The challenge

The loan operations department incurred huge overheads due to the increased volume and bank-wide focus on customer experience.

Outdated technology, manual processing, data integrity issues, and higher turn-around time were the inhibitors directly impacting the profitability and scalability of the operations. With the dis-joint process, users had to access 8+ systems and several screens to execute loan processes like disbursement, loan maintenance, payments to partners, repayment, repricing, and redemption. Manual processes and interventions led to audit and data integrity issues with overall process inefficiency.

Other key challenges:

Operation risk
- Risk of limited application support for existing MS-Access-based application supporting loan process tracking
- Manual error due to multiple systems involved and lack of system-driven controls, validations, and audits
Operational inefficiency
- Turn-around time was higher due to unnecessary hand-off and data transcription
- Toggling between systems, repeated data inputs, and repeated maker/checker process at each layer created time and cost overheads
Manual processing
- Paper-based processing induced additional costs in scanning, tracking, and safekeeping of documents
- Physical paper-based processing also limits channel outreach and customer self-service capabilities through internet banking and mobile apps

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