The financial sector, especially the lending niche is driven by banks and is undoubtedly a seller’s market. People looking for loans rarely have the resources and guidance to choose a product that will fit their financial profile.
Imagine having a platform that checks your profile and guides you to the best options available - for loans of any kind (home, education, car & auto loans) or investments or insurance.
Well, Finfinity makes that a possibility.
Such a mammoth task of providing the customer with an end-to-end lending experience required the best possible management tools. Finfinity decided to use Corefactors as a lending CRM for its sales team.
About Finfinity
Finfinity is a fintech company that makes lending services accessible, affordable, and intuitive for everyone. All three of their co-founders have over two decades of industry experience and are at the forefront of innovation in traditional banking and fintech.
This makes Finfinity the ideal platform that ensures every customer has the information and guidance necessary to make the right choices regarding financial products offered by multiple institutions. They rely on the transformative power of technology to turn this vision into a reality.
Finfinity offers early visibility into eligibility, suitable financial institutions, and favorable terms. Their in-house rule engines and algorithms curate the right output, ultimately reducing the cost of sourcing for financial institutions. This cutting-edge fintech platform is designed to serve both Retail and SME segments.
Finfinity aims to move from a seller’s to a buyer’s market, ensuring every customer has the information and guidance necessary before making a financial decision.
What makes Finfinity different from its competitors is that its technology-driven services do not eliminate the human touch. They are a digital + physical company. While all products are digitally available on their platform, they assign experienced relationship managers who help customers get the best product to meet their expectations.
“Every buyer, customer, or corporate employee will have a choice, without moving from their office or workplace to select, choose, and apply for a loan product. We act as a bridge between the customer and the respective principal to ensure there is a win-win proposition for both.” - Mr. Vijay Kadam, Co-Founder
Challenges
As business grew, so did the volume of inquiries. It was difficult to manually keep track of each requirement. Imagine dealing with lakhs of loan aspirants with different requirements like loan type, loan amount, interest rate, tenure, bank details, bank branches, etc.
Finfinity needed a system at their back end to connect the customers, the Finfinity app, and the banking partners. This system would help the sales team to automate the allocation and reallocation of potential borrowers to different agents or relationship managers (RMs). It would also help the agents visualize all details like the lead source, loan details, and borrower stage.
Finfinity was on the lookout for a CRM that was customizable and easy to implement.
“We were very clear that we wanted to become a product tech company focusing on core applications and we partnered with Corefactors for their CRM solution which was out-of-the-box available and easily configurable.” - Mr. Vijay Kadam, Co-Founder
Why Corefactors
Finfinity was actively searching for a CRM to handle all back-end functions and support their sales team. They had finalized three criteria to select a product that best suited their needs.
“We compared available options in the market based on their product fit, cost, and customer service. Corefactors was a clear winner. Corefcators perfectly fit with the kind of ecosystem we are trying to build. This tool will definitely support us to reach the scale we visualize for ourselves.” - Mr. Vijay Kadam, Co-Founder
Finfinity wanted a CRM that would help them with an early launch. Corefactors’ market-readiness was a plus over other players. The integration of Corefactors with Finfinity’s core application was quick and easy. Moreover, the Corefactors support team was readily available, even at odd times, to speed up the integration process.
“The value for the price of Corefactors and its scalability is above par. The sales team also takes full ownership of the product which we rarely see with others.” - Mr. Vijay Kadam, Co-Founder
How did Corefactors Help?
Finfinity uses Corefactors as the backbone of its sales team. They operate on a built-and-buy model, where their core app is built internally, while the CRM is purchased from Corefactors.
The Finfinity app and Corefactors are interconnected via webhook API integration. While Finfinity provides a comprehensive customer experience through its app, the backend sales team uses Corefactors to manage customers throughout their journey - from lead generation to post-sales support.
Leads are captured in their core app which is then fed to the Corefactors Lead Box in real time - the magic of integration.
A Lending CRM Solution
Finfinity uses Corefactors to manage their leads from the loan origination all the way through to the disbursal process and help the sales team work efficiently in the following ways.
- The leads from different sources get updated in the CRM through an integration in real-time. Knowledge of the lead source helps the team assist the prospects accordingly. For example, a corporate lead might have a different requirement than one from a franchise.
- Knowing the lead stages helps agents prioritize their work accordingly. They can spend more effort on a prospect who has responded to calls rather than one who is not interested. The lead fields are customized to help agents keep track of the prospect journey.
3. Lead allocation parameters fed into the system ensure leads are automatically allotted to respective sales reps or relationship managers. This is done based on pre-defined criteria such as the lead source or the bank branch. A record of lead allocation makes it easier to keep track of who was responsible for a certain customer and reallocate the lead in case an agent is on leave or is unavailable.
4. The dashboards are customized to suit individual relationship managers. The sales reports are used both at an individual and leadership level for detailed insights.
5. With multiple team members located in different areas of the country, Corefactors CRM helps maintain data transparency and accountability, which in turn boosts work productivity. A manager sitting in Bangalore can view the same data that the one in Pune does. This depends on the user access controls and can be changed depending on the need.
What’s Next for Finfinity?
Finfinity is looking to expand the financial products it offers and its reach. Soon, customers will also be able to use Finfinity for all retail and SME products across all customer segments and more.
Going forward, depending on the scale, they will set up call centers where the Corefactors telephony solution built-in the CRM will come in handy.
