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Fullerton India Credit Company - IT Enabled Financial Inclusion in Indian Rural Sector

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PCQ Bureau
New Update

The Problem: People in the rural strata are mostly unbanked. Key challenges faced by this company included turn-around times (TAT) for loans disbursements, cash related controls in the absence of bank accounts, authentication of customers, and maintaining mandatory documents of KYC(know your customer), loan details, etc.

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The Solution: FOnline core lending solution enables loan level information to be available at branch and central levels giving greater controls. The entire deployment of the core lending solution is over a central Citrix farm ensuring version controls and security that can be managed centrally. Cash tally module reconciles the physical cash available at the branch with the system cash ledger balance to ensure cash controls. A biometric fingerprint enrollment application ensures customer authentication during collections.

The Result: Operational efficiency and productivity improvements at branch and central office levels. The entire center meetings are completed within 30 minutes for an average center size of about 50 customers. Collections due report on a daily basis is transferred in a soft format to the hand- held devices thus saving approximately 250 pages for print per day per branch.

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