Poonawalla Fincorp Achieves 50% More Loan Sales Using LeadSquared

With LeadSquared, we could bring together all our processes and teams into a single enterprise-wide solution. Our agents are more efficient, and the journeys are more seamless, helping us deliver a premium experience to every borrower. Overall, our loan sales have taken a quantum leap with a significant reduction in our turn-around times.

Kandarp KantChief Technology Officer

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50%

Increase in Loan Sales

75%

Reduction in Turn-Around-Time

85%

Increase in Call Centre Efficiency

90%

Reduction in Cost Per Lead

100%

Drop-Off Elimination

More than

1,10,000 New Self-Serve Journeys

Poonawalla Fincorp loves LeadSquared because it:

Is completely paperless
Enables self-serve
Is highly flexible

Offers robust reporting
Is a centralized solution for all its teams

About Poonawalla Fincorp

Company Size

10,000+ Employees

Location

Pune, India

Industry

Lending

Headquartered in Pune, Poonawalla Fincorp (previously Magma Fincorp) is the financial arm of the $8 Billion Cyrus Poonawalla Group. As one of the fastest-growing businesses in the Indian financial space, Poonawalla Fincorp is on a mission to bring the ‘best-in-class customer-centric loan products’ to their borrowers.

Currently, they are empowering individuals and businesses through their five major lines of business – Personal loans, Home loans, Loan Against Property, Professional loans, and Business loans.

Problem Statement

While starting their operations in April 2021, the management at Poonawalla Fincorp wanted to deploy a cloud-hosted solution that could provide the best-in-class experience, not only for customers but also for its 7000+ internal users across roles like:

Feet-on-Street Agents, Sales Agents, Underwriters, Call Centre Agents, and Campaign Managers - Teams at Poonawalla Fincorp in need of an agile lending solution.

What Poonawalla Fincorp Wanted	Solutions Provided By LeadSquared
A one-stop solution to cater to their loan sales and servicing needs for all their lines of business	As an enterprise-wide digital platform, LeadSquared enables, origination, application, customer service (raising service requests via call centre), and cross/up-sell operations
To create new self-serve journey for website inquiries	Completely paperless self-serve journeys were enabled via LeadSquared Portal builder, empowering 1,10,000 applicants in just three months
Seamless distribution of thousands of loan applications received per day	Robust and timely distribution of applications based on criteria such as product, vintage, region, ticket size, and more
Integration with choice of cloud telephony system	LeadSquared Universal Telephony Connector to integrate with their choice of cloud telephony provider
Integration with credit bureaus for intelligent screening of incoming inquiries	Seamless integration with Aadhar, PAN, credit bureau (all four) KYC verification, and fraud prevention
A feet-on-street management solution for over a thousand field agents	Mobility solution to power the entire field sales team and improve productivity
Application forms to simplify the tedious data entry process and maximize operational efficiencies	Forms and Processes feature to design simple and highly intuitive application forms, cutting down extra effort and elevating process efficiency
Preliminary loan offer generation capabilities	Powerful business rule engines to analyze creditworthiness and automatically generate loan offers
A centralized dashboard for all their application pipeline	Smart Views feature for dynamic bucketing of applications and ease of navigation
End-to-end cross/up-sell management	Intelligent Cross/Up-Sell Engine to identify new opportunities and maximize conversion rates
Collation and segmentation of data gathered from several teams/processes brought directly to the senior management in a comprehensive and hassle-free manner	LeadSquared Reports and Analytics gave Poonawalla Fincorp the capability to automatically derive key data points for top management, bringing 100% transparency into the overall pipeline

Result

With LeadSquared, Poonawalla Fincorp was able to achieve full-scale deployment within just three months for its 7000+ users.

At the same time, with a tool to help increase sales efficiency, teams at Poonawalla Fincorp were able to focus on improving the onboarding experience for customers and making it best-in-class.