Ideal Customer Profiles

Jobs-To-Be-Done

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Talking to the Users

My job role at Leegality included running GTMs for new verticals. It required me to conduct a lot of primary (talking to users, understanding the pain points, and creating a customized pitch) and secondary research. I have the following information from the case studies of our users:

What were the pain points you were facing earlier with your older process?

Enterprise- South Indian Bank - HOD, JGM and Legal Head

1. "Branch officials have to spend a lot of time – at least 2-3 days - to get paperwork done. Scanning and printing happens on one day, then next day it gets stamped. Again, that takes time. Then the customer will come on the third day."
2. "Customers were anxious to finish the process ASAP. Home Loan is always a high-touch product. There are a lot documents from the builders side and the customers side that need to be signed. The customer's biggest concern is that he has made a big down payment. He wants to finish the transaction as fast as possible and close this transaction."
3. "The challenge was that it was getting prepared centrally and then going to the branches . Branches used to then take a printout of it. There's a cost - of printing the entire thing and getting it stamped properly. If you don't stamp it, the entire agreement is void" ~ Abey Abraham, Head - Housing Loan & Mortgages
4. "There could be mistakes at the time of stamping. Or at the time of execution, signatures of all the required parties are not present. Sometimes borrowers would even allege that they were asked to execute the documents in which certain fields would be left blank" ~ Mohan TM, JGM, Head – Legal

NBFC - IIFL Samasta - CTO

1. "The entire document workflow takes 3 to 4 days for the organization. Every night, documents signed by borrowers are sent from the branches to the Regional Office. The Regional Office performs another layer of verification the next day. If the verification passes, the Regional Office sends these documents to our storage vendors. The storage vendors receive the document and scan them for future retrieval. This entire process would take a total of 3 to 4 days."
2. "We have over a thousand branches - and we disburse almost every day from these branches. So the total number of disbursals per day is very significant. This incurs a lot of direct costs - printing costs, paper costs, HR costs, courier costs, scanning costs and storage costs."
3. "There are logistical issues with paper. Sometimes the printers don't work. Sometimes papers won't be there. So someone has to get all these things resolved. There is also the review and querying of these documents at the RO, and RO will call them and say if something is missing. The branch team would then have to spend time tracing the missing document"
4. "Once the loans have been sanctioned, the branch team will have to download and print these documents. Then they have to get each page signed by the customer. One branch would typically cater to 30-35 customers per day across multiple centres. The branch would need to make sure everything is okay and review documents to see if everything is in order. So this whole paperwork process takes around 90 minutes everyday for each centre (each branch has many centres)"​

Why did you signup with Leegality?

​​Enterprise- South Indian Bank

1. "The customer wants to finish the transaction as fast as possible. That’s the biggest USP in the market. So we decided that we should digitize this entire process. We saw this as a key differentiator for us. With Leegality, we were able to find the solution which actually solves all the problems what we have. For us today, it is a USP in the market that our customer can sit anywhere and sign it."
2. "It gives us speed, reduces manpower, increases productivity, improves customer satisfaction as she knows what she is agreeing to while sitting at home and getting it done"

​NBFC - IIFL Samasta

1. "We spoke to a few vendors. But after evaluation we realized Leegality would be the best fit for us because it was a “plug and play” solution with smooth integration. With Leegality, we realized we would be able to go live fast - and grow our digital document processes at a large scale very fast."
2. "The implementation was very quick. It took our technology partner less than a month to integrate with Leegality, test it and make it available for us. Also, our team took to Leegality like fish to water. This was one of the projects that went better than we had planned."

How did Leegality help you solve your problems?

​Enterprise- South Indian Bank

1. "South Indian Bank slashed home loan documentation TAT from 7-8 days to mere minutes through digital paperwork."
2. "Through digitization, we have actually managed to have much higher productivity. On-ground teams refuse to go back to a physical process"​

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NBFC - IIFL Samasta

1. “We can disburse more loans per branch center per day. Thanks to this new digital paperwork process, our quantum of loans disbursed per branch has gone up by approximately 30% - from about 30-35 loans per day to 40-45 loans per day.”
2. "Earlier it used to take about 90 minutes per day for each centre of a branch to execute documents for customers. Now this same process takes less than 30 minutes per day."
3. "Branch officers are liberated from logistical issues. All our branch officers have to focus on now is get the customer to execute the document."​

Onboarding Teardown

There are two ways an onboarding may happen on Leegality:

1. The users can sign up themselves and start using Leegality on a Personal Plan.
2. The user wishes to opt for a Business Plan and signs up for a demonstration with our team.

Given that our ICPs always opt for a Business Plan, we will be doing an onboarding teardown for the entire B2B process.

1. Lead Generation - SEO, Events, LinkedIn Ads, Cold Calling
2. Lead Qualification (1-3 Business Day)
3. Demo Scheduling - Awaiting Demo (1 week to 1 month)
4. Demo Day - Aha Moment, Customized solution, Understanding Requirements in Detail
5. UAT Testing (1-2 Weeks) and Negotiation (Multiple calls, May F2F)
6. License Fee payment
7. Awaiting Live - Infosec Audit, Integration
8. Live - When the user starts using the product
9. Customer Success - When they reach their said number of transactions

Onboarding Teardown - Leegality.pdf

Activation

Activation Metric 1:

Number of API and Webhook Integrations

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Hypothesis:

The higher the number of integrations a user needs, the more dependency on our system and the higher the retention.

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Details:

Leegality provides an API and Webhook integration to integrate with users' existing systems. While the user can start using our platform via the dashboard i.e. a SaaS solution, the higher the number of integrations with Leegality, the chances of retention increase drastically, given that the adoption rate of new technology is low.

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Activation Metric 2:

Number of add-ons taken in the pricing plan.

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Hypothesis:

The higher the number of add-ons a user wishes to buy, the more are chances of activation and retention.

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Details:

We have highly customizable enterprise plans. Certain plans don't have certain features, which can be sold as add-ons. Now, these add-ons do provide extra capabilities. Given that more add-ons mean that the user will experience more features, this increases the importance of our product in their use case as well as the sunk-cost fallacy may kick in.

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Activation Metric 3:

Cost of License fee

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Hypothesis:

The higher the plan chosen, the more are chances of activation.

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Details:

A higher license fee means that the user will be opting for more functionality. This also showcases that we can solve for a higher degree of their pain points. When they start using the system, the users may become more comfortable with extra features that they may not be willing to move on from the platform or opt for a lower plan.

Activation Metric 4:

Days taken to go from Demo day to license fee payment

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Hypothesis:

The lower the number of days taken, the higher the chances of a quicker activation.

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Details:

Because we operate in a B2B space, the time taken to onboard our users can vary from a few days to a few months. Therefore, the lesser number of days taken to go from Demo day to license fee payment may signify that the user's pain point is immediate and they require a solution quicker. This also means that have spent less time on negotiation and they may activate sooner.

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Activation Metric 5:

Number of days taken by user to go from Live to Customer Success Stage

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Hypothesis:

The lower the number of days taken, the higher the chances of retention.

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Details:

After setting up the user systems, they are transitioned to a Live stage, which means that they have started doing transactions on our platform and are actively using it. During the initial discovery phase, we learn about the total number of transactions that are aiming to use our platform for. When the user achieves the total number of transactions that they initially intended to use us for, we move the customer to a customer success stage. The lower the number of days required to reach this stage, the higher the adoption rate across their business operations. This also signifies how easy is it to use our platform.

Other metrics to track

1. DAU/MAU
2. M6/Y1 Retention
3. Time spent on the dashboard per week
4. Average number of documents executed
5. Average amount of Wallet top-ups
6. CSAT and NPS

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