Banks and FIsApr 7, 2021
Understanding small HFC customer experience and behavior
Objective
Evaluate customer experience with the HFC across the loan cycle and identify areas of improvement; develop understanding of customer thought-process, preferences, and perceived quality of delivered services.
Methodology
- Visited two major business regions, one each in north and south India and conducted in-depth interviews (N = 120) with both existing and churned out customers, who have taken individual home loans for construction, reconstruction, purchase, and who have taken loan against property
- Conducted in-depth interviews (N = 40) with Direct Selling Agents (DSAs) to identify product and process level differentiation with the competitors – selection and acceptance ratio, loan TAT, and post disbursal services and challenges
- Visited competitors’ branches (N = 14) in both the geographies to understand about their channel preferences, loan product features, and assessed underwriting process and deviation taken by them
- Created customer journey from need generation to channel identification and loan application process and marked challenges faced by the customers at different phases of the journey
- Identified gaps in the loan process and service levels by segmentizing all the challenges faced by the customers both pre and post disbursement of the loan
Impact / Outcome
- Suggested areas of improvement recommended across both the geographies and approved for implementation by the management team.
