Introduction:
The finance company wanted to offer new products to the existing customers and create a new lead. Business requirement was to create leads by cross-selling other offered products to existing customers and new customers. The finance company had also integrated with other third parties to provide products specific to the customer’s need. To increase business, these products are offered in the customer servicing app and if customer shows interest in any of the product, the idea is to onboard the customer, get the required details and send details to LOS for further processing.
Business Challenge:
To create new leads in the system based on existing customer’s interest, sales agent should not be asking for all the details again to the customer since the data is already present in the system. Even if the customer drops in between without providing all the information, salesperson should be able to get the remaining details either by calling the customer or pulling out the information from the system. This will help to calculate the eligibility of the customer by integrating with third parties and send the qualified leads only to Loan Origination System rather than sending all the leads. This will save operational costs and processing time.
Below are the business challenges faced by the customer -
- Data integration with the existing systems to get existing customer data so that customer does not have to provide all the information again.
- Call to customer within few minutes from Sales Agent if they show interest in any of the offered products.
- Ability for Sales Agent to track the customer journey and assist wherever required.
- Option for Sales agent to resume journey if the customer leaves in between.
- Lead qualification and nurturing to be done within the lead management system before the data can be sent to LOS (Loan Origination System) for processing.
- Integration with third parties for verification of customer data.
- A central web panel for employees to view all the required details and lead management.
Solution:
Based on the above challenges and requirements, the division did a complete solutioning of the same covering all the aspects of the requirement.
- Made a provision for the existing customers to have option to select any of the offered products.
- Customer goes through the onboarding journey. All the details available in the existing system gets populated, additional details are provided by the customer
- Provided DIY journey to the customers where they can upload the required documents.
- Lead management portal was created for the employees to view the customer onboarding details and resume the journey from where the customer stopped.
Highlights of the solution:
- Step-by-step onboarding process that guides customers to self-provide all the details.
- Tracking lead interactions and content engagement to refine nurturing strategies.
- Dashboards and reports to monitor lead conversion rates, engagement levels and onboarding success.
Impact:
- Improved Organization: Centralized lead information, making it easier to track and manage leads through the sales funnel.
- Enhanced Lead Qualification: Automated lead scoring and qualification, ensuring that sales teams focus on the most promising leads.
- Streamlined Communication: Facilitated timely and personalized communication with leads through automated follow-ups and targeted messaging.
- Increased Conversion Rates: Improved conversion rates and overall sales performance by nurturing leads effectively, the system helps .
- Data-Driven Insights: Provided analytics and reporting tools to track lead behavior, campaign effectiveness, and sales performance, enabling informed decision-making.
- Scalability: Adapted to business growth, allowing companies to manage increasing lead volumes without sacrificing quality.
- Automation of Routine Tasks: Automateds repetitive tasks, freeing up sales teams to focus on high-value activities.
- Enhanced Customer Experience: By delivering timely and relevant communications, leads feel valued, improving their overall experience and relationship with the brand.
