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Indian households are sitting on a treasure trove. They maintain an estimated 25,000 tonnes of gold value greater than $1.4 trillion at present costs. The query is, how can we remodel this huge wealth – a lot of which lies idle in houses or financial institution lockers – right into a productive asset?
Fintech agency Rupeek believes the reply lies in monetising gold by utilizing it to unravel customers’ credit score challenges.
“Fifty-six % of Indian family debt is unsecured and, due to this fact, topic to greater rates of interest and decrease phrases,” notes Sumit Maniyar, Founder & CEO, Rupeek. “But, 95% of family wealth lies in bodily property, together with gold. If extra Indians might unlock the potential of this gold as collateral for loans, think about the type of credit score that would circulate to the center and backside of the socio-economic pyramid.”
It’s this imaginative and prescient that has impressed Rupeek to introduce one in all India’s premier doorstep gold mortgage providers – the primary of many tech-enabled disruptions from the corporate that would change the way forward for gold monetisation in India.
After clocking a three-year income progress of seven,295%, Rupeek was named India’s quickest rising know-how firm by Deloitte. Over 100,000 prospects throughout 35+ Indian cities depend on Rupeek to fulfil their credit score wants.
“Our intention is to monetise India’s gold for financial development,” says Anuj Sharma, Senior Director of Product Administration, Rupeek. “We see Rupeek as a nation builder.”
Sprucing up customer support methods
Rupeek’s processes and buyer interactions are all designed to make sure that prospects really feel assured entrusting their gold to the corporate. Brokers decide up and launch the gold proper on the buyer’s doorstep for his or her comfort. The gold can also be saved at trusted associate banks to make sure security.
“We pleasure ourselves on delivering a safe, simple, and frictionless gold mortgage expertise,” says Aditya Sriram, Head of Buyer Expertise, Rupeek.
That have continues past the mortgage origination section, into post-disbursal when prospects can request for his or her mortgage to be closed, renewed, or topped up.
At this stage, there needs to be seamless coordination throughout a number of Rupeek groups – together with help groups which log and handle buyer requests, back-office groups which observe mortgage funds, and discipline operations groups which work with banks to launch and return the client’s gold.
Beforehand, the groups relied on a mishmash of spreadsheets, CRMs, and ticketing instruments. This siloed strategy fragmented their view of buyer information, making it tough to coordinate and observe post-disbursal actions – particularly as the corporate’s progress accelerated.
“To scale quick, we wanted to automate our workflows and enhance crew productiveness,” recounts Sriram. “We additionally needed to ship smoother buyer experiences – which meant integrating our processes, information, and pipelines. With Salesforce, we might do all that and extra.”
“There are three issues we love about Salesforce,” says Sharma. “One is that it offers wealthy out-of-the-box options however can be swiftly configured to emulate our advanced enterprise processes. Two is that it allows a whole 360-degree buyer view. And three is that the Salesforce crew is genuinely involved in discovering holistic options to our challenges, quite than merely pitching their merchandise.”
Dazzling prospects with clean omni-channel service
Utilizing Salesforce Service Cloud, Rupeek has streamlined and automatic post-disbursal processes.
Clients can increase a service request or question both by the Rupeek self-service app, the decision centre, emails, or – most just lately – a chat characteristic enabled by Service Cloud. Information from these channels flows immediately into Salesforce, giving groups a consolidated buyer view to allow omni-channel service.
“Although our chat performance continues to be at a pilot stage, 10%-12% of our prospects are already resolving their queries by the software,” says Sharma.
All post-disbursal groups are unified on one platform, in order that they will coordinate buyer requests extra simply. Any information they want is immediately obtainable in a single supply of fact.
“With the type of workflows we’ve constructed, groups wherever can log right into a buyer help ticket to trace its standing, monitor the turnaround time, and examine that SLAs are being met,” says Anagha Suchitra, Product Supervisor, Rupeek. “These insights assist us service prospects quicker and smarter.”
Enriching worker experiences with highly effective productiveness instruments
Beforehand, groups needed to repeatedly name prospects to gather their info and make sure their particulars. However with a unified buyer view, the variety of calls has lowered by 20%-30%.
“Brokers can now course of and shut buyer requests on a single name,” says Sriram. “This frees up their time to serve extra prospects.”
With course of optimisation comes effectivity. What used to take groups six hours to do, can now be accomplished in three hours – translating right into a 50% enchancment in productiveness.
“Groups on the bottom are happier,” notes Sharma. “They’ll simply entry information, observe escalations, and easily hand over tickets from one division to the following.”
Provides Maniyar, “We’ve made Salesforce our stakeholder expertise platform – the inspiration on which our prospects, workers, and enterprise can thrive.”
Strengthening decision-making with a wealth of insights
Via wealthy stories and dashboards on Salesforce, Rupeek can monitor service processes at a granular degree, and unlock alternatives for optimisation.
“Our reporting and information instruments are incredible,” says Sriram. “Metrics we couldn’t seize earlier are actually immediately obtainable. Determination-making has additionally develop into extra data-driven and efficient.”
Rupeek is now implementing Tableau Analytics to enhance the accuracy of accounting.
“Balancing our books is a posh course of as a result of it includes numerous loans, back-end lenders, banks, accounts, and extra,” says Sharma. “However with Tableau, it’s simpler to reconcile credit score and debit transactions. We are able to seize transactional information from numerous sources, remodel it with just some clicks, and retailer the ultimate output in a knowledge warehouse.”
Rupeek labored carefully with Aethereus Consulting to optimise the Salesforce implementation.
“Of all of the companions we evaluated, Aethereus was the crew that basically understood our goals,” recollects Sharma. “In addition they tailored very effectively to our quick tempo as a startup. Collectively, we’ve created options, constructed out structure, and solved advanced challenges on Salesforce.”
Golden alternatives forward
Rupeek subsequent needs to unify the complete buyer journey on Salesforce – starting from advertising and lead technology, to servicing and mortgage closure. The ensuing 360-degree buyer view will assist groups ship a really linked and personalised expertise throughout touchpoints.
At a bigger degree, the corporate hopes to construct extra progressive merchandise, diversify into different asset courses, combine with bigger steadiness sheet lenders, and lengthen their distribution community.
“We wish to construct a complete economic system round gold that can propel India’s progress within the subsequent few many years. Applied sciences like Salesforce will assist us execute that imaginative and prescient seamlessly,” says Sharma.
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