Financial Services
MSME-focused NBFC cut loan TAT ~40% & identified 5 new products for cross-sell
06 May 2020
Context
- Client description: MSME focused on NBFC client
- Opportunity: The client desired to identify opportunities for additional loan products to cross-sell along with the core products. Further, the client wanted to improve the overall loan process and sourcing process leading to a better sales productivity
Our Approach
- Conducted benchmarking exercise to understand product features provided by competitors
- Understand the current loan process of NBFC by analyzing loan files and arrive at gaps in the current loan process
- Identified best practices followed across competitors in the industry by benchmarking TAT and loan process across competitors
- Conducted shadow follow sales representative method to arrive at gaps in the sourcing process
- Further, conducted workshops for sales executives on sales productivity improvement
Praxis Value Delivered
- 5 additional loan products (unsecured business, 2-wheeler, 4-wheeler, CV loan and home loans) identified to cross sell along with core product
- Redesigned the loan process leading to a reduction in TAT by ~40% from the current loan process
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