Business Platform

Housing Development Finance Corporation

Developing a faster, simpler and convenient way to help customers determine their home loan eligibility

A smiling, young woman looking at a phone
HDFC Logo

Brand

Netcore Logo

WhatsApp Business Solution Provider

CognoAI Logo

AI Platform

Housing Development Finance Corporation (HDFC), one of India’s leading housing finance providers, develops a first-in-industry “spot offer” option on WhatsApp Business Platform allowing customers to quickly and securely determine their home loan eligibility through a guided conversational flow and provide a conditional home loan offer letter based on the information provided.

25%

of customers engaging over WhatsApp complete spot-offer process

2x

higher completed loan applications among customers using spot offer in WhatsApp

13k

high-quality leads attributable to WhatsApp in less than a year

85k+

unique user interactions via WhatsApp every month

*Results are unique and are provided by the featured business. Success story results will vary, as they depend on a variety of factors.

Their Story

Making the dream of owning a home a reality

Housing Development Finance Corporation (HDFC) is one of India’s leading housing finance companies, offering a wide range of loan products including home loans, plot loans, and rural housing loans.

Their Goal

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Giving confidence to qualified customers

HDFC wanted to encourage more qualified customers to apply for a home loan. The company needed a simpler, faster, and more efficient way to determine their home loan eligibility using a guided conversational flow while helping customers move forward with the formal application process.

A smiling couple holding a cup of coffee

Their Solution

A WhatsApp chat with HDFC

HDFC generates home loan spot offer for qualified customers in less than 2 minutes

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Spot offers in an instant

For over 40 years, the Housing Development Finance Corporation (HDFC) has helped people across India finance their dream homes. HDFC was one of the first housing finance companies in the country to launch an online home loan application platform to make the application process more accessible and convenient.

HDFC wanted to create a faster, more streamlined process while encouraging qualified customers to successfully complete loan applications.

Committed to building a robust omnichannel approach to service, HDFC determined that WhatsApp was popular with its customers. Working with Cogno AI, a leading conversational AI platform for large enterprises, HDFC used WhatsApp Business Platform to develop a conversational assistant that enables customers to quickly determine their home loan eligibility.

When a customer contacts HDFC over WhatsApp, they’re greeted by a menu with several options, including a “spot offer” function that makes it easy for a customer to determine their eligibility. The function is created by WhatsApp Business Solution Provider Netcore Cloud and AI platform Cogno AI, using sophisticated integrations between WhatsApp and credit bureau databases, lead generation APIs, calculators, custom PDF creators, and live agent capabilities, among others.

HDFC constantly seeks to enhance its delivery capabilities using technology and provide convenience to customers looking for home loans to buy the property of their choice. With the ‘spot offer’ facility on WhatsApp. HDFC has attempted to create a unique digital experience for its customers by integrating its services in an environment that's already familiar and frequented by its audience.

"HDFC’s ‘spot offer’ is a first of its kind platform, proving how technology can be leveraged to benefit customers. Home ownership can now be instant, 24x7 and convenient with HDFC Home Loans. In addition to convenience, there is no ‘waiting time’ for the home loan approval letter."

Saif Faruqi

Head - Communications, HDFC

When a customer opts for the spot offer option on WhatsApp, it triggers the conversational bot to ask and collect seven fields of information to determine the customer's home loan eligibility basis. Using these details a customized spot offer letter is generated and shared with the user on WhatsApp instantly.

“HDFC’s ‘spot offer’ is a first of its kind platform, proving how technology can be leveraged to benefit customers. Home ownership can now be instant, 24x7 and convenient with HDFC home loans. In addition to convenience, there is no ‘waiting time’ for the home loan approval letter,” says Saif Faruqi, Head - Communications, HDFC.

“The WhatsApp spot offer feature is simply a game-changer. Can you imagine the effort it takes for a common person to get a home loan? They have to submit a ton of paperwork and visit branches many times only to get a rejection. With WhatsApp Spot Offer, we are able to ensure that the customer gets a pre-approval in just two minutes on their favorite communication medium - WhatsApp,”says Aman Goel, Co-Founder & CEO, Cogno AI. “This is a first of its kind initiative in India and is going to be revolutionary in helping more people build their dream homes. We are proud to have gotten this opportunity to work with HDFC Home Loans in building this. We hope to collaborate further and truly revolutionize customer experience in the home loans industry.”

“Making WhatsApp a cornerstone of our customer engagement has helped answer queries of over 85,000 customers and generate high-quality leads every month" says Keshav Rao, Joint General Manager - Communications, HDFC. “The confidence customers gained through our spot offer feature in WhatsApp makes them twice as likely to apply for a home, compared to leads that came from other online sources.”

Inspired by customer enthusiasm for the spot offer in WhatsApp, HDFC plans to launch a coordinated marketing campaign to promote the feature across its social media channels.

HDFC is exploring multiple ways to re-engage customers, including automated campaigns that send push notifications to customers who haven’t acted on their spot offers.

A WhatsApp chat with HDFC

Customers receiving a spot offer will receive a downloadable PDF as confirmation

Their Success

When the Housing Development Finance Corporation (HDFC) enables a home loan spot offer through WhatsApp Business Platform, the company generates more high-quality leads and sees increases in loan applications.

A building with a sign that says HDFC

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More leads and applications

  • 25% of customers engaging over WhatsApp complete spot offer process
  • 2X higher completed loan applications among customers using spot offer in WhatsApp
  • 13,000 high quality leads attributable to WhatsApp in less than a year
  • 85,000+ unique user interactions via WhatsApp every month

*Results are unique and are provided by the featured business. Success story results will vary, as they depend on a variety of factors.

“Making WhatsApp a cornerstone of our customer engagement has helped answer queries of over 85,000 customers and generate high-quality leads every month. The confidence customers gained through our spot offer feature in WhatsApp makes them twice as likely to apply for a home, compared to leads that came from other online sources.”

Keshav Rao

Joint General Manager - Communications, HDFC

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