Banking & Finance

Devised an incentive plan for agents which witnessed an increase in the recommendation rate by 60% About Client

A leading financial service holding company with a fair market share in providing home and business loan wanted to

  • Increase recommendation rate through agents
  • Increase process compliance within sales team from inquiry to conversion
Client Challenges
  • Due to low recommendation by agents, brand was losing its market
  • Direct sales team were skipping processes for quick closure leading to gathering incomplete information, poor need analysis and providing insufficient information on mandatory documents
Research Methodology
  • Sourcing of 2000 active respondents, ready to apply for a loan for checking process compliance with the brand and competition
  • 5 cities, 30 surveys
  • Same set of questions for benchmarking TAT against each customer touchpoint
  • Detailed information captured against each parameter
Benefits Achieved
Results of the analysis provided client with
  • Helped devising an incentive plan to increase recommendation rate amongst agents.
  • In the second wave, recommendation rate increased by 60%
  • Process adherence within internal sales team jumped by 28%
  • Comparative analysis with industry standard and direct competition against each customer touchpoint, thus identifying weak points and action plan