BFSI and field sales glossary
The vocabulary used on a lending floor, in an insurance branch and on a field beat - defined the way practitioners use it, not the way a textbook does.
Lending
- FOIR - Fixed Obligation to Income Ratio
- FOIR is the share of a borrower's net monthly income committed to fixed obligations, including the EMI of the loan being applied for. Indian lenders typically sanction retail loans within a FOIR of 50-65%.
- TAT - Turnaround Time
- TAT is the elapsed time between two defined points in a process - most commonly login to disbursement in lending, or proposal to issuance in insurance. It is measured in calendar or working hours depending on the SLA.
- PDD - Post-Disbursement Document
- A PDD is a document the borrower still owes after the loan has been disbursed - for example a registered sale deed, insurance copy, or a signed acknowledgement. Lenders track PDDs with an owner and an ageing clock.
- LOS - Loan Origination System
- An LOS is the software that carries a loan application from sourcing to disbursement, covering KYC, document collection, bureau and income verification, credit decisioning, deviation approval, sanction and disbursal.
- DSA - Direct Selling Agent
- A DSA is an external agent or firm that sources loan applications for a bank or NBFC in exchange for a payout, without being an employee of the lender.
Insurance
- Bancassurance
- Bancassurance is the sale of insurance products through a bank's branch network and staff, under a corporate agency or broking arrangement between the bank and one or more insurers.
- Persistency ratio
- Persistency ratio is the percentage of life insurance policies still in force after a given period, most often reported at the 13th and 61st month. It measures both sale quality and renewal discipline.
Sales
- SFA - Sales Force Automation
- SFA is software that automates repetitive steps in selling - lead allocation, activity capture, follow-up scheduling, approvals and performance reporting - so that field and inside sales teams spend more time with customers.
- Beat plan
- A beat plan is the scheduled route a field representative follows - which customers, outlets or branches are visited on which day, at what frequency - designed to balance coverage with travel time.
- Geo-tagged visit
- A geo-tagged visit is a field interaction recorded with the device's location and timestamp at check-in, so that reported activity can be verified against the customer's actual address.
- Lead scoring
- Lead scoring assigns each lead a numeric value reflecting how likely it is to convert, based on source, profile fit, serviceability, engagement and document readiness, so effort goes where returns are highest.
- Lead distribution
- Lead distribution is the automatic assignment of incoming leads to salespeople using rules such as geography, product, language, workload or performance, with reassignment when the first owner does not respond in time.
- Field force effectiveness
- Field force effectiveness is the measurement and improvement of how productively a distributed sales team converts time into outcomes, combining coverage, call quality, conversion and cost per interaction.
Compliance
- e-KYC - Electronic Know Your Customer
- e-KYC is the electronic verification of a customer's identity and address using digital identity infrastructure or verified documents, replacing physical paperwork in account opening, lending and insurance onboarding.
- FLDG - First Loss Default Guarantee
- FLDG is an arrangement where a lending service provider or platform partner covers a lender's initial losses on a loan portfolio up to an agreed percentage, sharing credit risk without holding the loan.
- ULI - Unified Lending Interface
- ULI is an RBI-led public infrastructure initiative that provides lenders with consent-based, standardised access to financial and non-financial data from multiple sources through a common interface.
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