Individual Prescreening
Overview
We are developing an Individual Pre-Screening Report API designed to enhance the initial lead evaluation process for our customers. This API collects essential information such as email, phone number, and PAN (Permanent Account Number) from the lead. By processing these details, the API provides comprehensive insights into the lead's personal, communication, employment, and bureau information, enabling a swift and informed decision-making process at the very start of the customer acquisition funnel.
Business case
In the current scenario, many organizations incur significant expenses due to the integration of multiple third-party services like Aadhar verification and bank statement analysis, which are typically utilized in the middle stages of the customer acquisition process. These integrations, while useful, add complexity and cost.
By implementing the Individual Pre-Screening Report at the onset, our customers can effectively filter out unqualified or risky leads early on. This early filtering helps in reducing dependence on costlier mid-process validations, thereby optimizing the overall cost of lead processing and enhancing operational efficiency.
Key Opportunities
- Enhance credit risk assessment
- Countering fraud/fake leads
- Pre-fill customer(borrower) data without his/her intervention
- Increase customer satisfaction by offering quicker, more accurate lending decisions.
Goal
- The primary goal of the Individual Pre-Screening Report API is to empower our customers to make quick, accurate decisions about whether to accept or reject a lead at the initial point of contact.
- By providing detailed insights based on the lead's personal, communication, employment, and credit information, the API aims to streamline the qualification process, minimize costs associated with later-stage third-party integrations, and ultimately increase the conversion rate of high-quality leads into customers.
- This solution not only aims to improve the cost-effectiveness of the lead management process but also enhances the customer experience by reducing the time to decision.