SKS Microfinance to go paperless, partners with IBM MobileFirst
Bengaluru, India | Red Newswire | Nov 25, 2015 Last Updated at 3:35 PM IST.
SKS Microfinance is considering making best use of the technology and hence has decided to go paperless. The company has decided to join hands with IBM MobileFirst that will help it in reducing the time consumption of loan – related transactions. This would further help SKS in increasing productivity of its staff as well as customer acquisition.
IBM MobileFirst is an end – to – end solution which under the partnership will provide 7,000 tablets in SKS’s semi – rural and rural offices, a help desk for management of these devices, IBM MobileFirst Device Procurement software and services like Managed Mobility Services and Deployment services. All this is expected to make the whole loan processing online.
The company said in a statement, “Each loan officer now saves approximately one-and-a-half hours and serves more members per day. The Sangam manager, who heads a centre, is able to do six centre meetings per day as against the earlier five, registering a 20% increase in field productivity and reducing concomitant costs.”
A typical meeting held for women borrowers to discuss progress of loan utilization and repayments takes around 45 minutes. But, with this new technology, SKS has managed to reduce the time to 30 minutes.
Presently SKS has 5,456 loan officers and 1,135 branches. The work of a loan officer involves acquiring new members, disbursing loans and collecting repayments. All this till now was being done manually i.e., using paper – based process. All this was very time consuming as the date has to be later fed to the computers. But now with the tablets all this paper – process can be cut down.
M.R. Rao, CEO of SKS said, “This was a time-consuming process. The new technology has led to a turn-around on loan application and disbursal process. We have significantly reduced the time required to input information and reduce fatigue among loan officers.”
Source: Business Insider