How VNS Finance (TradeSmart) is reducing its customer onboarding time by over 90% with completely digital document flows

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The earlier physical journey was a very time-consuming process. It took around two to three days, to process the account of any clients. The current process takes around two to three hours only.”

Pravin Dubey
Head of Sales

VNS BEFORE and AFTER Leegality:

VNS before Leegality

VNS after Leegality

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↑TAT: It used to take 3 days to onboard a customer!

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TAT↓: Customers are now onboarded within 3 hours!

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Error prone: Manually filling forms is an error prone process. Any such mistake meant that the customer had to redo the entire process

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Zero mistakes: Customers can fill all forms digitally now. Mistakes, if any, can be rectified immediately

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Dissatisfied customers: High TAT and an error prone application process led to customer dissatisfaction.

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Happy customers: Fully digital flows are not just easier to manage for VNS, but also give their customers a smooth and high end

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Productivity is hampered: Employees had to spend time hand holding the customers through the account opening process

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Getting in more customers: VNS’ salespersons are now liberated from paperwork and can focus on their actual job - getting in more customers

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Inaccessible process: Customers who did not have access to printers or courier services could not be onboarded with VNS. Further, printing all the application forms was a costly proposition for the customers

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Reach customers anytime anywhere: Customers can now get onboarded from anywhere - all they need is an internet connection

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Storing paper is a hassle: Storing physical paper forms and documents was a business risk, prone to theft, loss and damage

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Access all documents in one place: VNS can easily store and retrieve any document from their document management server

THE PAPERWORK PROBLEM

VNS Finance and Capital Services Limited was facing these problems earlier because, as a SEBI registered discount broking firm, it was required to collect executed copies of the following paper based documents to onboard a customer:

→ A 30 page account opening form
→ Self attested KYC documents (PAN card, Bank statement and Address proof)

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There were chances of error while filling the form. From our end we have to manage that there should not be any discrepancy or any error while filling the form. Because once this form is sent to us, in case there are any mistakes, client will have to repeat the process and he is not very happy, because there is a cost to that”

Sandip Desai
Head of Strategic Initiatives

To collect these documents, VNS had to follow a painful multi-step physical process:

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To solve all these problems of a physical customer onboarding process, VNS shifted to a completely digital process, powered by eKYC services and Leegality’s digital paperwork engine

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VNS now boasts of a simple 4-step customer onboarding journey

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In a physical journey we had to take the client on call and basically explain to him the entire process of account opening. We had to tell him where the signature had to be made. All this was something which was time consuming for a salesperson. So right now, within that particular time, he can reach more number of people”

Sandip Desai
Head of Strategic Initiatives
Want to read our full detailed conversation with Mr. Sandip Desai, Head of Strategic Initiatives @ TradeSmart and Mr. Pravin Dubey, Head of Sales @ TradeSmart?
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In this case study VNS’ Head of Strategic Initiatives and their Head of Sales tell us about:

  • Their customer onboarding process before and after Leegality
  • The problems that come with a physical customer onboarding journey
  • How a digital solution has made lives easier for them AND their customers
  • How they are tackling frauds with Leegality’s Smart Name Verification feature
  • Their experience with Leegality’s support and account management teams