The year- 2017, The Place – Ahmedabad, Gujarat, India

Jithin Nair is the Product Incharge for Micro Enterprise Loans and Salaried Personal Loans. Jithin Nair is married and stays with his wife and 6 year-old daughter. He was previously working in a bank and joined the company as Product Incharge of 2 of their financial products. A few months after joining the company, Jithin observed that his sales team were facing problems in processing the right documents for verification.

The Problem

  • Sales reps were having difficulties in collecting the right documents at the first time.
  • The documents are approved by the Head Office and if there is some issue, the sales reps would again need to collect the right documents from the customer.
  • This increased the (TAT) turnaround time for disbursal of loans and many customers fell off during this process.

The Approach

Jithin realized that merely sharing product literature or repetitive training of the sales reps was not helping. Even if he provided sample documents to his sales teams, there were issues of unclear photos, fake documents etc. And although his company had all these information, it was now on him to make his sales team access this content, learn all about the range and also impart the same knowledge to their customers so the TAT (Turnaround Time) is reduced. This is when he and his team turned to Outsell, A Sales Enablement System to learn on-the-go and access content at all times. They started a First Time Right (FTR) academy in Outsell. Broadly, Outsell helped Jithin’s team to learn and communicate about:

  • Credit Policy: His team was able to learn about the criteria required that qualifies the prospect for loan disbursement.
  • List of documents required: His team was trained (with examples) on which type of documents were required and what should be the quality of documents.
  • Restricted Profiles: They became more aware of the restricted profiles to whom loans cannot be disbursed. E.g. liquor shop owners, politicians etc.
  • First Time Right (FTR)/Throughput: As a result, the sales reps were able to collect the right documents much quicker.

The Outcome

Thanks to the continuous training given on outsell, FTR/THROUGHPUT of his team increased by 11%:

  • Seeing the success in 2 departments, the company pushed Outsell Training in all the departments and even for their credit officers. The Sales Target exceeded by 21% for the company
  • Training on Soft Skills were also conducted for all employees.
  • Similarly, all the employees were trained and reinforced regularly and they were able to present their products in a better way to the prospects.
  • Outsell also helped to reduce training costs by 50% and decrease the ramp up time of new hires by 70%

NBFCs like Jithin’s company routinely face the challenge of losing customers due to low FTR (First Time Right)/Throughput rates and high TAT (Turnaround times). Outsell is the ideal solution for such companies, as it simplifies sharing of product knowledge; creating fruitful conversations; and presenting data in interesting ways.

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