salesforce: “We are reinventing loans in India with Salesforce”

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Founded in 2008, DMI provides innovative credit solutions to individuals and small businesses across India through a digital-only collaborative approach. The company is partnering with a range of fintech startups, digital holding companies, non-bank financial firms and even consumer electronics giants to make credit accessible to customers.

Meeting these requirements is no easy task, even for a large bank with thousands of employees. In contrast, DMI has fewer than 100 employees in its digital lending business. Shivashish Chatterjee, Co-Founder and Deputy Managing Director of DMI, explains how Salesforce has enabled DMI Finance to streamline its processes and operations.

Why we chose Salesforce

Being a digital lender comes with its own set of challenges. Today, customers expect credit decisions in minutes, if not seconds. They want a seamless lending experience from start to finish. Partners, in turn, expect to have the resources and information they need to complete the lending process as efficiently as possible.

Finding a technological solution to almost all of our problems is imperative for our business. Our customer outreach programs must be fully technology-driven. Our supply chain partners need to be able to talk to us in a transparent and API-based way. Only then can we bring it all together into an integrated end product.

Salesforce is like the motherboard of our operations, bringing everything together. The microprocessors and chips that we connect to this motherboard are our partners, our service providers and our customers.

Innovate on the Salesforce platform

Our adventure with Salesforce began in 2009, when the debate was over whether to build our loan management technology stack from scratch or buy a standard system.

We quickly realized that there were advantages to relying on the Salesforce platform that could not be achieved with either a 100% in-house tool or with a standard product. Salesforce provided an industrial grade level of infrastructure, 100% cloud-based backup and compute, and a highly configurable API that allowed us to maintain full control over the proprietary IP while outsourcing the cogs in database management.

We implemented Sales Cloud and extensively used Force.com and SOQL to handle the entire process of creating loan requests, generating offers, underwriting, and disbursing. Today, a partner can capture data about a loan or customer and push it to DMI using standard Salesforce APIs. The Salesforce platform then interacts with multiple systems to validate the identity of each borrower based on their Aadhaar number, PAN number, photos, and other details. About 30 to 40 of these API-based verification checks can be performed on the fly.

Once these KYC checks are completed, the input for the credit decision streams to the Salesforce platform, where a decision engine enables a near real-time credit decision. When the loan is ready to be disbursed, Salesforce creates the payment plans and IMEs. DMI agents also use Salesforce to process loan repayments and track delinquencies.

Over time, we’ve made the Salesforce platform work in a pretty novel way. Salesforce has become our API engine, our basic non-banking platform that interfaces with everyone. Automation allows us to make a credit decision for 95% of loan applications in less than 60 seconds.

Optimize loan processing

Salesforce has helped us speed up our loan management processes. Digitization allows transactions to be processed at a much faster speed than that of a traditional lender.

For example, a loan officer at a traditional bank would process about 2 to 3 transactions per day. At DMI, a single Salesforce license is used to process approximately 300 transactions in the same amount of time.

Each month, the platform processes over a million loan applications with a small, dedicated team that is a fraction of the size of a traditional lender that processes similar volumes.

Customer queries or issues are routed to Service Cloud, allowing customer support teams to respond quickly, competently, and efficiently.

Businesses in a post-COVID-19 world

In a post-COVID-19 world, there will be a greater demand for digital services that do not require in-person interactions. As we prepare for this new world, Salesforce is by its side. We continue to innovate on the Salesforce platform, finding new ways to deliver a seamless experience to customers and partners. Salesforce is a very versatile platform and I’m sure there are companies out there using it in innovative ways that we haven’t even imagined yet.

“With customers expecting seamless experiences regardless of industry, brands have turned to technology solutions to address the challenges that are imperative to their business. As digital services continue to grow in a post-COVIS world, DMI Finance has leveraged the Salesforce platform to deliver a seamless experience for customers and partners, ”added Deepak Pargaonkar, Vice President, Solutions Engineering , Salesforce India.


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