Instant & Digital Lending
One of the largest banks in Asia approached Servosys Solutions with the aim of increasing its market share in Overdraft Loan products by reducing the Turnaround time (TAT) of 3 working days to a few minutes.
As we know, an Overdraft Loan to SMEs and other eligible individuals as a short term loan has always been one of the most preferred modes of lending by Banks and NBFCs. However, such loans have always been time consuming and paper-intensive processes. Such loans are requested by the customers for a short term period, so an Overdraft sanction with higher TAT has always been less-desirable and ‘lesser-yielding’ for lenders and customers.
The Challenges Faced Were
- No system in place to bring leads from google ads & other social media platforms.
- Difficulties in properties paper analysis & evaluation.
- Delayed credit worthiness processing due to paper intensive works.
- Delayed disbursements due to higher TAT.
- Cumbersome credit appraisal processes hindered expansion of loan books.
- Not able to tap new customers looking for OD loans for a relatively shorter tenure.
- Social media & other lead generation platforms Connected with the system to bring more
- Auto-processing of Leads and GST return files based credit evaluation.
- C/A statement based Overdraft Loan offers for new customers.
Paperless processing and that too without offline involvement.
- Automation-enabled underwriting process.
- Online Acceptance and Sanction mechanism to reduce TAT.
- TAT reduction to 3 minutes from several days for pre-approved customers.
- The highest number of 548 OD sanctioned in one day.
- Deployed solution reduced TAT from 3 days to 30 minutes for existing customers.
- Within a few months of deployment ~40K OD successfully sanctioned.