Chairman Sanjiv Bajaj's solution to address unnecessary loan calls from Bajaj Finance

Bajaj Finance Managing Director Sanjiv Bajaj recently tackled the issue of unwanted telemarketing calls received by individuals from the company. During the launch of Bajaj Finance’s mutual funds business, he made an important announcement stating that Bajaj Finance will soon introduce an opt-out option for customers who do not wish to receive such calls. Bajaj emphasised that once customers choose this option, they should refrain from applying for any of the company’s products. In approximately three months, Bajaj Finance’s website and web app will provide users with an option to click and ensure that they never receive bothersome calls again. Bajaj assured customers that they have the right to be forgotten by the company if they opt out of telemarketing calls. It is advised that by choosing to opt out, customers should also commit to not approaching Bajaj Finance for their financial needs in the future. Despite issuing three million loans per month, the company receives 1,500 complaints per quarter related to telemarketing calls. During the launch of Bajaj Finance’s mutual funds business, Sanjiv Bajaj also acknowledged the importance of resolving the concerns faced by the 1,500 complainants without jeopardising the financial inclusion opportunities for the remaining three million customers. “We know we have to get to zero complaints. But I think we also need to understand that some of this, unfortunately, does happen in the world that we live in… You will see in three months’ time on our website and our app an option—you click it and we will never bother you again. You will have the right to be forgotten by us," he said as reported by Business Today. Currently, approximately 15 percent of Bajaj Finance’s business comes from outreach via telemarketing calls. However, the company aims to reduce this figure to 10 percent and eventually eliminate telemarketing as a promotional strategy altogether. Recognising the growing problem of unwanted mobile calls and text messages from telemarketers, the Telecom Regulatory Authority of India (TRAI) intervened. TRAI asked all telecom service providers to verify registered headers and message templates on the distributed ledger technologies (DLT) platform. Additionally, the regulatory body mandated the blocking of all unverified headers and message templates within 30 and 60 days, respectively. In response to these regulations, telecom service providers have implemented an artificial intelligence and machine language-based system since 1 May. This system effectively monitors and prevents spam calls, representing a significant technological measure against unsolicited commercial communications. By implementing the opt-out option and adhering to regulatory requirements, the company strives to provide a better customer experience in the future. Read all the Latest News, Trending News, Cricket News, Bollywood News, India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.