Executive Summary

• This deck contains findings & strategies for Bajaj Finance & Home Loan Product
categorically, some of the strategies may apply to other products as well!
• The data has been compiled from primary research i.e. Visit to Bajaj Finserv office Pune
(Chinchwad Branch), through discussions with customers & executives (through phone & in-
person meetings)

Strengths of Bajaj Finance

• Financial Lending & General Insurance Segment are Top performers. (Life Insurance seem to
be struggling)
• Innovative Loan Solutions e.g. EMI Cards, Consumer Durables etc.
• Extremely strong physical presence & dealer partnerships
• Aggressive advertising (E.g. Times of India full page with Oppo & Flipkart)
• 2 Million Unique Visitors each month due to attractive consumer durables loan, EMI cards &
active partner with Flipkart e.g. in big billion day sale etc.
• Truly digital company i.e. 66% of overall traffic is through mobile (E.g. ICICI has only 43%
traffic through mobile)

Key Findings on Digital Strategy (In terms of likes/retweets & following)

• Bajaj Allianze life - More on Linkedin, 2nd on FB & Some on Twitter
• Bajaj General Insurance - More on Linkedin & Less on FB.
• Bajaj Finance - More on Facebook, consumer lending is only popular, home segment is
struggling. (Source: buzzsumo.com)
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Punya Trivedi
5 P’s of Services
Problem/Challenges
• Same employee servicing all category of customers (though in branch majority of customers were either for consumer durables/personal loans) & all
customers were treated equally i.e. Rs. 12000 loan borrower & High-value loan borrowers (Housing loan)
• Only 1 counter was open, waited for almost 1 hour for turn, finally made a telephone inqury for Housing Loan
• Employees not properly trained e.g. Not aware about Pradhan Mantri Awas Yojana i.e. benefits which can be passed onto customer (interacted with
two employees both had outdated information)
Proposed Solution
• Separate team/office focusing on Home Products (As per information from sales representative, it is already planned)
• Receptionist should encourage & help customers on how to use digital channels
• Product/Policy related trainings mandatory for employees

Problem/Challenges
• Office is very cluttered & untidy - similar to manufacturing shop (ACs present, but all non-functional)
• Website has not been properly tested e.g. 1 customer despite of clicking on the payment link on mobile, page remained static; I requested
him to try on different browser (Chrome); it worked. (Personal Loan)
• Saw 3 customers calling the call center, but none of them could successfully reach
Proposed Solution
• Separate physical office for High-value products e.g. Home Loans (As per information from sales, representative, it’s already planned)

Problems/Challenges
• Did not see any physical/e-brochures/excels/any other details both while at office/through sales representative
• Tokens were very messy
• Physical note-books for customer information (which was very messy)
Proposed Solution
• Each sales representative should have a handy spreadsheet; should share with customer & work out calculations of benefits available e.g. 3 EMI holidays
• There should be an app for customer enquiry, representative can take customer details such as mobile number/purpose of visit (product chosen) & type
of query, it should generate an e-token number, this will gather data for potential sales (Similar to Vodafone, just that a Kiosk is not needed)
• Customer can also use this app & generate token before visit, this can tell them waiting time etc.

Punya Trivedi 2
5 P’s of Services (Cont.)
Problem/Challenges
• No partnerships with Builders (Have never seen Bajaj Finance/Finserv logo with any Builder)
• Home Search Website not marketed properly (Can partner either with Magic-Bricks/Housing.com/99 Acres etc.as of July it attracted 748 unique visitors
each month)
Proposed Solution
• Initiate Builder & Property Certifications either in Partnership/Individuals, plus connect customers purchasing property in same society (through portal)
• Gold Loans be partnered with Jewelers (who can validate the authenticity of gold & issue instant gold-loans)
• Medical Loans be partnered with Hospitals

Problem/Challenges
• End to end processes are not being done entirely through digital channels (+ they should be multilingual)
• Just to obtain a Nil certificate many customers have to visit the branch (Can be done easily online, some were not aware, some were told by customer
care to visit branch)
Proposed Solution
• Entire customer visit to branch office has to be through digital tokens & querying, e.g. Bajaj Representatives just by entering token numbers should
know why customer is approaching the office & customer should know waiting time etc. (real-time status) plus this data can be used by Sales
Representatives also to compute the hit-ratio (Sales conversions). Further this can be extended to on-ground sales staff as well to measure their
productivity i.e. leads versus conversions. + Customer feedback can also be obtained
• Option of servicing loans from retail outlets itself should be provisioned e.g. for consumer durables/Gold loans etc. i.e. place from where Loan is
issued, provision to repay the loan must be there. (Staffing challenges may remain)

Punya Trivedi 3
Potential Disruptions/Ideas
 Advanced Analytics, whereby customers will be suggested to buy products, what their peers have
purchased (based on geographic & demographic segmentation – Age, Gender, Profession, Income Group,
this lever is unexplored across the globe, of suggesting individuals what products their peers have
purchased esp. Life Insurance & Investment Products)
 Instant loan disbursements for e.g. Personal Loans without credit history, but reconstructing the same on
the basis of calling data/Aadhaar card & social media. (Refer - https://tala.co/) (Currently being used for
Micro Loans)
 Leveraging blockchain for instant disbursements subject to satisfaction of contract (Linking of internal &
external systems)
Other Improvement Areas:
 Bajaj Finserv website attracts about 1.15% traffic from social media. Below is the breakup of 1.15%
(source: Similarweb.com),
 Currently web-traffic from social media for all players range between 0.4% to 1.7%, majority of the traffic
comes from traditional channels; there is a lot of scope for social media! DIY videos through Pinterest &
Whatsapp sharing. (Currently majority of content is around articles, these articles should be in
vernacular languages as well, website should also be multilingual, Videos will be most preferred)

Punya Trivedi 4
Web-engagement Statistics (Source – Similarweb.com)

Observations:
• Bajaj Finserv is rated 2nd on almost all parameters except for visitor related parameters
(from above peers – incl. traditional banking companies)
• Bajaj Finserv has 2nd lowest bounce-rate compared to all of the above peers
• Each visitor on Bajaj Finserv visits 2nd highest number of pages compared to its peers.
Punya Trivedi 5