Credit Wise Capital (CWC), a Non-Banking Financial Company (NBFC) based in India, specializes in providing two-wheeler loans to customers across the country. With a mission to make two-wheeler ownership accessible and affordable, CWC required a robust and efficient system to handle the high volume of loan applications originating from showrooms. To address these needs, CWC adopted Celestiq’s Loan Origination System (LOS), which has significantly enhanced their operational efficiency and customer experience.
Challenges Before Implementing Celestiq LOS:
- Manual Loan Processing: Loan applications were processed manually, leading to extended turnaround times and inconsistencies in eligibility calculations.
- Scattered Data Management: Employee-submitted applications from multiple showroom locations lacked centralized processing, causing delays and errors in documentation and verification.
- Customer Dissatisfaction: Lengthy loan processing times of up to 5 hours often frustrated customers, impacting showroom sales and overall customer experience.
- Scalability Issues: The existing process was not scalable to handle the growing demand for two-wheeler loans, especially during seasonal sales.
Solution: To address these challenges, Credit Wise Capital implemented Celestiq LOS, a modern, AI-driven loan origination platform. This move transformed their loan processing framework, enabling seamless integration of showroom-based loan applications and digital processing.
Key Features of Celestiq LOS:
- Mobile App Integration:
- Employees at showrooms use a dedicated mobile app to capture loan applications, upload necessary documents, and submit them instantly to the centralized LOS.
- Real-time updates and intuitive interfaces ensure smooth operations for employees and clarity for customers.
- Automated Loan Eligibility Calculation:
- Rule-Based Decision Engine: Loan eligibility is calculated instantly based on predefined parameters such as credit score, income, and loan-to-value ratios.
- This feature has reduced the eligibility calculation time from 5 hours to just 20 minutes, improving customer satisfaction and showroom efficiency.
- eKYC (Electronic Know Your Customer):
- Automated Aadhaar and PAN-based identity verification ensures compliance with regulatory requirements while significantly reducing processing time.
- The paperless process eliminates the need for physical document submission, making onboarding seamless and secure.
- Real-Time Status Tracking:
- Both employees and customers can track the application status in real time, ensuring transparency throughout the loan origination process.
- Scalability:
- The platform’s cloud-based architecture easily scales to handle surges in loan applications during festive seasons and promotional campaigns.
Results Achieved:
- Massive Loan Disbursements:
- Over Rs. 3000 crore in loans have been disbursed using Celestiq LOS in the last two years, demonstrating its efficiency and scalability.
- Reduced Turnaround Time:
- Loan eligibility calculations and KYC verifications now take only 20 minutes, down from the previous 5-hour average.
- Improved Customer Satisfaction:
- Faster loan approvals and transparent communication have enhanced customer trust and showroom sales conversions.
- Operational Efficiency:
- Employees can now handle higher volumes of applications with greater accuracy, leading to a more streamlined process across all showroom locations.
Customer Testimonial: “Celestiq LOS has been a game-changer for Credit Wise Capital. Its seamless integration with our showroom operations and incredible efficiency has empowered us to serve more customers faster and better. The reduction in processing time has not only improved our internal workflows but also boosted customer confidence in our services.”
– Mohit Malara, Manager, Credit Wise Capital
Conclusion: Celestiq LOS has transformed Credit Wise Capital’s loan origination process, enabling them to meet the growing demand for two-wheeler loans with speed and precision. By automating critical workflows and providing real-time insights, Celestiq LOS has positioned CWC as an emerging leader in the competitive two-wheeler financing market.
