Leading Financial House Seamlessly Deploys Enterprise Mobility for Faster Loan Processing

Client

The client is one of the largest financial institutions in India, offering a diverse range of financial products and services across the corporate, retail, and infrastructure finance sectors, as well as mutual fund products and investment management services, through its direct and indirect wholly-owned subsidiaries.

Challenges

Manual processes lead to a large number of physical document collections and verifications.

Unsatisfactory Turn Around Time (TAT) leading to poor customer response.

Multi-Modules / Phases

• Two Wheeler Loan
• Housing Loan (Salaried and Self-Employed)
• Micro Loan
• Farm and Equipment Loan

Complex Development

• Mobile App – Heart of Application ecosystem
• 30+ Screens
• 15+ Interfaces
• Native App v/s Hybrid 
• Midway – tech selection change
• Performance Targets

Rip & Repair – Business Applications

• DIGIO (eKYC, eSign, etc.)
• Morpho Biometric
• eNACH - DIGIO (Multi-Bank approve)
• CCAvenue 
• TechProcess
• Google Analytics
• Firebase Cloud Messaging (Push Notifications)
• SQLLite Sniffer (Data encryption)

LTM Solution

The solutions provided focus on the prime areas of concern and benefitted sales representatives, sales managers, employees, and agents:

SalesForce Application for the business executives to have all the details captured, from the customer, for the various applications. Current application stage, the total number of applications processed and other business data were maintained efficiently. Help was given to manage their existing customers and identify potential customers. The application also provides analytical reports to facilitate decision-making.

Mobile Application was a key to this digital transformation. Sales representatives performed their loan application processing activities like new loan applications, existing application status, offline applications, disbursed/onboarded loan status, etc., with the help of the app. The mobile app also allowed sales representatives to perform biometric-based verification and e-Sign processes to authenticate potential customers. It also allowed customers to make payments through various payment gateways.

Business Benefits Delivered

• Quickest Loan Processing in the industry - Loan in 30 Seconds 
• 15+ Critical Real-time Integration with the government and other agencies for sanction verification
• Faster Application Process- Increase in applications processed 
• Lower Operating Cost- Completely paperless on-boarding with no human interference

Digital Data Capture:

• Application pre-filled to minimize manual inputs
• Data from eKYC and User master captured and populated in the application

eKYC:

• Customer walks into a dealership and completes eKYC

Automated Bureau and Dedupe:

• Data captured from Bureau, Dedupe triggered automatically post Bureau check

Online Assessment and Rule Engine:

• Credit appraisal using credit score and Income assessment data

Automation:

• Documents scanned through RPA/MICR
• Customer notified of the decision