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Bajaj Finserv, a non-banking financial conglomerate, is one of the most diversified in the Indian market, catering to more than 6 MM customers across the country. The company's product offering includes Loans, Consumer Durables, Personal, Small Business, Equipment, Construction and Home Loans, Credit Cards, Insurance and Lifestyle Finance.
Bajaj Finserv, a non-banking financial conglomerate, is one of the most diversified in the Indian market, catering to more than 6 MM customers across the country. The company's product offering includes Loans, Consumer Durables, Personal, Small Business, Equipment, Construction and Home Loans, Credit Cards, Insurance and Lifestyle Finance.
Integration of data. Change management
Single customer view. Enhanced customer relationship
Financial Services
Fiorano Platform, Fiorano Tools
Bajaj Finserv offers an extensive range of loan and insurance products and services to its customers. A burgeoning middle-class with high purchasing power and the fast-paced financial marketplace require quick decision times on customer applications. Bajaj Finserv’s solutions used disparate applications, such as, FinnOne, (a loan management application, which keeps track of customer accounts and maintains transactional data of customer interactions); DataMart, (a data warehouse application populates data from FinnOne), and Salesforce.com from which data is then used by partner portals (that perform various actions including Address verification) and by customer portals, allowing customers to check their accounts.
All these applications were hosted at the Bajaj data-centre, connected via decentralized point-to-point interfaces using various customized integrations. With the number of such programmed interfaces increasing, the sheer volume was becoming unmanageable requiring incremental resources with specialized skill sets to maintain. Some customer account activities required tedious manual processes to update standard customer contact details, such as address, telephone number, email address etc.
It was critical for Bajaj Finserv to streamline and revamp its business processes, de-clutter applications by setting up an appropriate architecture for efficient performance, a secure and reliable system that was scalable and resource friendly with a system that could rapidly scale to support the company's growing operational needs.
350,000
WEEKLY TRANSACTIONS
Fiorano architecture enabled high
speed throughput for transaction approvals
and revamped business processes for efficiency.
Bajaj Finserv offers an extensive range of loan and insurance products and services to its customers. A burgeoning middle-class with high purchasing power and the fast-paced financial marketplace require quick decision times on customer applications. Bajaj Finserv’s solutions used disparate applications, such as, FinnOne, (a loan management application, which keeps track of customer accounts and maintains transactional data of customer interactions); DataMart, (a data warehouse application populates data from FinnOne), and Salesforce.com from which data is then used by partner portals (that perform various actions including Address verification) and by customer portals, allowing customers to check their accounts.
All these applications were hosted at the Bajaj data-centre, connected via decentralized point-to-point interfaces using various customized integrations. With the number of such programmed interfaces increasing, the sheer volume was becoming unmanageable requiring incremental resources with specialized skill sets to maintain. Some customer account activities required tedious manual processes to update standard customer contact details, such as address, telephone number, email address etc.
It was critical for Bajaj Finserv to streamline and revamp its business processes, de-clutter applications by setting up an appropriate architecture for efficient performance, a secure and reliable system that was scalable and resource friendly with a system that could rapidly scale to support the company's growing operational needs.
350,000
WEEKLY TRANSACTIONS
Fiorano architecture enabled high
speed throughput for transaction approvals
and revamped business processes for efficiency.
Rakesh Bhatt, Chief Operating Officer, Bajaj Finserv
Rakesh Bhatt, Chief Operating Officer, Bajaj Finserv
After evaluating several vendors, through detailed proofs-of-concept, Bajaj Finserv determined that the Fiorano Platform would address their business requirements in a faster and more efficient manner. Fiorano's peer-to-peer architecture was a perfect fit to overcome the growing business demands of a financial service conglomerate like itself.
The point-to-point connections of customized programmed web-service interfaces, databases and similar integration interfaces were replaced by designing Fiorano Event Process flows with appropriate standards-based Fiorano adapters and deploying these business flows on the plug-n-play Fiorano Platform in each case, allowing easier maintenance and reconfiguration for all the interfaces.
After evaluating several vendors, through detailed proofs-of-concept, Bajaj Finserv determined that the Fiorano Platform would address their business requirements in a faster and more efficient manner. Fiorano's peer-to-peer architecture was a perfect fit to overcome the growing business demands of a financial service conglomerate like itself.
The point-to-point connections of customized programmed web-service interfaces, databases and similar integration interfaces were replaced by designing Fiorano Event Process flows with appropriate standards-based Fiorano adapters and deploying these business flows on the plug-n-play Fiorano Platform in each case, allowing easier maintenance and reconfiguration for all the interfaces.
Fulfilling customer requirements involved communication flows between disparate applications: FinnOne, DataMart, Salesforce.com such as:
- Capturing customer leads from IVR Toll free numbers and using that data to reinitiate calls with the customers in the event of a call being disrupted.
- Updating lead contact information.
- Sending SMS alerts for customer cases pending at different stages, such as De-duplication, CIBIL verification etc.
- Capturing data of offers available to customers and the offers that they choose.
These and other such activities have been mapped to Fiorano Event Process flows deployed on the Fiorano Platform and are handled using a range of Fiorano adapters.
Fiorano HTTP Service adapter - Access of Insurance Certificates provided by Bajaj Finserv's subsidiary Bajaj Allianz is now handled using the, which directly connects to the Bajaj Allianz database to fetch the required information.
Fiorano Web Service, DB and Sales force.com adapters - The Kiosk portal displays predefined offers to customers based on parameters like their prior relationship with Bajaj, by fetching records from the relevant databases and Salesforce.com accounts. This requirement was implemented with access to information pertaining to loan accounts from the digital portal facilitated by enabling Web Service calls through Fiorano's adapters.
Fiorano's WebService Consumer adapters enabled reverse communication from the customer such as requests, feedback and complaints that are handled and stored in a separate CRMR application. The adapter also handles critical tasks like automated sending of passwords, PIN or a Loan Account Number (via SMS) in a reliable, quick and efficient manner.
Fulfilling customer requirements involved communication flows between disparate applications: FinnOne, DataMart, Salesforce.com such as:
- Capturing customer leads from IVR Toll free numbers and using that data to reinitiate calls with the customers in the event of a call being disrupted.
- Updating lead contact information.
- Sending SMS alerts for customer cases pending at different stages, such as De-duplication, CIBIL verification etc.
- Capturing data of offers available to customers and the offers that they choose.
These and other such activities have been mapped to Fiorano Event Process flows deployed on the Fiorano Platform and are handled using a range of Fiorano adapters.
Fiorano HTTP Service adapter - Access of Insurance Certificates provided by Bajaj Finserv's subsidiary Bajaj Allianz is now handled using the, which directly connects to the Bajaj Allianz database to fetch the required information.
Fiorano Web Service, DB and Sales force.com adapters - The Kiosk portal displays predefined offers to customers based on parameters like their prior relationship with Bajaj, by fetching records from the relevant databases and Salesforce.com accounts. This requirement was implemented with access to information pertaining to loan accounts from the digital portal facilitated by enabling Web Service calls through Fiorano's adapters.
Fiorano's WebService Consumer adapters enabled reverse communication from the customer such as requests, feedback and complaints that are handled and stored in a separate CRMR application. The adapter also handles critical tasks like automated sending of passwords, PIN or a Loan Account Number (via SMS) in a reliable, quick and efficient manner.
By employing Fiorano's integration technology, Bajaj Finserv has drastically reduced the maintenance and monitoring effort involved in mission critical processes. With transactions running on real-time at high speed, customers that earlier had to wait for hours together could now have their loans approved in matter of seconds. The low latency ensured that more than 350,000 transactions executed each week are enhancing the customer relationship for Bajaj Finserv and driving revenue.
Business processes can now readily be monitored and updated using the Fiorano Studio GUI. Moreover, since the process flow design involves simple configurations involving drop-down menus and some text fields, expansion needs are easily met by existing resources without needing additional resources with specialized skill sets. Processes that were executed in isolation are now executed within Fiorano SOA.
Resultant business benefits included: Higher Customer gratification through speedy approvals and transactions Ability to launch new products or services quickly resulted in new revenue streams Agility to respond to change in market regulations and practices Higher profitability due to reduced Total Cost of Ownership (TCO)
By employing Fiorano's integration technology, Bajaj Finserv has drastically reduced the maintenance and monitoring effort involved in mission critical processes. With transactions running on real-time at high speed, customers that earlier had to wait for hours together could now have their loans approved in matter of seconds. The low latency ensured that more than 350,000 transactions executed each week are enhancing the customer relationship for Bajaj Finserv and driving revenue.
Business processes can now readily be monitored and updated using the Fiorano Studio GUI. Moreover, since the process flow design involves simple configurations involving drop-down menus and some text fields, expansion needs are easily met by existing resources without needing additional resources with specialized skill sets. Processes that were executed in isolation are now executed within Fiorano SOA.
Resultant business benefits included: Higher Customer gratification through speedy approvals and transactions Ability to launch new products or services quickly resulted in new revenue streams Agility to respond to change in market regulations and practices Higher profitability due to reduced Total Cost of Ownership (TCO)
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