Consumer Durables is a fast growing market targeted by Financial Services players for Cross-selling and Up-selling. However, it is also a fiercely competitive market were request to sanction time and customer experience are the key success factors.This customer (to whom we offered lending solutions) entered the market when it was already crowded and hence customer experience the only way to beat others.
Consumer Lending Process Challenges
- No connected system, was in place for the profiling and pre-screening of borrowers, that connects seller (consumer goods store), borrower and lender (bank).
- The collection of borrower’s details, documents, and other information were being manually passed by store owner to banks which was further delaying loan processing TAT.
- Cumbersome efforts required to manage unstructured documents.
- Time consuming credit appraisal and post disbursement processes.
- Higher TAT was causing poor customer satisfaction that in turn leads to reduced sales for goods owners and so the bank.
Consumer Lending Software Solution Offered
- A solution offered by Servosys Solutions allowed straight-through processing of loans “in less than a minute” for about 50% of the requests and rest through human & document-based workflows (for transactions that did not qualify automation rules).
- Mobility feature allowed bank staff to approach customers and assist them during the floor walk for product selection.
- Easy document capture, auto image correction, ID & Bureau verification, and instant EMI calculations further facilitated the bank to keep the customers engaged.
- The automation-enabled solution also streamlined post disbursement process.
Major Benefits of Consumer Lending Software Solutions
- Provides a Single Integrated Application for Mobile and Web for end-to-end process automation.
- About 50% cases in less than 60 seconds. The rest 50% where human intervention is required cleared in couple of minutes.
- 10% of credit managers are utilized in other departments.