Bajaj Finance Limited cuts loan file holds from 18% to 9.7% in just 3 months.
Find out how Bajaj Finance Limited has improved its lending operations, ensuring quicker processing and happier customers, leading to impressive growth.
Find out how Bajaj Finance Limited has improved its lending operations, ensuring quicker processing and happier customers, leading to impressive growth.
Bajaj Finance Limited(BFL) is a prominent Non-Banking Financial Company (NBFC) in India with a vast network and a comprehensive lending portfolio. With over 50,000 employees, the company caters to a diverse 72.98 million customers, providing services in both urban and rural areas.
Bajaj Finance Limited invested substantially in Salesforce CRM to improve their lending process. However, they realized that merely having a CRM was not enough, as they continued to face challenges with sales operations and, most importantly, reducing loan files going on hold(which occur when incorrect or incomplete details are present in the loan files).
Bajaj Finance discovered that proficiently utilizing the CRM was essential to mitigate these challenges, which boiled down to providing effective employee training on CRM.
The following were the training challenges they sought to address:
Training Inefficiencies: Traditional training methods were time-consuming and not tailored to the needs of employees, leading to inefficiencies in the CRM training process.
Data Entry Errors: Manual data entry by field officers (FOs) led to errors in CRM, causing operational delays such as loan file holds and customer dissatisfaction.
Software Skills Gap: Sales field officers lacked the skills to use the software, as English was not the primary language for everyone, leading to longer training periods.
High Employee Churn Rate: Bajaj Finance Limited experiences a high churn rate (>45% annually) among off-roll personnel. This constant turnover made CRM training more challenging.
Gyde's digital adoption platform (DAP) has reshaped how Bajaj Finance Limited trains its employees on Salesforce.
On-the-Job Learning: Step-by-step in-app walkthroughs & help articles allowed employees to learn processes on the job. This reduced the learning curve and tackled the training challenge amid a high employee churn rate.
Last Mile Training: Multilingual feature allowed employees to receive guidance in their native language, resulting in a more personalized, accessible, and impactful training experience.
Contextual Guidance: Auto-assist mode helped employees while filling out loan applications & ensured they input the data accurately, reducing manual data entry errors.
Progress Monitoring: Bajaj Finance Limited tracked CRM employee training to identify areas for improvement and made necessary adjustments, ensuring continuous training enhancement.
The implementation of Gyde's Digital Adoption Platform (DAP) transformed Bajaj Finance Limited's lending operations within three months.
The results were indicative of the positive impact on various aspects:
As the Digital Adoption Partner at SUD Life Insurance, Gyde proved instrumental in our initial Salesforce implementation. Its intuitive guidance and tailored support significantly boosted our team's adoption rates, making the transition seamless.
Gyde's user-friendly interface and personalized assistance were key factors in managing change effectively, fostering a culture of rapid learning, and maximizing the potential of Salesforce within our organization.
DVP - Customer Engagement | L&D
SUD Life Insurance
Gyde has helped us to enhance the digital adoption in one of the flagship employee programs at Bajaj Allianz Life Insurance Co. Ltd . Gyde walkthroughs have restructured and revamped the way our employees experience a new application with training videos and FAQ's being embedded into the screen. With this our employees will be able to adopt to the new applications much faster and become proficient in them independently.
Associate Vice President (IT) - Bajaj Allianz Life Insurance
Gyde has helped us explain features in an interactive way using walkthroughs. These walkthrough are super easy to setup & can be triggered whenever a new user logs in for the first time. Also, the bot provides answers to the natural language questions & can trigger smart callouts to take user to the appropriate feature. Really enjoyed working with the Gyde team who were really helpful, great communication and very quick to make changes upon our request - I'd recommend them.
Customer Success Manager, Global - Wurkr
It has been a truly wonderful experience working with the Gyde Team. I loved the way they approached this task as well as the promptness the team displayed in integrating the tool with UpsideLMS. The team was also proactive in providing the necessary support for resolving critical cases, which was also quite helpful. It’s a great tool and a great team behind it, and I wish them all the best for their future endeavors!
VP, Technology - UpsideLMS
Gyde team one of the most agile teams to work with. They understand the business requirements & the support is incredible. Their platform is scalable & can be tuned very quickly to suite the business needs.
CEO, Kido Asia
