LuitBiz For BFSI Industry

How Can BFSI Companies Benefit From LuitBiz?



5 Main Problems Faced By Banks & Financial Institutions


LuitBiz Built for BFSI Industry

The BFSI (Banking, Financial services and Insurance) sector continues to face key challenges that may have an impact on the financial performance of the banking industry, such as:

  1. Evolving customer demands and the need for developing new products and services to cater to new customer segments
  2. Increasing cost of operations due to heightened regulatory and compliance pressure
  3. Changing customer channel preferences with increasing adoption of mobile and social media
  4. Rising competition from non-banks (such as retailers and telecom firms)

LuitBiz can be used by the BFSI sector to improve efficiency, enhance customer experience, retain employees and achieve regulatory compliance.

Why should Banks & Financial Institutions choose LuitBiz?

Responsive Business Software for BFSI Companies

Know Your Customer

By leveraging customer data (i.e., customer's channel interaction data and demographic profile), the BFSI sector can improve customer relations as well as marketing and sales activities. LuitBiz CRM provides the necessary tools to banks to achieve this objective.

As the usage of digital channels grows, customers in the BFSI sector demand more convenience and self-service from their banks and financial institutions. LuitBiz provides predictive analytics that extracts information from data to predict trends and behaviour of customers in the following areas:

  1. Customer Insight: The marketing module of LuitBiz CRM gives you tools to understand customer lifestyle needs and customer behaviour, so as to better target customers by offering them appropriate products through the right channel at the right time.
  2. Channel Effectiveness:The marketing module of LuitBiz CRM allows you to market your financial products via different channels and obtain analytics on the effectiveness of these channels to achieve a consistent multi-channel experience and product-channel fit. Channel analytics is applied in loyalty management, analysis of sales/channel performance, and in achieving product-channel fit.
  3. Customer Service:The support module of LuitBiz CRM and the customer portal provide personalized, practical interactions and services to customers. Analytics help to improve support team performance, improve decision making, and problem-resolution methodologies.
  4. Marketing:The marketing module of LuitBiz CRM helps BFSI companies to manage their marketing campaigns, conduct an in-depth market analysis and come up with products that the market is in need for.
  5. Sales: By leveraging customer data, LuitBiz CRM sales analytics can help generate sales opportunities, build leads and contacts, and enhance sales effectiveness of the BFSI sector.
SaaS Software for BFSI Companies

Become Operationally Effective

LuitBiz is a unified application that that combines CRM, BPM and HRM capabilities with the customer Portal and LuitBuzz which gives BFSI companies to unite fragmented data and automate processes for increasing operational effectiveness and efficiency

The BFSI sector should have a multi-channel strategy that provides a roadmap for achieving digital channel convergence along with a platform for achieving seamless multichannel integration. In today's context of multi-channel banking, a typical sales journey may span across multiple channels and departments. LuitBiz gives you the complete set of tools required to manage all the diverse data from different channels and across departments to get decision driven data to manage all your operations more effectively and efficiently.

  1. LuitBiz CRM allows you to get complete market and customer data and have an insight into customer requirements and wishes. Real time dashboards and alerts allows your sales and marketing teams to have insights into customer preferences and spending habits.
  2. LuitBiz BPM helps in increasing operational efficiency by automating financial services such as loans and investment portfolio management, associating functions to workflows and taking care of electronic approval cycle. It leverages on defined business rules to reduce human intervention and automates task routing and processing.
  3. LuitBiz HRM helps BFSI companies motivate and retain key employees by encouraging innovation and talent via its comprehensive HR tools.
Cloud based software Software for BFSI Industry

Improve Visibility

LuitBiz gives you complete 360 degree visibility across all the processes of your company. Real time dashboards and alerts ensure that you get a real-time picture of your business, sales and support processes and helps you take timely data-driven decisions to increase your bottom line.

A flexible core banking system is essential to build a dynamic business operation model and achieve enhanced competitiveness. At the same time real time visibility to all the aspects of the business is very essential to make the right decisions in the BFSI sector. This sector is faced with the challenge of maintaining a dynamic market response and reach out to its customers and prospects. To overcome this challenge, one of the key requirements is to have access to real time business and support analytics for the decision makers of the sector. LuitBiz makes this possible. The integrated approach of LuitBiz ensures that all analytics pertaining to customer data and preferences are at your fingertips for you to make the right decisions and make profits.

Online Software for BFSI Companies

Streamline Documentation

The BFSI sector is very document heavy and finding the right document at the right time by the right person to make the right decision is often very challenging. Luitbiz DMS takes care of this challenge by providing you the right document just when you need it with the help of its comprehensive and robust search functionalities

The BFSI sector is very document heavy and maintaining these documents is very crucial for this sector. Normally all data is maintained in paper format for audit purposes. However, searching for requisite paper data is not very easy at all times. Additionally, paper storage calls for a huge investment of time and money. LuitBiz DMS allows you to store all your paper documents in digital format. Its built-in version control machine ensures that stakeholders have access to the most recent copy of the documents.

Web based Software for BFSI companies

Manage Business Processes

LuitBiz BPM offers a flexible, extensible platform that enables rapid application design for every process driven business area in the BFSI sector. Design, develop and deploy processes with LuitBiz BPM web based form and workflow design tool rapidly and automate task routing and processing

LuitBiz BPM offers a unified, end-to-end, intuitive and user friendly solution to help financial institutions and financial service providers meet the challenges of a dynamic economy and improve operational efficiency to meet important business goals. LuitBiz BPM 's easy to use tools offers a flexible, extensible platform that enables rapid application design for every process driven business area. LuitBiz's high performance BPM enables rapid application development for any and every solution scenario or specific financial services such as risk management, compliance assurance, fraud case management, customer on-boarding and retail banking.

LuitBiz BPM allows BFSI companies to manage their business processes more effectively and helps them to:

  1. Focus on the customer:The customer centric features of LuitBiz CRM along with the customer portal allows you to put your customer on the center stage and cater to their requirements. This ensures happy and loyal customers whom you can upsell and cross sell your products and services.
  2. Adhere to compliance initiatives:LuitBiz allows you to define your own rules and workflows for your documents, processes and forms. This ensures that you comply with all the compliances initiated by your company and do not face any problems during financial and organizational audits.
  3. Improve channel strategy:LuitBiz is geared towards "Customer Centricity" and Lifetime "Customer Experience Management" which are much beyond what a traditional channel strategy delivers. Banks and Financial institutions can use LuitBiz to provide a consistent experience across all channels and an ability to seamlessly move between channels within a customer case/interaction - an ability which is possible only if channels are connected to deliver collaboration. This collaboration is important for monetizing customer and channel interactions to further enhance ROI
  4. Achieve better agility: LuitBiz helps banks and financial institutions increase their business agility by helping them to anticipate customer needs and offer an engaging user experience. The flexible technology of LuitBiz can be configured quickly can improve agility in meeting changing compliance requirements that will improve agility and reduce cost of these companies.
  5. Adhere to Corporate Mandates:Banks and financial institutions have to address an ever-growing list of governmental, data security and corporate regulations and standards - all mandated to protect information in the digital world we now live in. LuitBiz DMS not only meet these high standards, but surpasses them, ensuring that a wide variety of document and image file types may be securely accessed, viewed and processed - all while meeting or exceeding mandated data privacy standards
Software for BFSI Industry

Retain Talent

Competition to retain valuable employees is fierce and has become very crucial as they are the people who help the organisation to achieve its strategic business objectives. The knowledge and experience which employees have acquired during their tenure period in priceless. LuitBiz HRM provides the necessary tools to nurture and retain talented employees in the BFSI sector

BFSI companies around the world are striving to be the best in attracting and retaining its most valuable assets - its employees. They practice various strategies to attract and retain employees in the organization. In today's market, having the right pay is not the sole determinant factor for a potential candidate to accept and stay with the organization. Non monetary factors such as flexibility, excellent benefits are increasingly being sought after. Furthermore, the changes in today's lifestyle where work-life balance programs are a necessity, especially to the new generations - the Generation X and Generation Y have also contributed to the demand of flexible working practices. On top of that, the change in today's workforce gender compositions and the increasing number of matured baby boomers have a compelling impact on Human Resource practices particularly on recruitment and retention activities and strategies.

LuitBiz HRM provides you a tool to meet the aspirations of your new-age employees with the help of the following functionalities:

  1. Employee Management: Employees are the backbone of your organization, accomplishing the day-to-day functions as well as driving growth and new initiatives for your business. You should have noticed that if they can yield benefits for a company, they can also incur losses if not managed properly. LuitBiz HRM helps you to put all your HR related activities in line to increase the quality of your employee base.
  2. Attendance Management: The Attendance Management module of LuitBiz HRM gives you the ability to track your employees' time and attendance. You can customize this module to work with your company's attendance rules.
  3. Employee Self Service:Using the Employee Self Service Module of LuitBiz, employees can apply for leave and managers can approve their applications. This streamlines the leave application processes and decreases the burden of your HR department. Additionally, Employees can view training schedules using the Employee Self Service Module of LuitBiz and register themselves for the same. LuitBiz takes care of the whole employee appraisal process and appraisal reports can be posted in LuitBiz for employees to view their appraisals. Additionally, for 360 degree appraisals, employees car appraise their superiors and subordinates using the Employee Self Service Module of LuitBiz.
  4. Recruitment Management:LuitBiz HRM delivers a reliable, intuitive platform suitable for temporary, contract and permanent recruitment of employees. LuitBiz HRM is adaptable to your working methods and processes with the sophisticated features found in more traditional recruitment software. The system takes care of the whole recruitment process starting from creation of job vacancy by your organization, filling of online application form by prospective candidates, interview scheduling, hiring and finally issuing of service certificates to employees who leave your organization.
  5. Employee Training:Your employees are always trying o deliver flawless service to your customers and you need to ensure that they always have the right training and knowledge to do so. In today's knowledge economy the key to creating a sustainable advantage over your competition is to couple training of employees regularly to keep them updated with corporate strategy and business objectives. LuitBiz HRM's employee training module helps your business meets these needs.
  6. Appraisal Management:LuitBiz HRM's appraisal module helps your organization to quickly create high-value performance appraisals for all your employees. It is a powerful and easy-to-use tool for cultivating a high-performance workforce that is completely aligned with your organization's goals and priorities.
  7. Employee Events Management:LuitBiz HRM's Employee Events module helps you to plan and announce the details of employee fun events organized for your workforce. You can plan any event complete with people and locations.
  8. HR Forms Management: New legislation, the ongoing modernization of company practices, and drastic changes in the workplace have led to a slew of new challenges for HR professionals. The HR Forms module of LuitBiz HRM tackles these challenges head on and significantly simplifies some of the most important HR processes and record keeping requirements. Your HR Department can use LuitBiz HRM to publish HR forms and manuals that can be viewed by your employees via the Employee Self Service Module.
  9. Collaboration: The collaboration and knowledge management module "LuitBuzz" helps your employees communicate with each other effectively and manage a central storehouse of business knowledge.

LuitBiz Effortlessly manages all business information in the BFSI industry

Try out the FREE 15 DAY TRIAL of LuitBiz

Let's get you started with a free trial of LuitBiz. The best way to see which of our modules is best for you is to try it out for yourself for free. Experience the hassle-free advantages waiting for you or get in touch with our support staff to learn how LuitBiz can bring these benefits and cost savings to your organization.