Muthoot Fincorp Slashes Customer Acquisition System Training and Onboarding Time by 63%and Data Errors by 78% with Gyde
Muthoot Fincorp, a household name in India’s financial services sector, manages one of the country’s largest gold loan portfolios. With over 3,600 branches serving more than 100,000 customers daily, it offers a wide range of financial products, including gold loans, small business loans, and vehicle financing, catering to both urban and rural India.
Muthoot Fincorp's customer acquisition system - Nucleus FinnOne Neo plays a vital role in its day-to-day operations. Agents use it to collect customer details, check loan eligibility, and decide whether to approve a loan. Every transaction, every decision, and all critical processes rely on this system. However, the company faced challenges when it came to getting agents to use the system effectively:
High Agent Churn:
With new agents joining frequently and others leaving, it became difficult to maintain consistent and effective training and onboarding. Every time someone new joined the team, the process had to start from scratch.
Last-Mile Coverage Issues:
Many agents work in remote or rural areas, where they often lack immediate support and easy access to training. This made it tough for them to get help when they needed it.
Language Barriers:
Muthoot’s agent workforce is spread across India and speaks several regional languages, including Hindi, Tamil, and Malayalam. Since most system training was in English, it created a gap in understanding.
Form Fill Errors:
Mistakes in entering customer information, such as missing details or incorrect data, were common. These errors affected the overall quality of the data and slowed down the loan approval process.
Low Digital Literacy:
Many agents weren’t very comfortable using the system. As a result, they hesitated to fully use it, which led to underutilization of the system’s capabilities.
Muthoot Fincorp partnered with us at Gyde to provide their agents with the guidance they needed to use the customer acquisition system accurately and efficiently on the job.
Learning in the Flow of Work: Agents are guided through audio-visual walkthroughs right inside the system. Whether they were filling out a form or checking loan eligibility, it showed them exactly what to do, step by step.
Microlearning: Short videos were embedded directly into the system, helping agents understand how to complete tasks through easy-to-follow visuals, perfect for those who learn better by watching.
Contextual Guidance: Walkthroughs changed based on what the agent was doing or their role. This made the help more relevant and personalized, so agents didn’t waste time going through unnecessary steps.
Multilingual Support: Gyde provided help content and instructions in regional languages such as Hindi, Tamil, and Malayalam. This ensured that agents could learn in the language they were most comfortable with.
Highlighting Critical Steps: Key actions in the loan process were clearly marked, helping agents focus on important tasks such as document verification and completing mandatory fields. This reduced mistakes and ensured smoother loan approvals.
Instant Field-Level Help: Helpful tips and explanations appeared when agents hovered over or clicked on a field, clearly telling them what to enter and why it mattered. This reduced confusion and mistakes.
Progress Monitoring: Muthoot’s training team tracked how agents were using the system, highlighting areas where they struggled or dropped off. This allowed them to step in with the right support exactly where it was needed.
With Gyde, Muthoot Fincorp made it easier for agents to learn and use the customer acquisition system in real-time and in their language. Agents processed loans faster and with fewer errors, which improved lending operations and boosted overall efficiency, leading to a better ROI from the system.
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