The Challenge
HDFC Bank needed to develop an exceptional digital personal loan journey that would set new industry standards. The challenge was to create a seamless, efficient process for pre-approved customers, existing-to-bank (ETB) customers, and new-to-bank (NTB) customers, while reducing turnaround time and customer acquisition costs.
Our Solution
Comprehensive Benchmarking
Comparative macro & micro view of different Digital Personal Loan Journeys, with clearly laid out feature-wise strengths and areas for improvement.
Strategic Recommendations
Suggestions across domains and features for implementation, along with the impact on engagement, experience, revenue and TAT.
Innovative Approach
Building strategic recommendations unique in nature for the Industry, identifying innovative opportunities for enhanced digital engagement.
Our Approach
- Identify top digital personal loan journeys, compile feature stack across variants(PAPL, ETB and NTB), map customer journeys, and create a comprehensive scoring system with weighted averages.
- Assess and score product features and experiences across journeys. Analyze onboarding journeys, steps, interventions, and convenience. Identify an innovative opportunity for enhanced digital engagement.
- Analyzed qualitative and quantitative data.
- Formulated journey improvement roadmap.
- Leveraged team expertise for roadmap and strategy.
- Encompassed areas for enhancement.
Accomplishment
Our comprehensive benchmarking exercise and strategic recommendations enabled HDFC Bank to develop a best-in-class digital personal loan journey. The implementation of our roadmap resulted in significant improvements in customer experience, reduced turnaround time, and lower customer acquisition costs.
