How Dista helped a leading bank automate and streamline Merchant Banking

As of June 2022, the total number of POS terminals deployed by merchant acquiring banks was 6.59 million; it increased by 43 per cent growth in Q2 2022 compared to Q2 2021, according to a report.

When banks focus on merchant banking, they see it as a process that goes beyond merely acquiring point-of-sale (POS) terminals. They consider merchants as a new opportunity to open current accounts for their business and to offer them other banking services. 

One of the leading banks in India was aiming for the same and needed a platform to strengthen the process. Let’s see how Dista helped the bank combat its challenges and improve the sale of POS machines.

Key challenges

1) Lead identification and management

The bank needed a better system to identify potential leads and prospective SMBs that could buy POS machines. They wanted an end-to-end platform to track and manage them as manual lead assignments resulted in lost leads, duplication, incorrect lead assignments, alerts, and more. The bank lacked a way to get meaningful, actionable insights from the data gathered in the field. This did not add value to product enhancement and helped beat the competition. It also lacked a way for managers to structure the sales team and ensure maximum coverage of potential areas.

2) Lack of visibility on FOS

With hundreds of FOS (Feet on Street) in the field, the bank lacked a system to track their activities and monitor productivity which hampered the sales of POS machines.

3) Lack of business-focused insights

The bank needed a holistic platform to calculate vital statistics like the team’s conversion rate, sales market coverage, areas requiring more focus, and more.

Information captured during the visit, like customer details regarding the current account, barcodes of the POS machines, etc were not captured owing to an ineffective disposition collection process. The bank also wanted to balance resource allocation for different areas depending on the demand.

How Dista automates and streamlines merchant banking

Our system offers two dedicated apps for FOS – Sales app (Hunting accounts) and Service app (farming accounts). The Sales app helps sales executives target the right areas and SMBs to sell the POS machines. Meanwhile, the Service app helps them keep a tab on the sold machines and provide timely service and maintenance. Moreover, a web console enables managers to track the lead status and sales officer performance.

Let’s take a look at the key features of the Sales App

  • Quick check-in process 

FOS can check-in to their app at the start of the day and start working on their tasks seamlessly. They can take quick actions on leads assigned and complete their tasks effectively.

  • Location-based leads assignment and scheduling

Our AI/ML-based system assigns and schedules leads to FOS depending on multiple parameters like proximity, skillset, availability, priority, and more.

  • Easy capture of lead dispositions

The dedicated app allows FOS to capture lead dispositions and record self-sourced leads on the go.

  • Intelligent contextual nudges

Our platform sends intelligent nudges through alerts, reminders, and suggestions to the FOS app, enabling them to be more productive and manage their tasks effectively.

  • Categorize leads based on progress

The app showcases lead summaries and make it easier to track them as per progress.

  • One-tap call and navigation

FOS can seamlessly communicate with sales managers via the app thanks to one-tap calling. They also reach their customer on time with the help of one-click navigation that suggests an accurate and fastest route.

  • Track conversions and lost opportunities

Sales officers can keep a tab on the number of leads that have been converted and the opportunities that have been lost from the app.

  • Attendance and Activity View

FOS can record their attendance and expenses via the app. They also track their daily visits and activity on the dashboard. 

Benefits of the Dista Sales app

By leveraging the app, the bank could identify and target potential SMBs and increase coverage for the POS machines. It helped structure the sales team and distributed geographical areas for maximum coverage. The app tracked all activities of the FOS and ensured they completed their tasks and effectively sold the machines. Digital customer onboarding by capturing data via the app improved operational efficiency.

Let’s take a look at the key features of the Service app

  • Portfolio mapping of field executives

Sales officers leverage the Service app to map the details of customers they need to target in a certain area.

  • Informative dashboards

The app offers multiple dashboards that provide a quick overview of merchants and POS machines.

  • Merchant throughputs

Sales agents can record all relevant information of merchants, details of transactions on the POS machines, and more.

  • Logging conversions

Agents can record and track lead conversions from the app. This helps them stay in line with their targets and daily productivity.

  • Capturing Opportunities – Cross-sell and up-sell

Sales executives can not only create, track, and log visits, meetings, and service requests but also capture dispositions and cross-sell and upsell opportunities.

  • Knowledge base

The app has articles and guides that help sales executives with app navigation and challenges that might occur when they are on the field.

  • Leaderboards to boost FOS productivity

Leaderboards increase competition between agents and boost them to perform better, thereby increasing productivity. The gamification element helps modify FOS behavior and achieve targets.

Benefits of Dista Service app

The Service app assigns geographical areas to the account farming team equitably and logically with mapping to merchants. It ensures they are meeting the merchants weekly or monthly to keep a tab on the service and maintenance of the POS machines. Our system offers crucial insights into the nature and volume of transactions made via the machines. This helps find gaps and improve performance to achieve targets. The app also records merchant issues like held transactions, address change requests, POS machine hardware issues, and more.

Web console for Sales Managers

  • Lead analytics and insights

Sales managers get a comprehensive look at lead analytics that helps them track and manage leads and map them to sales agents. Multiple dashboards offer lead audit trails, ETA and live status updates of active leads, and detailed lead-level information. It shows cost vs. sales efficiency metrics for different regions/areas/ branches. 

  • Customizable dashboards

The web console offers sales supervisors customizable dashboards with a graphical and tabular representation of lead and sales officer performance data. Managers can track performance for various zones, regions, and branches. The analytics dashboard provides reports like individual FOS productivity, audit trails, and more.

  • Track performance

Sales managers or supervisors also get real-time visibility and complete transparency on individual sales officer performance and team performance, along with their attendance and activity view.

  • Leads assignment

The system allows managers to assign and reassign leads manually to the right sales officer. This helps sales officers take faster action on leads.

Final thoughts

The bank leverages Dista’s smart AI/ML insights related to POS machines to strategize its process for increasing current accounts. Dedicated apps enable all stakeholders to complete their tasks effectively and efficiently, thereby contributing to higher sales of POS machines.

Are you looking for a platform to streamline merchant banking? Get in touch with us for a quick demo.

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