In ane event in New Delhi, Bajaj Finance Ltd. has shared their Digital-First approach by announcing few ground breaking industry first initiative to revolutionise the lending industry. Bajaj Finance Ltd. also launched Digital Activate, it’s a unique model with offline retailers to facilitate mobile/digital product offering. Using the platform, retailers can display their product offerings B2C portal – Experia to pool 76 lakh Bajaj Finance Ltd customers in major cities across the country.
Manish Jain, Group Marketing Head, Bajaj Finance Ltd, said:
“As we progress towards the vision of Digital India, it is more crucial than ever to digitize the everyday transactions and experiences of our consumers, which requires organisations like us to challenge our existing offerings and processes every day. I am confident that with our Digital First approach we are strongly positioned to offer a differentiated proposition to our digitally savvy customers.”
Bajaj Finance Ltd also launched India’s first EMI finance App. The app gives consumers the freedom to apply for instant EMI finance anytime, anywhere. Adding to the ease of the application process, the app lets consumers to login using:
- Aadhaar Card
This eliminates the time consumed by pre-filling consumers’ basic information in the form.
Bajaj Finance Ltd also working on Industry first Initiative – Digital Grid, under this the process of personal loans will be speed up. It’s a real time, online approval capability for Salaried Personal Loan and Salaried Home Loans business. Traffic is generated for the website using various channels like SEO, SEM, performance marketing through affiliates and e-aggregators. Prospects apply for loans through online application and they get real-time in principle loan approvals basis their credentials.
Bajaj Finance Ltd is constantly striving to enhance customer experience in the lending space through technology. A few other initiatives include:
- Tele Binding – Unique capability of fulfilling loans / insurance over a telephone call without requiring any physical touch with the customer.
- Last mile connectivity through cloud platform at over 14,000 stores which enables more than 6 MM consumer underwriting in a year in an automated manner and further scalable.
- Centre of Excellence for Analytics across Sales, Prospects, Pricing, Risk, Marketing, Collections and Service
Bajaj Finance Ltd has also endeavoured towards a smoother and more convenient lending experience by inculcating consumer friendly support practices:
- One customer view enabling a 360 view across all products / relationships that the consumers have with the organisation
- Direct cash collection model for unbanked rural customers enabling lending to unbanked rural customers while ensuring strong portfolio performance
- EMI card franchise of over 3.5 million enabling customers to get approval in stores on a real time basis thus delivering experience of a credit / debit card