The following section shows how the two products are used to fulfill complex requirements in truly technology-driven situations where customer experience, cycle time, productivity, quality of transactions and compliance are key to success.

1) Loan Origination (Retail Product) – TAT Decreased by 60 Times

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 manual 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 Challenge:

  • 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)

The Solution:

  • 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

The Benefits:

Upon deployment of our state-of-the–art platform, the following results were achieved:

  • Fastest processing times (automation brought down from 8 hours to 8 minutes)
  • Clocking 4000 Loans per day.
  • Loan book is biggest among all banks in APAC.
  • 12000 users, 4000 branches and Loan Book greater than USD 1.5 billion.

2) Digital Consumer Durables Lending – Less than 60 Seconds Loan

The Challenge:

Consumer Durables is a fast growing market which is targeted by Financial Services players for Cross-selling and Up-selling. However, it is also a fiercely competitive market were request to sanction time is a key success factor. This customer entered the market when it was already crowded and hence customer experience the only way to beat others.

The Solution:

Solution allowed straight-through processing of loans “in less than a minute” for about 50% of the requests and rest through human & document-based workflows (for transactions that did not qualify automation conditions). Mobility feature allowed bank staff to approach customers and assist them during the floor walk for product selection. Easy document capture, auto image correction, ID & Bureau verification, and instant EMI calculations further facilitated the bank to keep the customers engaged.

The Benefits:

  • Provides a Single Integrated Application for Mobile and Web for end-to-end process automation.
  • About 50% cases in less than 60 seconds. The rest 50% where human intervention is required cleared in couple of minutes.
  • 10% of credit managers are utilized in other departments.

3) Corporate Loan Origination System – Compliance up 100% & TAT Reduced by 60%

The Challenge:

  • There was no single system for origination and disbursement of large ticket corporate loans.
  • Various teams like senior directors, legal, accounts, third-party vendors, etc. found it difficult to collaborate and loan disbursement TAT was too long.
  • Comments from all team members were not recorded in the system and audit trail did not exist.
  • Seniors were required to first write in MS Word or MS Excel before they could paste things like tables, graphs, etc into the Credit Appraisal Memo (CAM).
  • Sometime the file sizes would become as big as 900 pages due to static and dynamic inputs, posing challenge for the approving parties.

The Solution:

A solution was implemented using Servosys product suite ServoStreams that streamlined the entire process of reviewing, modifying terms, sanctioning and disbursing the loans along with audit trails. The stakeholders can now make changes to the selected portions of the CAM/CAL or T&Cs through special controls provided and also leave comments for future audit purpose. The system generate a variable length PDF that was optimized based industry type. Centralized system equipped with document management capability for tracking and monitoring was provided.

Providing interface to customer, increasing customer experience and satisfaction.

The Benefits:

  • TAT of around 3 months is reduced to under 1-1.5 month.
  • Increase in business by 20% .
  • Lead generation and customer engagement up by 25% in 6 months.
  • Clear visibility of on-going business, thus diminishing the risk of NPAs.

4) Construction Finance Management & Monitoring System – Increase in Ticket Size by 3 Times

The Challenge:

Two of India’s leading lenders (bank and NBFC) needed help in enhancing customer experience for their segment of Builders or Construction Companies as they were finding it difficult to manage requests and compliances despite having a good LMS in place.

The Solution:

  • Servosys provided CF Loan Origination & Monitoring System on its platform such that the end-customer of the bank could request for NOC issuance and ask for disbursement of a tranche from the comfort of his office.
  • Multiple reports for visibility of business and decision support system, viz. Breakeven Point vs Actual Sale
  • Management of cases like multiple projects under singe builder.
  • Capitalization of all customers in one-go (a file generated by the system allows their banker to bifurcate payments).
  • Early warning systems for minimizing NPAs (thru multiple reports).
  • Auto-generation of Sanction letter and CAL (Credit Arrangement Letter)
  • Centralized system for uploading of reports from various stakeholders and management of compliance viz RERA.

The Benefits:

  • Growth in disbursement went up from single digit to triple digit after deployment of CF System
  • Compliance management and monitoring team requirement reduced from 12 FTE to merely 2-3 FTEs.
  • Achieved higher customer satisfaction owing to single-day disbursement TAT (which was at least three days previously).
  • Lower the TAT for issuance of NOC from four days to few seconds (i.e click of the mouse). Enhancement of business visibility (ongoing projects) to the decision makers. Lowered the risk of NPAs. Custom reports as required by the Operations team were provided.