Bajaj Auto Finance has reaped significant rewards for over coming apprehensions on data security and deploying a Cloud based CRM.Rise in transactions from 1,500 per day to a record of 8,500 a day is just one part of the story. Running a non-banking financial corporation – or NFBC – is a tricky business. That’s because NFBCs, which primarily finance automobiles and general purpose industrial machinery, operate in a narrow strip of land. On the one side are banks, which with their size can afford more competitive lending rates, and on the side are credit cards lapping away at their business with their quick access to cash.
One way NBFCs are hitting back is by broadening their port-folio. By offering more services, an NBFC widens its net and grows the loyalty of existing customers. When Bajaj Auto Finance (BAFL), launched in 1987, for example, it only financed loans on two-wheelers. It quickly expanded that port-folio to include consumer durables and IT products. As a result, the company which made 60 pe-cent of its earning from financing two-and three-wheelers in 2006 only depended on that sector for 32 percent of its revenues in 2009. It continues to leverage that strategy. It recently launched a financing scheme for construction equipment and now offers an ‘insurance distribution and extended warranty’ to its customers. Click here to read more…
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