In trade deals, customers and sellers have conflicting objectives. Every seller wishes to get paid immediately. On the other hand, customer wants longer credit period. In such situations, bill discounting can help both the parties. The product/ services provider can get money instantly from bank/ financial institution after making payment of discounting charges. Then the seller can offer credit period to customer. And on due date, the bank can collect the payment from the customer. It is win-win situation for both customer and seller.
From bank’s perspective, every trade deal is an opportunity to offer bill discounting services to related parties. However, finding such trade deals and related parties in time is key to gain new business. In today’s fast changing digital world, banks should adopt smart ways to target prospective customers instead of relying excessively on conventional methods (word of mouth, reading newspapers, cold-calls and referrals). By tapping abundant information available on the web, the banks can reach out to the potential customers for bill discounting services.
For instance, banks can find out customers by keeping watch on latest corporate updates such as new contracts, expansion plans, export-import orders, project launch, partnership, business operations etc. At some point in time, companies issuing these corporate updates may look for bill discounting services from banks.
In order to identify such companies, banks should have intelligent system to swiftly mine the big data and filter noise from information in real-time. To help banks, Heckyl has built a Business Intelligence (BI) Module on top of its News and Sentiment Analysis Capabilities. Alerts issued by our new module can help business intelligence team to identify potential customers for bill discounting services. Let us explore case study for better understanding about our platform.
On October 12, IL&FS Engineering and Construction announced the company has received a contract worth Rs 162.60 crore from Gas Authority of India (GAIL) for laying and construction of pipeline in Bihar. GAIL asked the company to complete project within 15 months.
Soon after the release of news on the digital space, our platform has tagged corporate update automatically to IL&FS Engineering and classified the news as positive. It has further categorized the news under ‘Business Orders/ Contracts’ category. Below image shows news alert on IL&FS Engineering issued by our platform:
[Image 1: News Alert on IL&FS Engineering]
From bank’s perspective, award of Rs 162.60 crore contract to IL&FS Engineering is a qualified lead as the company may look for bill discounting to fund GAIL pipeline project.
The system can alert the relationship manager (RM) in Hyderabad region, who is in charge of that particular sector, with a pop-up indicating award of contract to IL&FS Engineering as a qualified lead. Then the RM can pursue this lead and offer bill discounting services to IL&FS Engineering. Below image shows how bill discounting will work in this case:
[Image 2: Bill Discounting]
Further, the system will link the key suppliers of IL&FS Engineering. A notification will then be pushed out the concerned RM that a particular pipe supplier to IL&FS Engineering might also require funds. The RM can offer bill discounting services to supplier as well.
Access to such deciphered information in real-time can help the BI team in monitoring the market. At the same time, the RM can target the prospective customers without any delay and bring more business to the bank.
To know more about Heckyl’s Business Intelligence Module, email us at email@example.com