Avaamo Created Virtual Loan Advisor for Avaanse to Introduce Loan Solutions

Situation: Avanse- a wing of DHFL group, is a Non-Banking Finance Company (NBFC), regulated by the Reserve Bank of India and envisioned with the aim to fulfil the need for education finance at reasonable terms. The Company funds Indian students travelling to all key international advanced education destinations including US, UK, Australia etc. without any margin money and brings the best in financing flexibilities to the Indian student market.

Prior to deploying Avaamo, Avanse had limited its customer service operations and loan enquiries between 9:00 am to 6:00 pm on weekdays. Considering the growing demand for student loans and its own business vision to scale business operations, the limited timeframe on customer service operations hindered Avanse’s expansion goals. The team also wanted to capitalize on the website traffic and capture the website user lead information with minimal manual intervention.

Avanse planned to introduce a virtual assistant (VA) that can advise students on various loan enquiries 24*7 and act as a website lead generation tool.

Our Solution: As part of Avanse’s digital initiatives to engage with students and educators, Avaamo has created a virtual loan advisor to introduce loan solutions that are new age and tailored for specific needs. Avanse decided to opt for Avaamo owing to its BFSI expertise and positive client references.

The virtual loan advisor mainly caters to popular enquiries on education loans to study in India and abroad ranging from FAQs such as interest rates, loan pre-payment options, maximum loan amount offered to process the first stage of loan application for students.

The virtual assistant is powered by Avaamo’s data science automation capabilities where it processes specific questionnaire on age, income, collateral capabilities to suggest relevant loans, appropriate interest rates and the related procedures apply for the same.

The virtual assistant also acts as a source of lead generation, capturing the student lead information in a non-intrusive and hassle-free manner. The virtual loan advisor is integrated into the backend with Avanse’s internal CRM tool to seamlessly transfer the lead information.

Since Avanse has a wide partner network, the virtual assistant serves as a knowledgeable guide for its 400+ partners and allied services.

Results: The virtual assistant has significantly improved Avanse customer engagement measures, decreased the call centre costs and contributed immensely to its business expansion goals.

Key Metrics

• Improved customer query resolution rate from 24hrs to less than 24 seconds
• Improved the website lead capture by 89%
• Decreased the call centre costs by 58%
• Supported the Avanse Team’s business expansion goals