HDFC Bank’s Sustainable Livelihood Initiative i.e. SLI business unit is present in towns and villages across 24 states in India. A 3-year vision articulates the plans for 4X growth of reach and for building the path to profitability. The SLI Business noticed that the customer acquisition cost (CAC) was increasing steadily in remote markets, owing to the lack of compliant customer profiles. HDFC recognised that reducing turnaround times (TAT) was integral to solving this problem, which meant increasing the productivity of the field sales team.
Reducing Turnaround Times (TAT)
for HDFC Bank
Our Impact
With the Vymo mobile app, all agent activities were detectable, sales outcomes were predictable and also salespeople could be coached into increasing ROI on their efforts. It also enabled Sales Leaders to understand insights from on the ground in real time, helping them make data driven decisions and optimise for better results. Based on the results of a pilot, HDFC Bank moved the entire SLI Business unit to the Vymo platform, automating their customer acquisition, KYC (Know Your Customer), assessment, approval and distribution processes.
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Number of customers sourced
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Reduction in time to conversion
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Adoption rate by salespeople
The HDFC SLI Business Unit has since been able to doubled the number of customers sourced, reduce time to con- version by 7 times and also, lower turnaround time to less than a day. What is more interesting is that the salespeople adoption rate of Vymo is over 85%. With the data captured in just the first year, Vymo’s business analytics suite has revealed multiple opportunities for the division to drive a more intelligent market penetration strategy. The bank’s experience proves that technological innovation can dramatically shift business economics to build a highly scaled, yet fast growing and profitable.
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