With A Reach Of 7.5 Million People, Finance Services Company Enhances with Digitization

IIFL is a renowned financial and banking services company with an existence of over 20 years. The company is ranked among the top financial companies in India with the largest market capitalization.

Brainvire has been associated with IIFL for many years and has been a part of its growth journey towards adopting digital transformation.

While the company has expanded exponentially throughout these years, the COVID-19 pandemic forced them to turn towards digitization. Earlier IIFL customers would have to manually manage their accounts with the company. This required multiple visits to the branches, lengthy documentation processes, and human intervention.

With the onset of the pandemic, the movement of people was restricted due to social distancing protocols. The consequent restrictions compelled IIFL to adopt digital and mobility solutions to keep up with customer engagement without hindering their services. 

IIFL approached Brainvire to develop different apps for different departments namely, loans, mutual funds, and a wealth management app.

Diversified Loan Types

IIFL offers different types of loans, like gold loans, property loans, business loans, and personal loans. The app offers a variety of products under each category on a single platform. The customers save plenty of time and effort in terms of going to the IIFL office, filling out forms, and completing a complicated documentation process.

In order to gain access to the app, customers simply need to register themselves on the portal and verify their account through a simple verification process. 

Although the app lists out the different kinds of loans, the primary focus is on gold loans. IIFL has been making a mark for itself in the currently booming gold loan category. 

Quick Approval through App

Encashing on the Indian mentality of investing in gold as an asset, IIFL provides easy gold loans through the application. The loan can be requested based on the customers’ financial capacity, premium spend, and other factors. 

Premium payments can be quite harassing for customers who may not have solid financial backing. For this, IIFL ensures that customers can pay their premium according to their needs, tenure, amounts, and policy that have been agreed upon.

These flexibilities make these loans customizable for each customer. Since India has a diverse population coming from different financial backgrounds, the IIFL gold loans app is an excellent option for them to invest in as per their unique requirements through a functional digital solution. 

While other loan services ask for collateral, property papers, or other documents to make you qualified for a loan, IIFL eliminates these hurdles to make the loan acquiring process easy for you. They work solely based on your credit score. The higher the credit the better for a person to secure a loan. Furthermore, since IIFL offers customized loan schemes, it gives the borrowers a chance to improve their credit scores as well.

The Mutual Funds app is a mobile application that allows one to buy/sell and track mutual fund investments, anytime, anywhere. One can become a guest user to get a flavor of the app and subsequently open an Account through PAN or Aadhar completely paperless.

The app offers quick and seamless one-time investment and SIP registration. You can plan your taxes by researching and investing in leading ELSS Tax Saving funds. Customers can track their portfolio growth, buy more or redeem from existing holdings. The app gives the latest, real-time, and a wide range of industry news, expert views, and in-depth analysis from leading Fund Houses (AMCs). 

Moreover, the app is integrated with IIFL Markets App, with one-tap access into leading financial markets like BSE and NSE.

Apart from these features, IIFL also gives suggestions to customers on the best schemes and plans to invest in. they provide the updated projection and history of each scheme so that customers can make an informed decision. 

Dedicated App for Money Withdrawal Restricts COVID-19 Exposure 

Keeping in mind the ongoing coronavirus pandemic, IIFL decided to develop a wealth management app, MyMoney where customers would not have risk exposure and withdraw money from ATMs using their cards. 

All registered account holders with IIFL can avail of this facility. Customers who currently have loans with IIFL will be given a virtual card that will work similarly to the usual debit card. 

Customers can use the app to make transactions. However, they won’t have to go to the branches to pay their EMIs for the loans. Instead, they can do so through the app by connecting their bank account.

Depending on the gold loan that an individual has with IIFL, the virtual card will be set with the same amount limit. MyMoney acts as a personal money manager with which users can track, save, borrow money at low rates all in one app. It helps you track your credit score, borrow money and analyze your spending. Using MyMoney, you can apply for a personal loan or a business loan instantly.

5 Million+ registered users are taking advantage of IIFL’s dedicated app solutions

The beauty of the app lies in the fact that users can apply, pay, modify, and open loan accounts without the hassle of excessive paperwork or any physical interaction with IIFL officials. The completely digital, paperless, and easy process allows customers to manage their wealth and investment at their fingertips. 

Offline Recruitment

IIFL has over 7.5 million people associated with them of which 4.5 million are registered customers. IIFL has been a staunch believer in adopting digital technology to make wealth management and loan processes easier for customers. 

However, due to their widespread expansion, they have been hiring multiple people for their offline work and allocating necessary resources for the same. This has brought about a challenge in managing different agents, customers, and policies through manual documentation and registration processes. 

The bigger the team, the higher the chances for missing out on timelines. In addition, since IIFL deals with financial data, they have to uphold a strict standard of security and confidentiality norms. For this, each request passes through a series of channels for approval. However, due to human intervention and a cumbersome hierarchy, maintaining a balance between timelines, and customer services became difficult for them.

Digitization Journey Partnership  

Brainvire entered the picture since we share a long-standing relationship with IIFL. They approached us to develop fintech solutions that would improve customer service and increase customer engagement. 

IIFL is extremely pleased with all the applications we developed for them. It has reduced football in the branches for complicated documentation during the pandemic. The customers are finding it increasingly simpler to manage their loans, payments, and wealth management through a dedicated digital solution.