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Financial Services
Digitization of the LOS journey for pre-owned car loans of a leading NBFC in India
22 Mar 2023
Context
  • A leading NBFC in India wanted to digitize and automate their used car loan LOS journey to enable them to get a larger share of business from online marketplaces and aggregators
  • They also wanted to reduce the overall TAT and improve the customer experience for the LOS journey
Our approach
  • Understanding end-to-end journey: Understood the end-to-end as-is journey for loan processing across all stages until the loan is registered in the LMS; also identified pain points and areas of improvement that need to be incorporated into the new journey
  • Discussions with internal stakeholders and partners: Held discussions with various internal stakeholders and partners to align the objectives and goals and design the process flow
  • Best practices benchmarking: Held discussions with various experts in the industry to understand the best practices used in digital lending process
  • Overall journey design: Designed the overall journey taking into consideration the current journey pain points, best practices, and overall project goals; identified organizational and process changes required to execute the new-age digital journey
  • Stage-wise detailed process design: Designed ~60 detailed process requirement documents across the entire loan journey (lead gen to disbursement) and handed them over to the technology team for their action into developing the journey
  • Project Management Office (PMO): PMO for end-to-end implementation along with support to the testing team to ensure the timely go-live of a robust system
Praxis value delivered
  • Designed the digital lending journey to facilitate partnerships with digital platforms
  • Reduced the TAT for loan sanction by >50% as compared to earlier process
  • Introduced many company-first initiatives like:
    • Real-time in-principle offer enabling hooking of the customer by providing a real-time soft offer allowing the NBFC to compete with other lenders in the marketplace
    • Centralized underwriting to standardize the underwriting process and get to a quicker case sanction
    • Intelligence services for reading and analysis of documents to assist the employees in decision-making and reduce the scope for manual error
    • Digital features like e-sign and e-NACH to improve customer experience and reduce TAT by eliminating physical touchpoints in the journey

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