,” and they can answer it by rating you 1 to 10.

This survey helps you to know how many customers are satisfied with your services and products. Give you an overview of how many customers like your product and service so that you can work on it. NPS is used to get an overall view of customer satisfaction with your service and products.

It helps understand customer loyalty and how likely they are to recommend your service or product. NPS also provides you with a benchmark of your business so that you can compare it with other companies in the industry.

Customer Satisfaction Score (CSAT)

A Customer satisfaction score is also known as CSAT. Businesses use this customer service metric to determine how satisfied customers are with a company’s services and products.

It helps measure customer experience while interacting or on specific services and products. A customer satisfaction score survey can be used at every touchpoint to gather customer satisfaction levels.

The survey is just in a rating form with a question so that a customer can relate to it and share the worst or good experiences with the product. The survey format will be like the given image.

Many companies implement CSAT surveys at the end of their knowledge base guides that help users self-serve. From that CSAT score, admins can know if the principles serve their purpose.

Customer Effort Score (CES)

A CES survey helps to know how much effort a user makes in using features or performing actions in your product. This survey will help you find flaws in your product so that you can work on it.

In a customer effort score survey, you ask a question about a particular process and feature so that getting customer feedback can help find flaws. Ask customized questions from your user base to get more insights on your product.

Visual Rating Survey

Visual rating is one of the most used surveys by companies because it helps them interact with customers differently. Where customers have to write or rate to give answers to survey questions. Visual rating surveys are impactful and easy to answer.

This survey is in three types of formats – stars, smiles, and thumbs up / thumbs down.

This survey is elementary to answer and understand. In this survey, customers have to give a rating from 1-5 stars on a given question. The ratings are shown in images such as smiley faces, thumbs up/down, etc. These images help customers understand what they must do to answer this survey question.

Conclusion

We discussed every aspect of the Customer Satisfaction Survey so that you can use this knowledge and implement it in your business. This article will help you to understand how good your product and service are from the customer’s point of view.

Do share your views in the comments on what more can be included in this article to make this a better resource for all visitors.

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How MFI, NBFC, and Banks can Operate at 10x Faster Speed and Generate More Profits

How MFI, NBFC, and Banks can Operate at 10x Faster Speed and Generate More Profits

March 24, 2023
12:09 pm
banking industry, financial services, MFI, payments

By using digitized technologies, MFI companies, banks, and non-banking financial companies have started to make more money. A company must adopt the right technologies to grow faster in this situation. At the same time, such businesses can reduce their operational costs to a large extent by implementing the technologies.

People have become well-accustomed to digitalized financial transactions nowadays. Therefore, the mobile banking service brings more customer satisfaction. On the other hand, digital processing of various financial services saves people time. Banks and other financial institutions can reduce loan processing by simplifying KYC verification and implementing the latest technologies. In the following section, you can find a guide on how financial institutions can operate faster and generate higher revenue.

Advanced Self-Service Capability

An advanced self-service capability will help small-scale financial companies to a large extent. The banks often hire third parties to deal with various jobs. For example, a third-party service provider is required for KYC verification. Technology can help banks and other financial institutions adopt self-service capabilities. The financial companies will perform multiple complex tasks without requiring any third-party intervention.

On the other hand, banks and other financial institutions must offer self-service facilities to customers. People want banking services without the hassle of a long verification process. Moreover, people also seek transparency in financial transactions. A digitized platform ensures transparency and provides a self-service facility for customers. Financial institutions can render more satisfactory services to customers with minimal interactions.

API integration for Task Management

A financial organization may have to deal with multiple non-skilled and repetitive tasks. Hiring employees to manage such tasks increases the organization’s operational costs. At the same time, the efficiency of humans is limited. You can get an output at a particular level from a human employee.

The APIs can manage various repetitive tasks with precision and achieve higher efficiency. Moreover, API integration helps financial organizations reduce their dependence on human workers. Many tasks will be automated, which eventually reduces operational costs. As a result, financial organizations can become more profit-making institutions.

Instant Payment Processing Networks

Payment processing is a concern for both small and large financial institutions. Imagine that you run a lending company or a MFI. People expect faster loan processing from such companies. However, quicker loan processing is not the easiest thing to achieve for financial institutions.

Developing a secure payment processing channel is essential. Conventional payment processing is time-consuming, and you can reduce the time by embracing electronic payment.

A digital payment process can happen instantly. However, it may take one to three days for MFIs in most cases.

Cloud Computing for Easy Data Access

Data is the most important thing for a business, and today’s financial institutions make decisions based on data. When you collect and understand data in the right way, it will help your financial institution make better decisions. Most banking and non-banking financial companies invest in developing a powerful cloud infrastructure.

Cloud infrastructure provides easy data access to companies. Financial companies can maintain company portfolios and customer data on cloud storage. Data stored in the cloud is accessible anytime, and KYC verification is expedited. Nevertheless, financial institutions often check the data of loyal customers to provide better services. The overall financial verification will happen seamlessly with the cloud data storage.

Biometric Technology for a Faster Identity Verification

The financial industry has been developed on the foundation of trust. Developing trust is essential to improving customer satisfaction. At the same time, businesses should build a trustworthy brand by adapting to standard security practices.

Biometric technology has become a key technology in such a scenario. The technology assures seamless security in the verification process. Moreover, it brings quicker identity verification for financial institutions. As a result, loan requests have been processed faster due to digital identity verification.

Chatbots for an Automated Customer Support

Besides selling a product, financial organizations must render seamless after-sales service. The customers may have multiple queries regarding a product. Nevertheless, they may inquire about obtaining certain information from a financial company. In such cases, small financial institutions and non-banking companies need help managing a separate customer support department.

Instead of recruiting humans for customer support, implementing chatbots can be more cost-effective and productive. The chatbots deliver all necessary information to the customers without requiring human intervention. With the advent of time, chatbots will become more efficient in providing information to customers or clients.

Process Automation through AI and ML

Intelligent Automation is another key technology for MFI and non-banking financial organizations. The banking sector has already implemented automation and started reaping the benefits. Nowadays, banks can manage multiple tasks without human intervention. Small-scale financial companies should also focus on automation to reduce operational costs.

Artificial intelligence can make an organization less dependent on human resources. Various non-skilled tasks will be performed quickly and accurately. At the same time, machine learning can slowly take over a skilled job while making it easier to manage.

Facilitating Micro Services

Traditionally, the banking sector works with a monolithic approach, which refers to a uniform approach for everyone. But financial requirements vary from one person to another. A lender should check the creditworthiness of a person. Every person has a unique credit behavior, and financial companies must understand their clients with precision.

Understanding the clients helps financial institutions provide various MFI services.

Instead of adopting one approach for everyone, financial companies can offer more customized products for their clients. Introducing such products will enhance the credibility of financial institutions to a large extent.

Internet of Things for Faster performance

Financial companies must embrace the Internet of Things (IoT) to improve performance. The technology helps with faster payment processing. Moreover, financial institutions can introduce smart notifications for their customers. The Internet of Things can also help in developing and managing digital wallets.

Advanced Analytics through Big Data

Financial organizations should adapt to advanced analytics for better decision-making. Making the right decisions is the key to running a business seamlessly. A data-driven approach to decision-making can improve decision accuracy. Moreover, business managers can make critical decisions with more conviction.

Conclusion

So, these are the technologies that MFI, non-banking, and banking institutions can adopt to improve productivity. Technology helps financial companies render better services to their clients. Moreover, adapting to the latest technologies improves organizations’ security of sensitive data. As a result, NBFCs and banks can reduce operational costs and improve revenue. The overall profitability of such organizations increases drastically.

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