Powerful and commonly referred tool in Housing Finance.
I was reading this book "The Checklist Manifesto, How to Get Things Right" by Atul Gawande. Dr. Atul, a Surgeon by profession talks about how lives can be saved if the protocol is followed as you may get 90 to 30 minutes between life and death of patient being ushered into hospital. I would recommend this book to every customer service and operations executive in BFSI sector. I will talk more about it in the coming weeks.
In the BFSI sector and more so in housing finance sector we have one login checklist to acknowledge application form, two sanction checklist for approving, three and
four technical or legal checklist for approving the property and five disbursement checklist for handing over the cheque and still we have problemson documentation and other operational risk issues keep popping-up.
Today institutions may take minimum of 7 to 90 days in the entire process of disbursement. Enough time is spent in looking at the customer & collateral.
Every tool is useful provided it is done with a purpose. The basic concern is that a
mechanical approach should not be adopted. While you may have moved to digital
format, skill the powerful human brains to scan what to look for and what not?
It should be practical, and the organizations have in-house information to support
the team as to whether an application with a set of documents and data should
go through or not.
In the service industry, the human element is of prime importance, and it can get subjective. Like in the field of medicine, I don't think technology is going to replace
human beings, but they are going to make the outcomes reliable with precision.
Similarly, in the BFSI like housing finance or insurance, documentation is the key to processing and the customers lack the understanding of these documents. How do you want to use technology with the power of human brain to make the customer journey interesting? Let me share a simple hack that your training team or operations head can conduct.
Here is a Hack
Prepare a checklist and skill your team. Every week introduce live application forms in the system to check whether your checklist team can spot it? Look for reducing the aberration in phased manner. Probably the error should not be more than 0.5 or 1%.