Pocketly Achieves 30% Customer Loyalty Boost With Cashfree’s DLG-Compliant Payments Solution

About Pocketly

Pocketly is an innovative fintech company that offers a user-friendly mobile app for personal financial management, providing short-term personal goals to new-age customers. With a focus on simplifying budgeting, expense tracking, and saving, Pocketly empowers individuals to take control of their finances securely. Through advanced features and gamification elements, Pocketly helps users make informed decisions and achieve their financial goals.

Pocketly is a lending service provider (LSP) and has multiple partner NBFCs who act as lenders. To ensure a seamless customer experience and boost customer loyalty, Pocketly partnered with Cashfree Payments, India’s leading payments and API banking solutions company, to overcome guidelines challenges and transform their loan disbursal processes compliantly. 

This case study illuminates the regulatory and market hurdles in Digital Lending, outlining Pocketly’s smooth transition to the DLG-compliant solutions offered by Cashfree Payments. This shift ultimately facilitated maximised customer satisfaction and loyalty for Pocketly.

Product used: 

Payouts by Cashfree Payments

Feature in focus: 

DLG-Compliant Payments Solution

Challenge

Following the implementation of the DLG guidelines Pocketly faced the challenge of managing loan disbursements involving three parties – themselves as the Loan Service Provider (LSP), their associated NBFC, and the end beneficiaries. In their quest for a reliable, compliant, all-in-one unified platform for loan disbursals to their new-age customers, Pocketly turned to Cashfree Payments for a robust, compliant payments platform solution and APIs.

Solution

DLG-Compliant Payments Solution and Easy API Integration

Cashfree Payments effectively managed all three parties involved – Pocketly (LSP), their NBFC, and the beneficiaries on their platform. Cashfree Payments’s solution enabled Pocketly to regain efficiency within the prescribed guidelines of direct loan disbursals from the NBFC to their beneficiaries, without maintaining any pool account. This ensured compliance with the latest digital lending guidelines.

Cashfree Payments helped Pocketly to manage multiple NBFC relationships, ensure visibility to manage the loan cycle for their customer base (while the NBFCs controlled the loan disbursals) and get access to detailed and customised MIS reports for loans originated and repaid for their customers.

Enhanced customer experience and query resolution
Cashfree Payments demonstrated exceptional 24×7 customer service and responsiveness in query resolution. The dedicated support team promptly addressed any concerns or issues raised by Pocketly, ensuring a smooth and uninterrupted transition process. This high level of support was instrumental in maintaining Pocketly’s customer satisfaction and loyalty to its maximum.

Key Features and Benefits

Pocketly leveraged Cashfree Payments’s solutions to optimise its loan disbursement process, thereby significantly enhancing customer loyalty and experience in several ways:

Industry’s best success rate & TAT: Cashfree Payments’ robust APIs enabled real-time loan disbursements from the NBFC, catering to the immediate needs of Pocketly’s new-age customers. With a remarkable success rate and quick turnaround time, Cashfree Payments is the preferred choice for individuals and businesses seeking reliable and efficient financial solutions. This timeliness in servicing increased customer satisfaction and loyalty.

Adherence to Digital Lending Guidelines: Compliance with regulations is essential to building trust with customers. By strictly adhering to the DLG guidelines via Cashfree Payments’ compliant solution, Pocketly could assure its customers of its credibility and commitment to fair practices.

Streamlined processes with multiple parties: Cashfree Payments’ solutions streamlined the loan disbursement process involving various parties – the LSP (Pocketly), their associated NBFC, and the beneficiaries. A smoother process meant less confusion and more transparency for the end customer, enhancing their overall experience.

No pool account requirement: With Cashfree Payments’ compliant payments solution, Pocketly could facilitate direct loan disbursements from the NBFC to the beneficiaries, without the need of controlling the flow of funds. This sped up the disbursement process and reduced the potential delays for the customers.

Effective Query Resolution: Quick and efficient query resolution offered by Cashfree Payments ensured minimal downtime and prompt assistance for Pocketly’s customers, further boosting their experience and satisfaction with the service.

Reliable Service: The overall reliability of the services provided by Cashfree Payments helped Pocketly maintain its promise to its customers, instilling confidence in the service and enhancing loyalty.

Why Cashfree’s DLG-Compliant Payments Solution

Pocketly’s partnership with Cashfree Payments addressed their challenges related to DLG compliance, direct loan disbursements from their NBFCs to their beneficiaries, and customer retention & loyalty to their platform. Cashfree’s DLG-compliant payments solution and APIs ensured digital lending adherence while enabling the management of multiple NBFC-LSP relationships on Cashfree’s platform. The quick TAT on query resolution further bolstered Pocketly’s lending operations! Through this collaboration, Pocketly successfully captured, onboarded, and retained their new-age customers who sought efficient and hassle-free loan disbursements, thereby propelling their growth in the competitive lending market.

At Cashfree Payments, we take pride in enabling our partners like Pocketly to navigate regulatory complexities, streamline operations, and provide an outstanding experience to their customers!