hardikshah.wipro Profile picture
Feb 6 โ€ข 19 tweets โ€ข 2 min read
๐Ÿงต on how does #fintech #Lending work โ‰๏ธ
Key elements being;
๐Ÿ“Œ Sourcing
๐Ÿ“Œ Customer Journey
๐Ÿ“Œ Appraisal & Underwriting
๐Ÿ“Œ Ops & Delivery
๐Ÿ“Œ Collections
Sourcing:
1. Sales & Marketing teams are responsible for generating the Leads
2. Sales is towards offline lead generation model, wherein they establish tie-ups with DSAs
(Direct Selling Agencies, these are entities that source customers for a number of lenders and push the leads)
3. Marketing deploys its effort towards generating leads through online channels viz., Google & Facebook Ads, influencer marketing, content & blogs, etc.
Customer Journey:
1. With the Sales & DSA model, the customer doesn't have to take any efforts and just has to provide the KYC and income docs
2. The rest, like uploading of docs on portal, etc., is managed by Sales & DSA staff
3. Whereas in the online model, all the details (are entered) & relevant docs (are uploaded) by the customer on Mobile App / Website of the Lender
Appraisal & Underwriting:
1. This stage is handled by Credit team, wherein the filters and screeners are applied on the customer applications
2. These guys touch-base the customer in case, any clarity is required or incomplete details are received
3. Final decision on Approval / Rejection is taken in accordance with the Credit policy in force
Ops & Delivery:
1. Operations team enable the customer to complete formalities such as V-KYC (Video KYC), Field investigation, e-NACH & e-Signing of Agreement
2. Once all the checkboxes are ticked, Disbursals are triggered and customer's bank account is credited
Collections:
1. Awareness calling, intimation & reminder messages are circulated to the customers
2. Payments from customers are enabled through mediums such as e-NACH (Auto debit) or via payment gateways, etc.
3. Repayments are made in accordance with the Installment methodology agreed (daily, weekly, fortnightly, monthly, i.e., EMI, etc.)
4. In case of non-payments on EMI dates, i.e., Bounce, Collections team is tasked with chasing the customer based on intensity of default, etc.
This was a basic idea, however various automations are involved to further reduce the TAT and enhance the Customer Experience
Have not included a few more Key functions viz., Tech, Product, Treasury & Finance since these are quite deep, will take it ahead based on the response ๐Ÿ˜…

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