Introduction
When one of India’s largest non-banking financial companies found its online lead funnel leaking, it launched a digital makeover to plug the gaps with eye-popping results. Shriram Finance’s recent campaign to streamline and personalize its customer journey yielded a staggering 171X return on investment (ROI) and a 130-fold jump in revenue, while boosting lead capture by 12 percent and cutting acquisition costs by 22 percent. The data-driven transformation was so effective that Shriram Finance clinched the “MarTech Brand of the Year (Enterprise)” title at the MarTechAI Awards 2025.
Far from a one-off stunt, Shriram’s initiative addressed core business pain points: high drop-off rates in its loan inquiry funnel, low conversion of interested prospects, and rising customer acquisition costs. By deploying interactive web nudges, integrating call-center follow-ups with digital channels, harnessing demographic data for personalization, and refining each step of the user journey with funnel analytics, Shriram turned a struggling process into an award-winning case study in just a few months. Here’s how they did it, and what lessons their success holds for other marketers.
A Legacy Lender Goes Digital
Shriram Finance Limited is India’s largest retail non-banking financial company (NBFC), managing assets of ₹2.72 lakh crore and serving over 9.7 million customers. Known for a strong rural footprint with more than 3,200 branches nationwide, Shriram traditionally relied on in-person engagement. As consumers shifted online, the company recognized the need to strengthen its digital channels. Over the past few years, Shriram invested in a unified customer engagement platform partnering with Netcore Cloud as its martech provider to integrate data from its website, mobile app, CRM, and call center. This laid the groundwork for a seamless cross-channel customer experience powered by analytics and automation.
By 2024, however, it was clear that too many potential customers were dropping out of Shriram’s online loan application funnel before completion. Conversion metrics were below expectations, prompting a thorough re-evaluation of the digital customer journey.
The Challenge: Drop-Offs Draining the Funnel
Shriram Finance discovered its online funnel was losing prospects at various stages, undermining conversions. Several issues emerged:
There was no central system to manage drop-offs from various lead sources such as social media, call centre, and website. Leads from different channels were not unified, so many interested prospects simply fell through the cracks.
Website visitors had access to information but received minimal nudges, resulting in high drop-off rates. Users browsing loan details were not being guided to take the next step, so they often left without converting.
Leads reaching the call centre after working hours were passed on without a structured follow-up. A hot lead could go cold overnight, reflecting a gap in responsiveness and a disjointed customer experience.
There was limited data enrichment to refine targeting approaches, meaning marketing messages remained generic. Without personalization, converting a lead into a customer was harder than it needed to be.
These inefficiencies drove up acquisition costs, with higher costs required to move leads through the conversion funnel. In short, multiple cracks in the funnel were undermining Shriram’s growth, mid-funnel engagement was lower than expected, and the cost per conversion continued to rise.
Plugging the Leaks: Nudges and Instant Follow-ups
To reduce drop-offs at the top of the funnel, Shriram Finance implemented a series of digital interventions aimed at capturing and engaging prospects more effectively.
The brand added interactive prompts on its website to turn passive browsing into active engagement. Guided walkthroughs led visitors through key steps of the loan application process, while a persistent Hello Bar highlighted product benefits at the top of the page. These subtle interface nudges provided clear calls to action at the right moments, improving engagement and conversion rates.
The web experience was also personalized. Messaging and offers dynamically adjusted based on a user’s demographic profile or persona. A self-employed borrower, for instance, would see different content from a salaried applicant. This personalized approach ensured customers saw information relevant to them, increasing the likelihood of progression through the funnel.
Every inbound call became a trigger for automatic digital follow-up. If a lead called but could not be immediately attended to, the system logged the inquiry and instantly sent a WhatsApp message or SMS acknowledging the call. This integration between call centre and digital systems ensured that no interested caller was left waiting, including those reaching out after working hours. These timely responses helped retain high-intent prospects and contributed to a 12 percent increase in lead capture.
Personalizing the Path to Conversion
With more leads entering the funnel, Shriram shifted focus to improving conversion efficiency through data-driven personalization and journey orchestration.
The company began capturing richer demographic data at the lead stage, whether the inquiry originated online or via the call centre. Details such as age, gender, city, state, occupation, and pincode were used to build smarter segments, enabling more relevant and targeted communication.
Pincode emerged as a simple but powerful personalization lever. By mapping pincodes to regions and languages, Shriram was able to deliver follow-up communication in the customer’s local language. This localization made messaging more relatable and improved engagement across diverse geographies.
Funnel and cohort analysis played a critical role in identifying friction points. The team analyzed where users were dropping off and how long different segments typically took to convert. Key drop-off zones included OTP verification, PAN submission, KYC completion, deposit verification, and payment stages.
Based on these insights, Shriram designed hyper-personalized re-engagement journeys tailored to each drop-off point. Users who abandoned the process at different stages received context-specific nudges, reminders, or assistance prompts. These journeys were timed using cohort data to ensure relevance without overwhelming the user.
Guiding customers seamlessly through their journey became central to the strategy. By aligning website journeys, call-centre flows, and data-driven segmentation, Shriram was able to capture leads more effectively, reduce funnel leakages, and improve conversion efficiency.
171X ROI and Industry Recognition
The results of Shriram Finance’s digital overhaul were dramatic. Within six months, the brand achieved a 171X marketing ROI and a 130X increase in revenue from the optimized funnel. Lead capture improved by 12 percent, while customer acquisition costs dropped by 22 percent.
These outcomes earned Shriram Finance the MarTech Brand of the Year (Enterprise) title at the MarTechAI Awards. The recognition highlighted how a large, legacy financial institution successfully applied modern marketing technology to solve real business problems at scale.
Key Takeaways for Marketers
Shriram Finance’s journey offers several lessons for enterprises navigating digital transformation.
Unifying customer data across channels is critical to preventing lead leakage and enabling timely follow-ups. Proactive guidance through digital nudges can significantly reduce abandonment in complex journeys. Speed of response matters, particularly for high-intent inquiries, and automated follow-ups help ensure no opportunity is missed.
Personalization driven by demographic and behavioral data improves engagement, while localized communication builds relevance in diverse markets. Most importantly, mapping the customer journey in detail and addressing specific drop-off points with tailored interventions delivers far better results than generic remarketing efforts.
Shriram Finance’s case demonstrates that when customer understanding, data, and technology come together, even established enterprises can unlock extraordinary growth.