DMI’s journey with Salesforce began in 2009, when the start-up lender was debating whether to build its loan management technology stack from the ground up, or purchase an off-the-shelf system.
The company quickly realised that there were advantages to building on the Salesforce platform that couldn’t be achieved either with a 100% in-house tool or an off-the-shelf product.
“Salesforce provided a level of industrial strength infrastructure, 100% cloud-based backup and computation, and a highly configurable programming interface that allowed us to maintain full control over proprietary IP while outsourcing the nuts and bolts of database management,” recounts Chatterjee.
DMI implemented Sales Cloud and extensively used Force.com and SOQL to manage the entire process of loan application origination, offer generation, underwriting, and disbursal.
Today, a partner can capture data on a loan or customer, and relay it to DMI using standard Salesforce APIs. The Salesforce platform then interacts with multiple systems to validate each borrower’s identity based on their Aadhaar number, PAN number, photos, and other details. About 30-40 of these API-led verification checks can be performed on the fly.
“Once these KYC checks are complete, the inputs for credit decisioning flow into the Salesforce platform, where a decision engine enables almost real-time credit decisioning,” explains Saurabh Nigam, Chief Technology Officer at DMI.
When the loan is ready to be disbursed, Salesforce creates the payment plans and EMIs. DMI agents also use Salesforce to process loan repayments, and track loan delinquencies.
“Over time, we have made the Salesforce platform work in ways that are fairly novel,” observes Chatterjee. “Salesforce has become our API engine, our core non-banking platform that interfaces with everyone.”
Such automation allows DMI to make a credit decision for 95% of loan applications in less than 60 seconds.