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July 15, 2022
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Product Scale for a Bangalore based Fintech Client
Business Problem
A leading financial services company client based out of Bangalore needed to scale their new loan product and significantly increase monthly disbursals. The primary challenge was market penetration and effective product positioning.
Our Discovery
Our analysis revealed that the client required a comprehensive product lifecycle strategy and a clear roadmap to scale their operations effectively. The customer base was also not happy with the features and the loan time. Also the documentation was a big pain point.
Solution
We implemented a multi-faceted approach:
- Dividing customer segments: Divided the overall customers into different segments based on parameters like loan size, payment behaviour and salary
- New Product Introduction: Introduced two new products within the existing product offering, with one contributing to over 60% of the revenue.
- Comprehensive market research: Conducted targeted research to identify new opportunities and refine the target market.
- Identifying bottlenecks and solutions: Developed and implemented a strategic roadmap to identify the bottlenecks and finding solutions to improve user experience.
- Tech and Process Optimization: Revised the entire product flow, launched new product features to clear bottlenecks, and reduced the average customer journey time by 45%. Created tech APIs to drive organic growth and simplify documentation.
- Simplify the documentation: Simplified the documentations for the customer and made the process very easy.
- Reducing manual checkpoints: Reduced the manual checkpoints from the team and automated the journey
- Payment Mechanisms: Identified and exercised new payment mechanisms like NACH, increasing premium customers by 6x.
- Data-Driven Decision Process: Acquired 20+ data sources to enhance data-driven decision-making and developed analytical frameworks to understand customer behavior and patterns.
Result
The loan product volume skyrocketed from INR 40 million to INR 530 million per month in just 8 months. The strategic roadmap and market positioning led to an 80% increase in revenue from repeat customers, a 60% increase in user retention, and a significant boost in customer satisfaction.
Additionally, premium customers increased sixfold, and the customer journey time was reduced by 45%, significantly improving the overall customer experience.