Hero FinCorp kicks lending journeys into high gear with Salesforce
Through speedy credit decisioning and a powerful customer self-service app, Hero FinCorp is fulfilling customers’ financing needs fast and seamlessly.
Finance made easy – that’s Hero FinCorp’s mantra. The credit solutions provider has helped about nine million Indians finance their dreams of buying a new vehicle, starting a small business, or studying abroad.
“We want everyone to have quick and easy access to credit,” says Saiprasad Potaraju, Enterprise Applications Head, Hero FinCorp. “Our vision is to be India’s next-generation, ultra-lean credit champion.”
When it comes to two-wheeler financing, Hero FinCorp disburses a loan every 30 seconds - and that can go to as low as two seconds at the peak of the festival season.
What makes this possible is a tight knit ecosystem of partnerships and systems.
“Our lending journeys are spread across roughly 25+ different systems and services,” says Potaraju. “At the heart of it all are Salesforce and MuleSoft, amongst others, connecting these services together, and automating the credit process – so that customers receive credit faster.”
Hero FinCorp
Fuelling a more connected, seamless credit process
Hero FinCorp has a three-fold goal – to be the creditor of choice for two-wheeler dealerships; to build unassisted lending journeys; and to cross-sell products with ease.
Earlier, progress towards these goals was slowed down by legacy systems. Loan processing teams had to manually verify the customer’s information against various databases to arrive at a credit decision. This took hours, sometimes days – which frustrated both loan applicants and dealers.
“To make customer journeys as frictionless as possible, all our teams – from loan processing, to collections, to service – needed information to seamlessly flow across various connected systems,” explains Potaraju. “Salesforce was our first choice for its unparalleled ability to integrate with other systems and datasets.”
Salesforce was also easy to configure and scale, thus minimising adoption issues. And with the Salesforce mobile app, sales reps would be able to access data from anywhere.
Speeding up loan fulfilment and boosting sales productivity through automation
Using Salesforce Sales Cloud and MuleSoft, Hero FinCorp has digitalised the process of loan application, verification, underwriting, and decisioning.
Customer information is captured and validated on Salesforce. Then, through 70+ MuleSoft APIs – which make 1.5 million calls on average, and 3.7 million calls on peak days – the data is routed to multiple systems to conduct verification checks on the fly. Within seconds, a credit decision is made available to Salesforce.
“Two-wheeler loan decisioning, which earlier took us two hours, can now be completed in a few seconds, thanks to process automation,” says Potaraju.
Customers are delighted with the increased speed of loan fulfilment. Employee experiences too have improved.
“Salesforce has been a game-changer for our sales reps,” explains Potaraju. “Since all the data they need to disburse loans is instantly available at their fingertips, they’ve become a lot more productive, processing up to 50,000 cases per day.”
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Putting power in the customer’s hands with an intelligent self-service app
For customers who prefer unassisted journeys, Hero FinCorp has built a mobile app using Heroku.
“With Heroku, we have the flexibility to leverage Salesforce data securely, and build a scalable back-end API for our mobile app and other uses,” says Potaraju.
Customers can use the app to self-serve for simple queries – such as requesting for a statement of account or a foreclosure letter. The app also supports loan repayments through multiple channels, including online payment gateways.
With more customers self-serving through the app, service agents are free to focus on complex cases that require personalised support.
“Earlier, we had just a few agents servicing around 5,000 calls a day – which left thousands more unaddressed,” recalls Potaraju. “But now that up to 40% of queries are resolved through self-service, our agents are saving significant time and effort.
Hero FinCorp also uses the app to push out relevant offers to customers, and inform them about the new loans they’re eligible for.
“By cross-selling through the app, we’re seeing more repeat customers,” says Potaraju.
Personalising customer service with a 360-degree customer view
To further increase agent productivity, Hero FinCorp has streamlined and automated service processes using Salesforce Service Cloud. This automation allows 90 agents to handle up to 1.5 lakh cases every month. Plus, the percentage of cases resolved within SLAs is constantly improving – from 70% six months ago, to 88% at present.
With a 360-degree customer view, agents deliver highly contextual and personalised support. Since the Heroku app is integrated with Service Cloud, data flows seamlessly between the two. So, if a case raised on the app is transferred to an agent, they can pick up right from where the customer left off.
Meanwhile, rich dashboards and analytics deliver real-time metrics on customer cases to strengthen decision-making.
“We can proactively identify gaps in customer service, the types of customer queries logged every day, number of cases raised, and more,” says Potaraju. “These insights have helped us improve service experiences in meaningful ways.”
The company is now integrating Salesforce with WhatsApp to enable omni-channel service.
Charting new horizons
Hero FinCorp has a lot going for it. For instance, the purchasing power in India’s middle class is steadily growing – so, more consumers are likely to want loans.
Simultaneously, emerging two-wheeler segments like electric vehicles are opening new opportunities for supply chain and consumer financing.
To capture these and other opportunities, Hero FinCorp is building an enterprise lead management system that will funnel leads from multiple lines of business into a single source of truth. Similarly, all service lines will be integrated in an enterprise CRM.
The company is also partnering with multiple digital financial services firms to enhance the lending journey.
“We want to bring in front-end partners for lead generation, while we do the backend loan fulfilment,” says Potaraju. “With Salesforce simplifying API integrations, these dreams are fast becoming a reality.”
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