Bajaj Finance Ltd Announces Digital First Approach For Digitizing The Finance Experience
Bajaj Finance Ltd is digitizing the Finance experience for the consumers and industry in India. The company launched Digital Activate, a unique partner model with offline retailers to facilitate mobile / digital product offering, similar to an E Commerce Model.
Digital activate allows for both online convenience and offline commitment of 4 hours delivery. Using the platform, retailers can showcase their product on Experia, a B2C portal, and expand their reach to 76 lakh customers. Consumers can pay using cash or card at their preferred onsite location.
In another similar initiative towards digitizing operations, Bajaj Finance recently launched a Finance app. You can log-in the app using Adhaar card, Facebook, twitter or Google+ account and can directly apply for EMI loans on the fly.
Another addition to this list is Digital Grid, a real time, online approval capability for Salaried Personal Loan and Salaried Home Loans business. You can directly apply for load online and get all information you need related to your eligibility, EMI, etc.
Another step is company’s Decision Support System (DSS), an automated decision making system based underwriting in a decentralized manner to proprietary sales team / partners enabling lighter documentation and industry best turn-around time (eg 30 mins for Business Loans and 10 mins for Salaried Personal Loan). Benefits of DSS includes, reduced TAT, better risk control through invisible monitoring, reduced cost of documents/ verification, improved productivity, transparency with the channel partners and enhanced customer proposition.
A few other initiatives include:
- Tele Binding – Unique capability of fulfilling loans / insurance over a telephone call without requiring any physical touch with the customer.
- Last mile connectivity through cloud platform at over 14,000 stores which enables more than 6 MM consumer underwriting in a year in an automated manner and further scalable.
- Centre of Excellence for Analytics across Sales, Prospects, Pricing, Risk, Marketing, Collections and Service
- One customer view enabling a 360 view across all products / relationships that the consumers have with the organisation
- Direct cash collection model for unbanked rural customers enabling lending to unbanked rural customers while ensuring strong portfolio performance
- EMI card franchise of over 3.5 million enabling customers to get approval in stores on a real time basis thus delivering experience of a credit / debit card
“As we progress towards the vision of Digital India, it is more crucial than ever to digitize the everyday transactions and experiences of our consumers, which requires organisations like us to challenge our existing offerings and processes every day. I am confident that with our Digital First approach we are strongly positioned to offer a differentiated proposition to our digitally savvy customers” says Manish Jain, Group Marketing Head, Bajaj Finance Ltd.