The client stands among India’s leading investment banking and financial services groups. They provide structured finance and SME finance offerings to help business owners and entrepreneurs maximize their growth potential. They hold expertise in building customized solutions in areas such as investment banking, asset management, wealth management, and SME lending. The client excels in designing intelligent solutions and providing innovative financial advice to keep up with the evolving customer needs.
The client stands at the forefront in driving swift credit disbursals for entrepreneurs and business owners. Despite recording a good customer base and a name in the space, the client was facing challenges in efficiently managing the customer data and interactions. Initially, the client was manually updating customer information and their journeys to their loan origination system (LOS) and loan management system (LMS), which was tedious and highly prone to human errors.
From customer onboarding to loan disbursal and recovery, the lending process includes multiple stages, making it an operations-heavy, unmanageable, and a time-consuming process, such as lead management, documentation, underwriting, evaluation, legal verification, and disbursal documentation.
The client realized the need for a cost-effective digital solution that could take some burden off their Sales team, centralize the lending process, improve customer experience, and maintain a repository for handy access to all the significant data. Alongside, manual verifications and heaps of paperwork were time-consuming; resulting in delayed loan disbursals, which they could avoid with the customized digital solution.
Meanwhile, the lack of provision to monitor employee attendance, absence of location-enabled data, and inefficient team collaboration were some of the concerns that required immediate attention to maximize their field sales potential.
Manual management of customer records
Lack of centralized customer repository
Time-consuming loan disbursal process
Lack of provision to monitor attendance
Sub-optimized schedule of field salesperson
No location-enabled employee movement data
Damco’s team understood the challenge and stepped in with a customized Salesforce® platform. To harmonize with the exact business requirements, Damco’s team helped the client leverage the optimal mix of two distinct solutions; Loans Neo and Field Sales Connect. Both solutions are built on the Salesforce® platform.
Unified Loan Management with Loans Neo
Damco identified centralization and improved management of customer journeys and information to be of high priority. The team implemented Loans Neo to help the client escape tedious manual interventions and the resultant errors. The seamless integration of Loans Neo with their existing LOS and LMS enabled them with a smooth, centralized, and highly efficient operating model. It allowed them to substantially reduce the time taken for the complete loan disbursal process in a very cost-effective manner.
Additionally, to make the complete loan cycle swift and streamlined, Damco –
Improved Sales Efficiency with Field Sales Connect
To help the client streamline the complete sales activity, Damco implemented Field Sales Connect. With this implementation, the client could leverage a centrally-managed attendance module to monitor in and out time for all the employees. With the help of Google APIs, the client could also capture the real-time location details of the employees and the total distance traveled between different meeting venues. The implementation helped the client optimize the schedule of the field salesperson and improve team collaboration along with optimized internal processes like reimbursements.
“NBFC sector has witnessed a drastic digital shift over the past few years. Our client realized the potential technology-driven solutions hold for the business growth and decided to transform their sub-optimized operating model,” says Alok Khandelwal, Vice President – Salesforce Practice, Damco Solutions. “With the best-in-class functionality and strategic application integrations, Damco could provide a centralized, fully functional, and scalable solution to streamline their complete loan cycle and maximize their field sales potential. This helped them witness 30% revenue growth, 50% improvement in operational efficiency and 80% reduction in credit decision making along with improved their overall customer experience.”