Project Name
How SMS Ninja Enhanced Loan Processing for a Digital Loan Provider
Client Overview
A prominent digital loan provider based in Singapore, this client operates in the dynamic fintech sector, offering cutting-edge lending solutions to a diverse customer base. To stay ahead in a competitive market, the company sought to optimize its loan application process, improve KYC compliance rates, and enhance customer engagement to drive higher conversion rates and satisfaction.
Challenges
- High Application Drop-Off Rates: A significant portion of applicants abandoned their loan applications midway, resulting in missed revenue opportunities.
- Low KYC Submission Rates: Many customers failed to submit required KYC documents, causing delays in the loan approval process.
- Inefficient Manual Follow-Ups: The reliance on manual outreach for document collection was labor-intensive, slowing down operations and reducing team efficiency.
Our Solution
To address these challenges, the digital loan provider adopted SMS Ninja, leveraging its AI-powered Salesforce SMS app to streamline communication and improve applicant engagement.
- Loan Application Follow-Ups via WhatsApp: Automated, personalized WhatsApp messages were sent to guide applicants through each step of the loan application process, reducing drop-offs by prompting timely action.
- KYC Reminders through SMS: Targeted SMS reminders were deployed to encourage customers to submit their KYC documents quickly and efficiently.
- Status Alerts for Loan Approval & Disbursal: Real-time notifications via SMS and WhatsApp kept applicants informed about their loan approval and disbursal status, enhancing transparency and trust.
- Centralized Engagement Dashboard: SMS Ninja’s unified dashboard within Salesforce allowed the client to track all communication related to application progress, monitor KYC submissions, and analyze loan processing metrics in real time, enabling data-driven decision-making. It also allowed the agent to communicate with clients via multiple channels like Instagram, WhatsApp, Telegram, SMS etc via a single interface.
Qualitative Results
Before: 40% of applications were left incomplete.
After: Automated WhatsApp follow-ups increased completion rates to 60%.
Before: 50% of applicants failed to complete KYC requirements.
After: Personalized SMS reminders improved submission rates to 70%.
Before: Loan processing took 100% of the original time.
After: Streamlined communication reduced processing time to 65%.
Power Your Fintech Communication with the Best SMS App for Salesforce!
