Bajaj Finance Limited Auto Finance (BFL-AF), a subsidiary of Bajaj Finserv, an Indian non-banking financial company has automated lending processes with Salesforce technology to make it faster for customers to finance their bikes.
The company guides customers interested in loans through a digitised process of pre-qualification, verification, underwriting, credit decisioning, and customer onboarding. It has integrated Salesforce with 40 internal and external databases at the back end to ensure quick, seamless verifications.
BFL-AF’s vice president for Technology and Digital, Rajendra Bisht, said they could consolidate customer and loan data from multiple sources to make credit decisioning faster and more accurate.
Apart from optimising processes, Bisht said there was also "considerable" cost-savings, and improved productivity.
The company has been able to reduce the loan processing time by 25 percent and also save 40-50 percent of the costs involved in credit decisioning.
Prior to Salesforce, the financier had processed leads and loans through multiple legacy systems like browser-based tools for customer acquisition, a lead management system and a custom mobile app. The tech teams lacked a unified view of the customer journey from these siloed systems, limiting their ability to deliver consistent experiences.
“The systems struggled to identify customers and crashed at peak seasons due to high volumes of data,” he explained.
As customers expected instant digital loans with minimal paperwork, BFL-AF looked for a unified digital loan origination platform that could automate customer acquisition and loan sourcing. It targeted to improve employee productivity and digitally enable the dealer ecosystem.
BFL-AF consolidated the functionalities of three major applications onto one platform resulting in a sleeker system with multiple APIs and integrations.
Smooth lending journey
Requests for loans from multiple channels flow into the Salesforce Sales Cloud where they can be easily tracked, categorised, and assigned to the call centre for nurturing.
For loan offers, the customer details are transmitted to various credit bureaus to generate a credit score. BFL-AF has also designed a rule engine using customer segmentation and lookalike modelling for those without credit scores to come up with an app score. These inputs help with real-time credit decisioning.
BFL-AF is also using QR codes to minimise lead leakage and enable proactive follow-ups. It has been used by nearly 60,000 customers to check offers and download sanction letters.
The firm has also built a partner portal on Salesforce Experience Cloud to engage and manage 3,000 dealerships across India to aid better visibility into disbursed loans at dealerships, the money owed, deductions and tax issues.
BFL-AF is now working to integrate Sales Cloud with Marketing Cloud for streamlining its entire lead and enquiry management processes. It is planning to move loan collections onto Salesforce. The firm envisions a 360-degree view of the customer journey to elevate customer experiences.
On the future plans, Bisht said they wanted to build a complete ecosystem around Salesforce by deploying Service Cloud for customer support, Einstein for AI/ML, and MuleSoft for API management.