India’s leading financial technology provider Craft Silicon and Leegality have forged a strategic alliance to transform the Microlending Industry into a delightful and paperless experience. The partnership will address logistical and operational challenges in the processing of paperwork for seamless disbursal while enhancing technology adoption.
The partnership between Craft Silicon and Leegality will enable financial institutions to streamline field operations along with providing secured digital verification, digital paperwork, and smooth customer onboarding. Leegality’s Secure Virtual Signature, in conjunction with Face Capture, ensures 100% compliance and security in every transaction and is readily Integrated with Craft Silicon’s Loan Origination System. Microfinance Institutions will no longer have to look for separate service providers for digital paperwork and its integration with LOS / LMS.
Speaking on the partnership, Siva Kumar, CEO – Asia, Craft Silicon, said, “Over the last few years, rural India has seen a significant rise in technology adaption and India Stack has further helped in supporting various digital initiatives. Our alliance with Leegality will open new avenues for financial institutions and will offer a comprehensive solution to automate the documentation process securely and seamlessly. This is in addition to our efforts to fully digitize the financial inclusion loan origination process and reduce the operational costs for both end borrowers and the institution.”
Digitization helps Microlending Institutions attain better portfolio management, improved service, and reduced time as compared to the manual offering.
Shivam Singla, Founder & CEO, Leegality, “We are extremely proud to partner with Craft Silicon, one of the leading providers of next-gen tech solutions for the banking and microfinance sector in India. Both Craft Silicon and Leegality are committed to driving financial inclusion in India by helping financial institutions increase their coverage to unbanked and underbanked segments through secure digital solutions. This partnership will provide BFSI companies a one-stop solution to digitally transform their operations for a better customer experience and accelerated business growth.”
Core loan management solution runs on a modern enterprise platform with robust architecture and easy-to-use technology that are custom developed to meet every micro-lending requirement. Craft Silicon worked closely with Leegality to deliver a remote implementation, providing expert support and consultation to ensure a smooth installation.
Maintaining physical paperwork poses business costs to microlending institutions:
- High Cost: Printing all loan application forms, KYC documents, and identification documents for verification. Warehousing, transportation, and courier costs.
- Compliance Risk: Physical paperwork is prone to damage, wear and tear, and manual errors – leaving financial institutions vulnerable during RBI audits.
- Team Utilization: Manpower is wasted on mundane paperwork related tasks like physical verification and transportation of voluminous documents. With a digital solution, their productivity can be better utilized in collections and other services.
- Delayed Disbursals and Customer Experience: Physical paperwork significantly increases turnaround time and delays disbursals. With a faster verification process and remote onboarding, Financial Institutions can now boost customer experience to a higher level.
With technology adoption, documents are just one click away and are easily accessible on its DMS. They can be auto-populated via the template Engine eliminating any chance of human error.