Industry: Banking and Financial Services
Challenge: A Direct Sales Agency (DSA) working with multiple banks faced challenges in managing a high volume of loan applications across various loan types, such as Business Loans, Home Loans, and Personal Loans. The existing system was manual, making it difficult to track leads, monitor progress, and ensure timely follow-ups. Additionally, they lacked the ability to analyze performance based on loan type, bank, or referral source. The agency needed a streamlined solution to automate lead management, track the loan process, and generate insights to optimize operations.
Solution: We built a comprehensive Lead Management System using Node.js and hosted it on AWS EC2 for high availability and scalability. This system allowed the DSA to manage and monitor loan processes efficiently across multiple banks. Key components of the solution included:
- Lead Management Portal:
- The system allowed the DSA to add new leads quickly and efficiently through a simplified form.
- Each lead could be assigned to a specific loan type (Business, Home, or Personal) and categorized bank-wise or referral-wise, providing full control over the lead pipeline.
- Loan Progress Tracking:
- We integrated a robust tracking system that allowed the DSA to monitor the status of each loan application at every stage, from submission to approval or rejection.
- Loan statuses could be viewed based on bank, referral source, and even loan type, providing deep insights into performance.
- Real-Time Notifications & Follow-ups:
- Integrated Amazon SES to automate email notifications, alerting agents and clients when key actions (like document submissions or approvals) occurred, ensuring timely follow-ups.
- Automated follow-up reminders were set for leads that hadn’t progressed, reducing drop-offs and improving lead conversion rates.
- Secure Document Storage & Management:
- Amazon S3 was used for secure, encrypted storage of sensitive documents like KYC forms, income statements, and property papers, ensuring all loan documentation was safely stored and easily accessible.
- The system also ensured compliance with data security regulations, using secure upload mechanisms and limiting document access to authorized personnel.
- Referral Management:
- A dedicated referral system allowed agents to track how many leads were sourced from specific referral partners. Referrals could be rewarded based on performance, encouraging more high-quality leads.
- Advanced Reporting & Analytics:
- Created dashboards for performance analytics based on various criteria like bank-wise, loan type, referral performance, and agent success rate.
- Exportable reports allowed for easy sharing of performance metrics, helping management make data-driven decisions.
- Security Features:
- Implemented JWT-based authentication for secure access to the portal.
- Role-based access control ensured that different users, such as agents, managers, and admins, could only access relevant parts of the system.
- Data encryption was applied for both data at rest and in transit, with daily backups and multi-factor authentication (MFA) for added security.
- Cloud Infrastructure:
- The application was hosted on AWS EC2 for flexibility and scalability, with load balancing to manage high traffic during peak times.
- MongoDB was used for lead data storage, allowing easy scaling as the number of leads and loan types increased.
Results:
- 40% Increase in Lead Conversion: Automated tracking and follow-up processes improved lead engagement and conversion rates.
- Reduced Manual Errors: The system streamlined loan tracking and document management, reducing the number of lost or mishandled leads.
- Enhanced Referral Management: With clear insights into referral performance, the DSA saw a 30% increase in referral-sourced leads.
- Time Savings: The automated processes and real-time tracking saved agents considerable time, allowing them to focus on high-priority tasks.
Technologies Used:
- Backend: Node.js, Express
- Database: MongoDB
- Cloud Hosting: AWS EC2
- Storage: Amazon S3 for secure document storage
- Notifications: Amazon SES for email notifications
- Security: JWT authentication, role-based access, data encryption
