35% Increase in team productivity

Background

Bajaj Finance Limited (BFL) is the most diversified and profitable organisation in the country with a wide portfolio of products spread across Consumer, SME & Commercial Lending as well as Wealth Management. Bajaj Finance Limited is one of the largest players in the burgeoning consumer finance segment in India and a pioneer in introducing interest-free EMI finance options in more than 50 categories, ranging from consumer durables to lifestyle products to groceries.

Apart from consumer finance, the company also has substantial business penetration in SME, commercial and rural lending.

BFL has 294 consumer branches and 497 rural locations with over 33,000+ distribution points.

Challenge

BFL’s collection team had per day EMI collection target (on BFL application). Once the agent collected the amount as per their assigned target, it is necessary to deposit the amount at BFL centre or at partner branch. New targets were released only after the deposits were made.

BFL’s biggest challenge was that their field agents were not able to deposit cash after banking hours or during weekends. Agents in rural areas had to travel 40 KMs to reach BFL branch or bank to deposit cash. Thisled to liquidity crunch, productivity loss and performance lag for BFL Team.

Solution

PayNearby’s Cash Collection service enabled at over 10 lakh retailers across 17,000 Pincodes helped BFL with better cash management and cash rotation. The Cash-in-hand problem at BFL Branch and cash rotated on intraday basis by collection agents were reduced significantly. Our shop locator link helped BFL team identify the nearest PayNearby shop for cash deposits. Our API integration helped BFL team update immediate collection team targets on their application.

Cash deposit service is available for both agents and customers.

Results

By collaborating with PayNearby BFL has gained deep in-roots to areas which were not serviced previously. The collaboration has also led to high service deliverance rate in the cash collection vertical.

Our outlet locator link helped BFL team to deposit cash at the nearest shop. This has increased productivity of BFL agents and they are able to collect maximum cash within given timelines. Currently, with PayNearby touchpoints, BFL team is able to cover 2000 plus Pincodes to collect cash.

With strong synergies between BFL & PayNearby, BFL collections have grown by leaps & bounds. BFL collection team’s productivity has gone up by 35%.

In the span of 1 year PayNearby has been able to contribute massively to BFL’s success below are few indicators:

    • Parameters
    • Sep-19
    • Aug-20
    • Volume
    • 75,00,000
    • 40,00,00,000
    • States
    • 12
    • 20
    • Cities
    • 49
    • 413
    • Trx Count
    • 984
    • 57000

Testimonial

“The collaboration has also led to a high service deliverance rate in the cash collection vertical. PayNearby’s client servicing team is fully equipped to resolves issues with a 95% success rate in less than 2 hours. With our partnership, we will be able to further enhance the customer experience and offer payment options both digitally and at physical outlets. Going forward we plan to add more services to digitize cash through PayNearby retailers, I wish PayNearby all the very best and look forward to a mutually beneficial partnership."

- Tanaji Vasant Khot, National Lead - Banking Relationships, Projects, Repayments Management & BRS, Bajaj Finance Limited.