Micro Finance Lending
A leading microfinance lender contracted Servosys Solution to make their processes of micro-financelending services fully automated, paperless so that they can reduce TAT and increase their annual loan book size. Bringing automation in place for a streamlined process of lead generation to disbursement will increase organization’s productivity and also reduce manpower requirement.
The Challenges Faced Were
- There was no mobile/tab based system to process customers’ details and documents at customer’s place.
- No front-to-backend connected office for data validation and real-time processing of field officer’s request by backend officers.
- Cumbersome handling of unstructured document and KYC processing.
- No convenient tool was in place for quick data validation, scanning/re-scanning of documents.
- Slower underwriting processes and semi-technical credit appraisal processes.
- Tab/Mobile-mode-enabled system helpedfield officer to key-in customer’s details at customer’s place.
- Documents are collected, digitized, compressed and achieved automatically.
- Streamlined KYC processes with receiving of documents and other personal details from the customers.
- Processes from lead generation to post disbursement were streamlined and automated.
- Smooth digitization, scanning, editing, storage and archival of documents were provided.
- Dedupe, credit appraisal and underwriting processes were made fully automated.
- Complete processes from lead generation to disbursement is paperless and reduces TAT from about 20 days to 1.5 days.
- Helped achieve target of 15,000 loan booking per day within 18 months from inception.
- Increased productivity several time as the same employees are doing Microloans, Retail Loans, and CASA & Collections.
- Recognized as one of the best Tech solutions for microfinance (from among 20 plus countries participating).