B2B, Sales Performance

Sales Automation Tools Helping Evolve NBFC Customer Onboarding

The ever-growing surge and competition in the NBFC sector had paved a way for technology to perform a crucial role in onboarding customers. Picking up the gradual recovery activity from the COVID-19 pandemic, NBFC has made great strides in lending through digital mode. One of the prime reasons for making such a stride is the implementation of sales automation tools.

The aim of catering to low-income citizens and adopting the new business model of the digital transformation has completely transformed the NBFC sector. As the customer has become tech-savvy and the demands have increased, the Non-banking financial institutions had to seek other ways.

Customer Onboarding Before The Implementation Of Sales Automation Tool

Oftentimes we hear many sales managers crying out about the status of the leads, worrying about the customer onboarding duration, and many more things. But it’s always about how they can reduce the time of customer onboarding to get maximum conversion. Not having the sales automation tool makes sales reps daily activities quite challenging and daunting. For sales reps, the challenge is there are so many other things they have to do besides selling, such as providing service, handling complaints, attending meetings, and creating reports. They had been using traditional methods like spreadsheets and diaries for the sales process.

Sales reps have a hard time determining the potential of a lead because they’re unaware of their customers’ real-time status. Even after collecting all the documents and going through them back and forth, they can only determine the customer status after document verification and cibil report. And if the cibil report is not matching the criteria or the documents, all the efforts and time put into the conversion is of no use. That’s why usually NBFC customer onboarding takes a long time to implement.

Hindering Productivity

Due to a lack of data, there was no clarity on the time taken to onboard the customers. There were little integration and coordination across the departments. Thus, it was affecting the workflow and the whole sales process. The duration of the disbursement of loans was much slower and which also affected the TAT (Turn Around Time) of NBFC.

Customer Onboarding After The Implementation Of Sales Automation Tool

As technology gradually improved and the coming up of automation tools, a lot has been changed for the NBFC sector. With the help of a sales automation tool, customer onboarding has become much simpler and faster for these non-bank financial institutions. Moreover now, sales automation relieves sales professionals of the requirement to spend a significant amount of time managing repetitive, administrative tasks and data entry. This led to significant improvement in the customer onboarding time. Automated allocation of leads and KPI-based actionable insights gives sales reps an added advantage that they didn’t enjoy before the implementation of automation tools. As sales agents have to travel across different regions, Mobile Sales CRM plays a vital role in managing everything. Sales Agents are able to capture customer details while on the move without human intervention.

With the help of a sales automation tool, sales reps can know the cibil report of the potential prospects to finalize the leads that are either hot or cold. Not only does it guide the sales reps to know which leads can be converted into customers but also save their valuable time in the sales process. The ability to check the cibil report through the automation tool gives the real-time status of the leads.

Reduction in TAT has also been an indicator of how productivity massively has increased the whole sales process. From the day of collecting documents to disbursing loans, the sales automation tool has increased the sales process 2.5 times faster than the traditional NBFC process.

Toolyt To The Rescue

Toolyt, as leaders in Automated SalesForce Solutions, can make your sales process easy and seamless. The CRM software can automate the sales tasks as per your company and industry requirements. It guides you through the entire sales process. Toolyt tracks and transcribes your relationships with customers and competitors. Hence, this user-friendly mobile app is always with you when you need it most.

It is an extension of the CRM system suitable for any industry. With an immense track record of providing services for NBFCs, Toolyt has been driving success as Mobile CRM.



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