A leading non-banking finance company (NBFC) licensed by RBI, the company’s mission is to provide financial services to the poor under the premise that providing financial services to poor borrowers helps to alleviate poverty. The company has about 1400 branches across India and a 79% rural customer base, with a vision to serve 50 million households across India and to create a commercial microfinance model that delivers high value.
The company desired to improve the efficiency of their processes by moving into a paperless, cashless mode and set a new benchmark of customer service at the grassroots level. Further the organization desired to improve its delivery capabilities and install an efficient delivery channel.
The company was looking for a solution provider who would have the capability to assess their business and process improvement needs, help them understand the various nuances of the new technologies and processes (e-KYC) to be adopted and also assist in implementing the solution. A core requirement was to reduce the loan processing turnaround time, which was about 7 days then, to the shortest possible time so as to improve the customer service levels significantly.
Precision performed a comprehensive assessment of the requirements, the existing infrastructure, the solution needs and also understood the business vision. Adopting a consulting approach, Precision assisted the client in understanding the various regulatory processes and technical aspects in implementing an Aadhaar e-KYC solution. Precision’s fingerprint scanners which are certified for use in the Aadhaar ecosystem were then proposed and implemented. Handholding support was provided during the e-KYC process implementation.
Post a comprehensive and successful implementation of the solution including Precision’s STQC certified biometric fingerprint scanners, the following benefits were observed by the client: