“Finnable has been using LeadSquared for more than 2 years to manage the entire business process. We are glad that it has helped increase our productivity along the way with its product capability and support system.”
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FASTER TURN AROUND TIME
INCREASE IN SALES CONVERSIONS
INCREASE IN EFFICIENCY
SECURITY
Finnable Credit Pvt. Ltd. is one of the fastest-growing fintech start-ups in India. Headquartered in Bengaluru, Karnataka, their goal is to make personal loans available to salaried professionals in less than 1 minute.
They believe that the financial services industry in its current form is regressive. Higher-earners have access to better-value financial products than lower earners, which drives inequality in society. Through technology, innovation, and support of willing employers, they strive to make the lives of millions of salaried earners stress-free, productive and happier.
When the promise is to grant loans in under 1 minute, one can expect several challenges. Processing a loan includes stages like document collection, background verification, underwriting and finally loan disbursal. This, if done manually, can take ages.
In order to implement these repetitive series of tasks, workflow automation is effective to streamline the process and remove the risk of human error.
Hence, they needed a Lead Management Platform that could not only automate the customer journey but also improve the sales conversions.
Finnable implemented LeadSquared even before the platform went live. LeadSquared maps the entire journey of the borrower, right from inquiry to loan disbursal.
Finnable acquires its leads from two major channels:
In the first case, once the lead fills the form, an API is triggered and the lead is automatically added to LeadSquared. Whereas, in the latter, DSAs push their leads to Finnable’s inbuilt portal, which LeadSquared pulls automatically.
As the borrower progresses in the journey, the documentation process begins. It starts with uploading KYC details, where the customer needs to show address proof, identity proof, bank statement, and their salary slip.
Post documentation, the leads are auto distributed to the credit/underwriting team. They have embedded an iframe on the LeadSquared app so that the team does not have to go back and forth between applications. This makes their work easier, and faster.
Disbursal of a loan is the final phase of the loan application process where the applicant will receive the loan amount as hard cash or in their bank account.
The loan disburses automatically once the disposition changes to approved.
In every organization, improving sales conversions is related to greater prospect/customer experience. But that should not be limited only to new sales. It must go beyond, to include average transaction value or the average customer lifetime value. An effective way of doing that is through cross-selling, a method of offering a complementary or related product to a customer’s original purchase.
Finnable offers a loan top-up policy for customers. This applies to every individual who has successfully paid 6 EMIs, hence is eligible for an extra loan of a certain amount. Disbursal of the top-up loan is a quick process since the customers’ documents and background have already been verified.
LeadSquared helps them identify and manage cross-sell opportunities as well.
Customer service is as critical to your business as sales and marketing — maybe even more so. Finnable uses LeadSquared for customer support as well.
The customer has an option to raise a query through their inbuilt application. This query appears as a ticket in LeadSquared. Activity history consists of all the customer details. The support team just needs to call the customer, fix the issue and close the ticket.
LeadSquared provides a centralized system to store all captured leads, without letting any of them slip away. All the interactions between the lender and the borrower are logged and easily accessible by the system admin. The data that is automatically collected includes things like payment history and customer service queries.
Going forward, the company, aside from using LeadSquared more actively, will look at integrating other features to improve sales conversions further and enhance business efficiency.
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