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Non Banking Financial Company – Salesforce

An NBFC Redefining Loan Origination and Field Sales Operations.

Introduction

Project Overview

The Company is a systemically important NBFC, helping clients across institutions, corporates, high net worth individuals, and self-employed individuals achieve their business goals.

As of October 2022, they have assisted over 14,000 clients in realizing the true potential of their businesses and reaching their goals.

Challenges

  • The fast-evolving regulatory requirements and increased competition have made it necessary for NBFCs to sharpen their business agility and provide a great digital-led seamless and consistent customer experience.
  • The Company faced challenges with lengthy field sales journeys, manual sales processes, and error-prone data reporting. They wanted to transform their manual and time-consuming field sales operations through a digitally accelerated, accurate, and user-friendly system.
  • The absence of a central repository for reports made it difficult for the sales team to process data into actionable insights, leading to delays in decision-making.
  • The paper-and-excel-based slow legacy systems made it challenging for the company to keep up with the increasing demand for faster and more transparent service delivery.
  • With customers expecting more personalized and responsive interactions, NBFCs need to build simplified, efficient, and customer-centric systems to nurture customer relationships and retain their loyalty.
  • The manual sales processes were time-consuming and could result in errors, leading to poor customer experience and loss of business opportunities.
  • The transformation of manual field sales operations through a digitally accelerated, accurate, and user-friendly system would not only improve the customer experience but also increase sales revenue for the company.

Solutions

  • The implementation of the custom Salesforce CRM solution allowed the sales team at the company to manage their entire sales journey digitally, from loan requests to loan disbursement and post-sanction processes.
  • The UX-based, easy-to-use solution facilitated a more efficient and streamlined end-to-end sales journey for the sales team, reducing the turnaround time for loan processing.
  • The integration of multiple financial touchpoints made it possible to access all necessary information in one place, improving the accuracy and speed of decision-making for the sales team.
  • The solution helped reduce the workload of the sales team by automating certain processes, such as document collection and validation, allowing them to focus on other important tasks.
  • The digitized process enabled by the mobile-ready solution improved the data accuracy, reduced the turnaround time for loan processing, and helped manage productivity, leading to improved customer experience and increased sales revenue for company.

Results

  • The implementation of the mobile-ready solution for data entry and custom Salesforce CRM solution for end-to-end sales journey resulted in reduced lending turnaround time (TAT) for the company. Requesting a fresh loan till Go/No-Go decision, which used to take several days, can now be done in just a few minutes.
  • The reduced lending TAT has become a major driver in increasing customer satisfaction at a lower cost-to-serve for the company. The time taken for requesting a loan to disbursal has also decreased, further enhancing customer satisfaction.
  • The mobile-compatible solutions for professionals have reduced the efforts required for document collection and KYC/legal checks by over 70%, improving the process efficiency.
  • The introduction of real-time loan tracking status and better visibility through the custom Salesforce CRM solution has led to increased satisfaction among the internal matrix and Direct Selling Agent (DSA) teams, up by over 75%.
  • The real-time TAT evaluation has helped improve the efficiency of employees by almost 100%, further improving their overall job satisfaction.

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