Strategy and Transformation
Growth strategy and scale up for a NBFC client
06 May 2020
Context
- Client description: MSME focused on NBFC client
- Opportunity: The client desired to identify opportunities for additional loan products to cross-sell along with the core products. Further, the client wanted to improve the overall loan process and sourcing process leading to a better sales productivity
Our Approach
- Conducted benchmarking exercise to understand product features provided by competitors
- Understand the current loan process of NBFC by analyzing loan files and arrive at gaps in the current loan process
- Identified best practices followed across competitors in the industry by benchmarking TAT and loan process across competitors
- Conducted shadow follow sales representative method to arrive at gaps in the sourcing process
- Further, conducted workshops for sales executives on sales productivity improvement
Key Insights / Outcomes
Successfully provided client with deep study of areas of improvement in current loan process as well as acknowledge that our recommendation suits for improving loan TAT
Successfully provided the client with deep study of gaps in current sourcing process as well as acknowledge that our recommendation suits for boost sales productivity
Praxis Value Delivered
- 5 additional loan products (unsecured business, 2-wheeler, 4-wheeler, CV loan and home loans) identified to cross sell along with core product
- Redesigned the loan process leading to a reduction in TAT by ~40% from the current loan process
Are you looking to grow faster than the competition? Write to us below.