Fullerton India - IT Enabled Financial Inclusion in Indian Rural sector

The Problem: Microfinance underlines the importance of self-employment rather than wage employment and grants loans to low income groups, who have no access to banking services. However, mere intention to provide loans wasn't enough for the company as the procedure faced difficulties in turnaround time, maintenance of documents of KYC and loan details, etc.

The Solution: Fullerton India was setup in 08 as a Microfinance business with 84 branches in rural India with the intention to provide financial inclusion and livelihood opportunities to the rural poor. Finding a solution to the many problems, Fullerton deployed a straight forward processing of weekly field collections on a centrally hosted core lending platform. They employed touch-screen based handheld devices in the field with biometric authentication.

The Result: The scheme brings in core banking in lending, rendering loan detail accessible from all branches, and a cash tally module to prevent discrepancy in cash. Every customer's fingerprint is taken to maintain and identify the authentic customer.