One of Asia’s largest private banks mandated Servosys Solutions to build a loan factory to sanction Gold Loans in just 8 minutes, as a key product differentiator. Gold Loans traditionally have been manually processed, a borrower had to wait for hours at the bank counters for getting a sanction or for evaluating his own Jewelry price. In the fiercely competitive market, great customer experience is the real differentiator for customer retention and acquisition.
The Challenges Faced Were
- Not able to scale sales operations for penetration in remote areas/locations, Unable to plug direct selling agents for support as there was no enterprise mobility.
- Cut down on delays in disbursements and complete regulatory requirements.
- Inability to track turnaround time and customer experience parameters.
- Cumbersome multiple system touch points for users.
- Multiple integrations required (Finacle, Finnone, NSDL, EAI, CPCS, Dedupe, SMS gateway, Ext DMS)
- Data validation according to regulatory norms with addition of supporting images for compliance checks
- Real Time Dashboards
- Unified User Interface for end users on mobile and desktop
- Traceability of all approvals and tasks along with higher productivity
- Generation of printable forms and Security support
• Fastest processing times (automation brought down from 8 hours to 8 minutes)
• Clocking 4000 Loans per day.
• Loan book is the biggest among all banks in APAC.
• 12000 users, 4000 branches and Loan Books greater than USD 1.5 billion.