Case Study of INDIABONDS

Finding The Friction In The Investment Journey—And Guiding Customers Past It.

IndiaBonds partnered with Fundamento to re-engage customers who stalled during onboarding, using Voice AI to understand where they stopped and guide them through the next step—from personal details and KYC to Demat and bank verification.

Written By

Team Fundamento

Published

Making Digital Bond Investing Easier To Complete

IndiaBonds operates as an online bond investment platform where customers move through multiple digital onboarding and verification stages before they can complete their investment journey.

Fundamento was deployed to identify where customers stalled and provide step-by-step guidance rather than generic follow-up calls.

A Customer Can Be Interested In Investing And Still Fail To Complete The Journey.

The IndiaBonds onboarding journey spans personal details, KYC, Demat, bank details, risk profile and other verification stages.

The challenge was to identify the precise point where customers stalled and intervene with relevant guidance.

Stage Observed Issue
Personal Details Customer stops mid-process
KYC Verification friction
Demat Largest identified drop-off
Bank Details Completion friction
Risk Profile Additional onboarding step
DigiLocker / PDF Supporting process friction
Help the investor complete the step they are stuck on—rather than asking them to start again.

Signal OS™ Identified Where The Investment Journey Was Breaking.

Fundamento used the customer’s current onboarding stage as the primary signal, allowing the AI agent to tailor the conversation to the exact point of friction.

Signal What It Revealed
Current Stage Where the customer stopped
Demat Status Highest identified onboarding leakage
KYC Status Verification requirement
Bank Details Remaining completion step
Dormancy Customers requiring reactivation
Architecture Layer Deployment Capability
Customer Signals Stuck stage • Demat / KYC / Bank status • dormancy
Decision Intelligence Highest-drop-off-first targeting
Journey Intelligence Stage-specific onboarding recovery
Execution Layer AI Voice Agent + IVR
Customer Stuck → Stage Identified → AI Calls → Step-Specific Guidance → Continue Journey

The Recovery Journey Followed The Customer's Exact Drop-Off Point.

Timed IVR outreach was used for:

  • Verification
  • New bonds
  • Newly registered customers
  • Cold / dormant customers
Journey Intervention
Personal Details Step-by-step guidance
KYC Verification guidance
Demat Priority recovery
Bank Details Completion guidance
Risk Profile Stage-specific support
PDF / DigiLocker Process guidance
Stuck Stage → Identify Stage → Explain Next Action → Customer Progresses → Completion

An Agent That Guides The Investor Through The Step—not Around It.

Agent / Layer Role
Voice Agent Calls customers stuck in onboarding
Stage Logic Identifies the relevant step
Guidance Layer Explains the next action
IVR Layer Supports timed outbound campaigns
Dormancy Logic Re-engages cold customers

Capabilities Are Not Projected. They Are Measured.

20%

Demat drop-off — programme level

39%

Demat share of call mix

Live

Onboarding recovery

The Biggest Onboarding Problem Became Visible.

Intelligence Created What It Enables
Demat Leakage Prioritise the highest-friction stage
Stage Cohorts Tailor outreach to where customers stopped
Dormancy Signals Identify customers requiring reactivation
Step-Specific Guidance Move from generic calling to guided recovery
When onboarding is multi-step, the most useful intervention is often knowing exactly where the customer stopped.

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