Bajaj Finance Limited Auto Finance wheels in faster, easier lending journeys with Salesforce

Leads from multiple channels flow into Salesforce Sales Cloud where they can be easily tracked, categorised, and assigned to the call centre for nurturing.

“Every day, we capture thousands of enquiries – which often double or triple during Dhanteras,” says Bisht.

Prospects interested in a loan are guided through a streamlined and digitalised process of pre-qualification, verification, underwriting, credit decisioning, and customer onboarding. At the backend, BFL-AF has integrated Salesforce with 40 internal and external databases to ensure quick, seamless verifications. 

As soon as a sales rep enters the customer’s phone number on their sales mobile app, it’s relayed to Bajaj’s customer and offer databases to come up with a pre-approved loan offer. Simultaneously, the customer’s identity is cross-checked with multiple KYC databases.

For more loan options, the customer’s KYC details are transmitted to various credit bureaus to generate a credit score. And for customers without a credit history, BFL-AF has designed a rule engine that uses customer segmentation and lookalike modelling to come up with an app score. These inputs then flow back into Salesforce for real-time credit decisioning.

“Salesforce sits at the centre of our loan origination ecosystem, consolidating customer and loan data from multiple sources into a single view,” says Verma. “This helps us make faster and more accurate credit decisions.”

Customers now get a loan offer in just three minutes, compared to eight minutes previously. Loan processing time has also reduced by 25%. And with process automation, BFL-AF is able to do more with less. For example, they’ve saved 40-50% of the costs involved in credit decisioning, which can now be used to hire more resources to serve more customers.

“Not only are we optimising our processes - we’re also seeing considerable cost-savings, higher productivity, and fewer errors,” notes Bisht. 

Meanwhile, with Salesforce Marketing Cloud, teams can create and send out email and SMS campaigns at scale. They can also segment customers based on their credit scores, and personalise their journeys accordingly.

“Now that we know who our A+ or A customers are, we can differentiate their experiences to make them feel highly valued,” says Verma.

BFL-AF is now taking customer experiences from good to ‘wow’ with a new innovation - a QR code on a standee outside each vehicle dealership. As soon as a prospect scans a code, their data flows to the company’s call centre and field sales teams; thus, minimising lead leakage, enabling proactive follow-ups, and increasing conversions. 

“We saw how ubiquitous QR codes had become for payments and services,” says D’Sa. “So, using our own QR code, along with our simplified 3-minute loan processes and Salesforce capabilities, we created an industry-first, best-in-class “instant loan approval” process and “instant sanction letter download” journey.” 

To ensure that  customer verification checks and credit scoring are completed in near real time, Salesforce has been integrated with an additional 20 databases.

“Customers can now confidently walk into a vehicle showroom with a pre-approved loan offer in hand, ready to purchase their dream bike,” says D’Sa. 

Within a few days of its launch, the QR code was used by nearly 60,000+ customers. The QR code is now also included in all BFL-AF and Bajaj Auto marketing collateral.  

“The QR code feature has been a game changer for lead management,” says D’Sa. “It also makes the financing process completely mobile-based. Customers can check their offers, and download their sanction letters anywhere, anytime.”