It’s no secret that customer experience can make or break a product. And the lending business--despite the common perception of being inundated with red tape--is no longer an exception. Customers today look for seamless experiences and will not settle for anything less. Take the onboarding process for instance: a TransUnion report in 2019 found that 70% of potential applicants dropped out of digital loan applications if the process was cumbersome. But customer experience, (and relationships by extension) for lenders begins even before they onboard borrowers . It begins at the prospecting stage. And a sure-shot way to build your relationship for lenders to build relationships with prospective borrowers? A customer relationship management tool (or CRM) that’s specifically designed for modern lending use-cases.  

Why choose a CRM designed for banks and NBFCs?  

A customer relationship management tool’s role in any business can be broadly categorised into two parts: 

• Building and maintaining a relationship with prospects and customers 

• Facilitating a smooth inter-organisational operation 

Between these two functions are a series of streamlined processes ranging from data capture to inter-departmental approvals. They are customised depending on the use case and needs of a business. But building CRMs for the lending business is complex. There are several intricacies to account for in the originations process alone

What should banks and NBFCs consider when they loook for a CRM tool for originations?  

• Multiple sourcing channels: Lenders today have multiple channels of disbursals, both digital and offline. They need a unified CRM that captures leads across channels and provides for mechanisms of due diligence.  

• Dynamic policies: Data analytics has enabled lenders to simulate, test, and alter their digital lending policies in a matter of hours. Policies can be fine-tuned to segregate consumers based on super-specific criteria, making policy-building an intricate mesh of complex business rules. CRMs then need to be integrated with business rule engines (BRE). 

• Capture and record of documents: KYC and document verification is a crucial part of lending. CRMs for banks and NBFCs require capabilities to manage the complex process of KYC while also keeping a record of them, especially in journeys where manual intervention is needed. For digital journeys, an integration with the KYC module helps. 

• Role-based intra-organisational processes: In non-straight through process (NSTP) journeys, CRMs can serve as enablers of inter-department approvals and coordination.  

Streamline multi-channel sourcing, optimise lending ops and more with FinBox  

Service providers typically customise CRM tools to suit an organisation’s needs. However, it is worth considering one designed by a provider with expertise in the lending. They’re designed specifically for lenders, meaning faster go-live with special consideration of the many nuances of credit operations.  

FinBox builds intelligent credit infrastructure for banks, lenders, and loan service providers. This includes back-office tools that handle lead-sourcing, manage multi-channel lending operations, and optimise business operations at large. Our portal goes beyond the basics of CRM to provide a single platform that handles end-to-end lending operations--across channels!  

Some feature highlights: 

• Unified platform for omni-channel sourcing: Handle all loan applications from across all channels and products. Lenders can view all applications, even from offline channels. Agents and officers sourcing leads on-ground are provided with a web /mobile application where they can easily update the progress of each lead. They can provide application links to prospects, upload and validate documents on behalf of customers, rescind and revise loan offers, among other actions. In the case of digital journeys, the portal captures all the information and allows members to management in both dashboards and reports.  

• Smooth execution of loan workflows: The back-office portal captures and enables members to execute credit journeys, be it STP or NSTP.   Integration ready : The portal can be easily integrated with various modules and systems within the institution including business rule engine, bank statement analysis, and KYC. 

• End-to-end loan cycle documentation: FinBox’s back-office portal documents activities across the customers’ loan cycle. Enabled by webhooks, the portal captures information at any given endpoint in the loan journey. For example, if the lender wants to capture information related to collections, a webhook can be embedded at the payment stage of the journey in the lenders’ collections system. This triggers an alert each time a payment is made by the customer, enabling the documentation of the event on the portal.  

• Role-based access: Access and actions can be restricted based on department and organisational roles. The portal allows admins to structure the organisation hierarchy on a detailed scale and manage access and actions at each level.  

• Other utilities: The portal is also enabled with other utilities like bank account validation (Penny Drop) and GST-based financial analysis .  

Who should choose FinBox’s back-office portal?  FinBox’s portal can be used by banks or NBFCs who are looking to: 

• manage omni-channel ops 

• digitally transform their lending operations 

Are you looking to optimise lending through an all-in-one back-end tool? Get in touch with us!