HFF’s loan process is entirely paperless, with even the documents being uploaded via scans to its system:
The digital strategy for customers is always led by Home First Finance’s vision of ‘tech in mind and service at heart’. While in line with that, there are certain changes that the company has made in the digital strategy for customers in recent times. Managers at Home First Finance (HFF) care about customers’ needs. A customer speaks to one person throughout his/her loan process, and they are always available to help with any questions. After submitting an application, a customer receives a text message with a response within 48 hours.
Gaurav Mohta, Chief Marketing Officer, points out: “The self-onboarding platform helps a customer understand their home loan eligibility and get a head start in their loan process. We send regular updates to customers on the status of their loan applications. All our customers are mapped to a dedicated relationship manager. We remind them of their payment schedules through automated calls and text messages.”
Tech-led, Paperless Process
While product offerings of Home First Finance are consistent across years, the processes have been made more and more technologically enabled for smoother functioning of business and to provide better service. Recent tech interventions at Home First include e-NACH, which utilizes NPCI’s National Automated Clearing House.
HFF also has E-Signing of loan documents, E- Vault, E-Stamp paper, Instant Soft Approval on App, biometric authentication on customer App and Kaisys – an internally developed lead management system with omni-channel communication, personalized sales journey, integrated with bureau and third-party data sources. Home First Finance’s loan process is entirely paperless, with even the documents being uploaded via scans to its system. A customer can track his/her loans, through customer mobile application ‘Home First Customer Portal’.
Gaurav elaborates: “We have mobile application for accessing their loan statements, prepaying loans without any prepayment charges and raising service requests. The seamless integration, availability of data across platforms and users enables us to process loans in a paperless manner and with quick turn-around times. These initiatives have helped increase the speed, efficiency of operations, while also facilitating better service for customers.”
App, ML Driven Underwriting
Technology is making things easier through the Home First app, by which a customer can conduct all loan related operations from their home, without visiting the branch including making their EMI payments, raising a document request, raising any queries etc. Technology is a part of everything Home First does to make the processes more efficient and deliver a better service to its customers -from the customer portal app to machine learning (ML) driven underwriting.
Gaurav argues with data: “With 87% of our customers registered on the Home First Customer Portal App, the numbers for app adoption among our customer base are really encouraging. The recent quarter saw 16,331 payments made via the app with the average payment being Rs30,159. The percentage of service requests being raised on the app has reached an all-time high of 87%.”
Covid Countered By Tech
As the epidemic spread in first quarter last year, the effects on health across masses nationwide also affected incomes, especially in the middle- and lower-income sector. Some customers were unable to pay their EMI in April-May leading to delinquencies and a disturbance in the number of new originations and disruptions. However, this is a very resilient segment as indicated by an equally sharp revival in June ‘21. This paved the way for HFF for a good end to the year countering earlier delinquencies. Tech innovations and customer portal app enabled the customer to perform all their functions from their home, while eNach, e Vault and Kaisys have made Home First’s processes faster and more efficient.
Gaurav updates: “We disbursed Rs20 billion in accordance with the original targets. Our ‘service at heart’ ideology, exhibited by the dedication of our employees and our tech interventions, helped us counter the effects of covid. We will keep up this growth and establish Home First as a preferred brand, known for its exceptional service powered by a frictionless digital process.”
Tech Investment To Go Up
Currently, Home First is present across 249 touch points across 112 districts and 13 states/ UTs. Home First is further expanding its network along the key markets for affordable housing. Gaurav reveals: “In the next 24-36 months, we hope to spread to 400 cities to have access to over 70% of the affordable housing business in the country. For greater efficiencies in the system, we will continue to invest in technology to further automate processes, improve turnaround times and service to achieve enhanced productivity and reduce working costs.”
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