A leading lending Non-Banking Financial Corporation
Industry: Banking
Region: West Mumbai
For more than a decade, the bank has been dedicated to assisting communities in reaching their financial aspirations. In recent years, the NBFC has grown its operations through acquisitions, allowing it to serve a significantly larger customer base than ever before. Thanks to its wise decision to partner with Elaron’s AI-led consultants which proved as a game changer for the NBFC.
Challenges
One of the leading executives of the NBFC stated that to maintain their growth and success, they were continually seeking opportunities to enhance the systems and processes that supported their core lending operations. But to achieve it the NBFC faced a few challenges. Elaron helped them understand the challenges that were creating obstacles to expanding exceptionally. A senior consultant from Elaron listed below challenges as threats:-
Challenges
- Aging Lending Systems: NBFC’s existing lending solutions were reaching end-of-life, prompting modernization.
- Digital Transformation Needs: With the rising demand for online and digital banking, the bank needed to adapt by developing digital lending solutions to remain competitive.
- Acquisition Integration: An upcoming acquisition required enhanced lending capabilities to support expanded operations and customer needs.
- Underserved Communities: The bank recognized a need to reach historically underserved communities, requiring the development of new, accessible lending services.
- Maintaining Personalized Services: While transitioning to digital, the NBFC aimed to retain its focus on delivering tailored, in-branch services for its local community.
The Solution
- Solution: The company implemented the platform as its point-of-sale and loan origination platform to develop online and mobile lending services and improve operational efficiency.
Outcome: The web & mobile-based system allowed for seamless updates by Elaron, eliminating manual upgrades and ensuring access to the latest features while enhancing operational efficiency.
- Solution: The NBFC deployed a solution to streamline loan documentation delivery across all lending activities.
Outcome: The platform simplified regulatory compliance, allowing the bank to remain compliant with evolving industry standards while maintaining robust lending processes.
- Solution: The integration of these platforms enabled the NBFC to manage and track loans from a single, unified platform.
Outcome: This integration ensured smooth, around-the-clock lending operations and improved the bank’s ability to manage loans efficiently.
- Solution: Elaron conducted in-person training workshops to help the organization’s employees quickly adapt to the new systems.
Outcome: The training enabled employees to rapidly become proficient in using the platforms, reducing onboarding time and ensuring optimal use of the platform.
- Solution: One of Elaron’s solution experts provided onsite support during the solution’s go-live phase.
Outcome: The presence of a case manager helped resolve any issues promptly, enabling a smooth rollout of the complete solution within 4-5 weeks, ensuring minimal disruption to operations.
Results After adopting the solution, the NBFC witnessed remarkable results, which proves that digitalization with AI can be a game changer. Below are the visible results:
Expanded Customer Reach The NBFC increased its geographical footprint with digital lending, seeing a 35% rise in out-of-state applicants as online accessibility attracted a broader customer base.
Improved Customer Interaction Online and mobile loan application processes boosted customer satisfaction by 42%, offering faster support and convenient access to loan services.
Surge in Digital Lending During COVID-19 Digital adoption during the pandemic led to a 68% increase in loans issued, meeting high demand through seamless online lending channels.
Enhanced Employee Efficiency Even with a shift to a three-day workweek, productivity levels held steady, driven by intuitive systems, leading to a 30% improvement in employee task efficiency.
Scalability for Future Growth The NBFC is positioned for expansion, as these digital platforms will be rolled out to new branches, expected to enhance regional compliance by 25% while efficiently supporting growth.
Comprehensive Staff Training Ongoing training, led by head office quality control, reduced onboarding time for new employees by 40%, ensuring consistent service quality and effective use of the new platforms
Conclusion
One of the very senior executives in the company said “Expanding our lending services to more branches will allow us to provide underserved communities with greater access to the credit they need to support their families. As we continue our growth journey, we’re excited to partner with Elaron to help even more people achieve their financial goals by making lending services more accessible and efficient.”