A Leading consumer lending player achieved enhanced CX by reducing loan issuance time to almost instant.
Through our innovative solution, a leading consumer lending player achieved a remarkable
transformation in customer experience, catapulting themselves to the forefront of the industry. By reducing loan issuance time to almost instant, we empowered them to deliver unparalleled customer satisfaction and elevate their position as an industry leader. Our dedication to providing cutting-edge solutions, coupled with a customer-centric approach, allowed us to streamline their loan processes, ensuring enhanced CX and positioning them for sustained success in the competitive BFSI landscape. This case study showcases the power of Servosys Solutions in revolutionizing customer experience and propelling businesses towards new heights of excellence.
India’s 2nd largest private bank was looking for a solution to achieve enhanced CX by reducing loan issuance time to almost instant. In this compelling success story, we delve into the transformative journey of this consumer lending player, exploring how our BPMS RPA solutions have raised the bar for CX in the industry.
The lending player faced challenges with a lengthy and time-consuming loan issuance process, leading to customer dissatisfaction and impacting their competitiveness in the market. Handling the increasing loan volume and missed market opportunities further compounded their difficulties, prompting the need for a modern and transformative solution.
Customer dissatisfaction and Frustration
Aggressive competition with retention and acquisition
The priorities we set for
The consumer lending player embraced a low-code, cutting-edge BPMS platform that seamlessly integrated with their existing systems. This robust platform automated manual tasks and streamlined the entire loan processing journey.
Real-Time Analytics & Predictive Modeling
By leveraging real-time analytics and predictive modeling, the lending player made faster, data-driven decisions, significantly expediting the loan approval process. This data-centric approach minimized bottlenecks and delays, enabling near-instantaneous loan issuance.
Smart Algorithms for Credit Risk Evaluation
Intelligent algorithms ensure accurate and efficient credit risk evaluation; leading to more precise lending decisions, reducing operational costs and enhancing the accuracy of credit assessments. This further ensure high level of risk management.
Key statistics achieved
by the lending player
reduction in loan issuance time
rise in word-of-mouth referrals
surge in Customer Satisfaction
average loan approval TAT
increase with repeat loan applications
reduction in manual paperwork & doc. tasks
growth within the first 6 months
of surveyed customers expressed positive gratitude
Navigating Lending Experience
with Technological Ingenuity
1. Lightning-Fast Straight-Through Processing (STP)
Powered by advanced automation rules, our solution facilitated instantaneous approvals for nearly 50% of loan requests, processing them “in less than a minute.”
2. Intelligent Human & Document-Based Workflows
Intelligent solution for automation smoothly guiding through well-orchestrated human and document based workflows.
3. Mobility Unleashed
Introducing new dimension of customer interactions with mobility feature, empowering banks to foster personalized relationships with on-the-go access.
4. Ease Document Capture with AI Image Correction
Leveraging AI to ensure effortless document capturing & submissions with auto image correction; eliminating manual adjustments and ensuring optimized accuracy.
5. Seamless ID & Bureau Verification
Integrating ID and bureau verification functionality to fortify the lending process with foolproof customer authentication and creditworthiness assessments.
6. Post Disbursement Prowess
Streamlining and automating post-loan processes with optimized operational efficiency, leaving customers delighted with swift loan disbursal.
7. Instant EMI Calculations at Your Fingertips
Real-time EMI calculations, gaining valuable insights into loan repayment terms. This instantaneous transparency empowers customers, bolstering trust in lending journey