Eduvanz processes 2x more loans every month with automation

Eduvanz's in-house loan origination solution was customised to handle only certain kinds of loans. But soon, the company began growing and adding newer types of educational loans such as K12 and test prep loans which came with different application forms and requirements. The existing solution didn’t have the scalability to handle these new demands.

With more leads and opportunities flowing in, Eduvanz set out to transform its loan origination system.

“Today’s customers expect instant loan approvals with minimal paperwork and limited intervention,” says Parth Upadhyay, Co-Founder, Eduvanz. “That prompted us to look for a robust solution to streamline loan processing. 

“Salesforce was our first choice, thanks to their credibility and extensive track record with some of the largest financial services organisations in the world.”

With Salesforce Sales Cloud, Eduvanz has automated its entire sales and loan origination cycle. Leads from the company website and mobile app, as well as those coming from partners like educational institutes and counselling centres are captured in a single view. This makes them easier to nurture. 

Loan application forms can either be filled in by prospects on the website or app; or, by sales reps and partners on the ground. They’re then automatically sent to the call centre for qualification. The whole process has become so simple and streamlined that the number of clicks involved in submitting a loan application has dropped from 120 to 70.

Through APIs built on MuleSoft, each applicant’s data is routed to various lending databases and vendors for KYC verification, underwriting, credit scoring, and decisioning. The APIs connect around 120 systems, including the external UIDAI database, NSDL interface, and payment gateways, as well as the internal loan origination and CRM platform, customer apps, and business rules engines. 

Data flows seamlessly across these systems, speeding up the loan origination cycle. As a result, first-time borrowers can get a loan in less than 10 minutes, repeat borrowers in less than two. What’s more, customer onboarding time has been reduced from 30 minutes to five minutes.

Lending productivity has also improved. Using Salesforce, Eduvanz can process twice the volume of loan applications – 25,000 a month – with just 30 team members. Plus, with a unified view of loan applicants, teams know which applicants are school students, which are looking to study abroad, which want to advance their careers, and so on. This helps them recommend the right financing solutions to each applicant. 

Overall, sales teams have increased loan enrolments by 3x, leading to a 50% uptick in their own incentives. 

Meanwhile, powerful reports and dashboards enable the leadership team to track performance metrics at a granular level. For example, sales supervisors can drill down into loan application TATs to determine where an application might be stuck, what the bottlenecks are, and how to remedy the issue proactively. Other insights on portfolios, funnel efficiency, and performance at various levels of the business help Eduvanz strengthen decision-making even further.

To boost learner success, Eduvanz has launched one of India’s first skilling marketplaces – WiZR. Here, learners can get personalised career recommendations, choose from 5,000+ skilling courses, and access no-cost EMIs to finance those courses.  

Attracting learners to WiZR is easy with Salesforce Marketing Cloud. Eduvanz uses the solution’s automated marketing tools to create impactful promotional campaigns across email, SMS, and WhatsApp channels. Once WiZR recommends a career path or skilling course for each learner, teams use Marketing Cloud to reinforce that message by sending learners regular updates on courses, EMI options, and other relevant information. Such targeted messaging helps Eduvanz grow the number of learners pursuing courses on Wizr.   

“WiZR is slated to become India's largest skilling marketplace with Salesforce helping us reach out to 400 million aspirants through multiple channels,” says Upadhyay.

Using Slack, Eduvanz has streamlined internal communications. No longer do product developers, tech teams, and third parties have to toggle between 3-4 applications to exchange information. 

Slack integrates Jira bots, ticketing apps, the employee helpdesk, third-party vendor systems, and other tools on a centralised platform, right in the flow of work. So, teams can stay up-to-date on projects, and spontaneously collaborate with each other from anywhere.

Eduvanz is now building a knowledge hub on Salesforce Service Cloud where service agents can find answers to common customer queries.

“In a rapidly growing business like ours, it’s hard to keep service levels consistent,” says Upadhyay. “But with Salesforce, we can standardise responses to service queries, and make them available to all agents in a centralised repository. So, queries can be resolved faster and more uniformly.” 

Across touchpoints, Eduvanz will use Salesforce Shield to encrypt and secure customer data, while maintaining audit trails in compliance with industry regulations. 

The company is also building a 360-degree customer view on Salesforce. So, teams can understand learners better, personalise their experiences, and predict the products or services they might need.

Eduvanz is now eager to use generative AI in its customer-facing operations. Chatbots powered by the technology can help the company scale up sales, standardise customer experiences, and make service reps more efficient. 

Generative AI can also be used to optimise credit decisioning by analysing a wider range of data, including alternative data. Even debt collection can be boosted with AI determining which customers to contact and when. 

As lending processes improve, Eduvanz aspires to expand its offerings even further. The company is moving towards becoming a full-service provider, offering students from K12 to higher education everything they need to support their learning journeys - from loans, to student visas to laptops for the classroom.

In India’s competitive lending market, speed and efficiency are crucial differentiators.  By automating its loan origination cycle, and connecting all its lending partners and KYC service providers on the Salesforce Einstein 1 platform, Eduvanz is disbursing educational loans faster and at scale. So, more learners can fulfil their academic and career goals with ease.