SKS Microfinance has partnered with IBM to transform operations from paper-based processes to a mobile solution.
The end-to-end mobile solution will eliminate time-consuming and paper-based processes, and speed up the acquisition of new customers, the company said in a statement.
The company distributes microloans to low-income women across India to help them start and expand simple businesses that can empower them while increasing their incomes.
Until recently, loan officers used manual, paper-based processes to keep track of loans and enter that information into a ‘shared’ branch computer, which was very time-consuming.”
IBM implemented an end-to-end mobile solution though which the ‘Sangam Manager’ is able to do six center meetings per day as against the earlier five, registering a 20 percent increase in field productivity and reducing concomitant costs.
With an efficient way to provide and collect information, they have reduced the duration of the meetings with loan recipients from 45 minutes to 30.
According to the compnay, the mobility solution will also provide SKS Microfinance Limited a foundation for future innovations, including cashless transactions.
The solution provided by IBM includes providing 7,000 tablets in SKS’s rural and semi-rural local area offices, a help desk to manage these devices in each of these centres, and software and services like IBM MobileFirst Device Procurement and Deployment Services and IBM’s MobileFirst Managed Mobility Services to take loan processing online.
“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,” SKS said in a statement.
M R Rao, Managing Director & CEO, SKS Microfinance Limited asserted, “We have significantly reduced the time required to input information and reduce fatigue among the loan officers.”
IBM’s 6,000 mobile experts have been at the forefront of mobile enterprise innovation.
SKS Microfinance Limited is among the largest microfinance companies in India with presence across 18 states covering 1,00,000 villages.
Shares of SKS Microfinance Limited was trading 0.30 per cent up on BSE at 11:30 am