SKS goes paperless with IBM mobile solution
SKS Microfinance Limited on Wednesday said it adopted IBM MobileFirst technology to transform its operations from paper-based processes to mobile transactions, a move that would lead to enhanced customer service and productivity gains for the micro-lender.
Hyderabad: SKS Microfinance Limited on Wednesday said it adopted IBM MobileFirst technology to transform its operations from paper-based processes to mobile transactions, a move that would lead to enhanced customer service and productivity gains for the micro-lender. SKS is also aiming at speeding up the acquisition of new customers with the new end-to-end technology which has already been deployed by the software major.
At present, the company relies on 5,456 loan officers based out of 1,135 branch offices, to acquire new members, disburse loans and ensure that loans are well-utilized, in addition to collecting payments. “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,” SKS said in a release.
With the deployment of the IBM technology, SKS will be able to eliminate manual, paper-based processes. The solution included provision and deployment of 7,000 tablets across India, mainly rural and semi-rural, a help desk to manage these devices and software and services to transform from paper-based to mobile digital services.
“It was clear that IBM could provide deep mobile expertise, strong connections with ecosystem partners and a customized implementation for our specific needs. We have significantly reduced the time required to input information and reduce fatigue among the loan officers,” said M R Rao, Managing Director & CEO, SKS Microfinance Limited. The tablet solution enables us to accommodate growth while simultaneously improving our efficiencies, he added.
SKS Microfinance distributes microloans to low-income women across India to help them start and expand simple businesses that can empower them while increasing their incomes. With more than 4.5 million members, the company has a cumulative disbursement of nearly $7 billion in loans and current loan outstanding of $833 million, as on September 30, 2015.