Successful tablet roll-out halves loan application time at Satin
Satin Credit Care Network is a NBFC-MFI (Non-Banking Financial Company - Microfinance Institution) with 2.3 million clients in India. NMI recently participated in a capital raise at Satin, and owns roughly 7 percent of the company. A successful roll-out of tablets to the 4,769 loan officers enables Satin to combine the high-touch element with digital solutions that improve processes and provide better services to customers.
“Satin is committed to the most efficient process and best services to our customers,” states Pranav Prakash, Assistant Vice President for Operations, as he explains the background for the tablet roll-out.
“The mandatory credit bureau check can now be done within minutes using the tablet to scan and send the applicants’ data from their biometrics ID card (Aadhaar). It used to be a 5-day manual process, where documents where gathered and send to the regional office. The new scan process has reduced the time from application to receiving a loan from 10 to 5 days. This is an important achievement when considering that time is often key when applying for a loan to pursue a business opportunity,” says Prakash.
He further explains that the tablets allow Satin to track the whereabouts of loan officers in real time. This provides both security to loan officers when working in remote areas as well as a possibility to map travel patterns. The next step is to optimize travel routes based on the collected data from the tablets.
Generally, highly standardized processes – whether manual or digital – are what make Satin operate at a relatively low operating expense ratio, while maintaining strong personal relations (“high-touch”) to their clients and offering competitive interest rates.