Lead the Light – Navachetana Microfin Services Private Limited

Lead the Light
Problem
- They were supposed to visit customers on a monthly basis to collect the repayment EMI from the customers.
- Having a high attrition means they had difficult task of keeping track of customer’s homes
- In many cases where identification was missed and the collections did not happen in time, the company had to incur overdue.
- Monitor the field staff in task of meeting customers and checking their performances.
- This method helped in identification of the path of the customers to be used for any other staff.
Solution
- This was a phase of intense discussions to identify the right product and to draw the perfect objectives.
- Development & Testing Stages and Pre-Deployment Phase
- The team zeroed down a “work flow automation” tool called “Trackolap.
- The time the executive spent at each location was tracked.
- This enabled them to track the performance of the individual and also helped the management.
Outcomes
- They were able to track the individual’s performance by means of assigned tasks.
- They were able to trace back the customers’ homes and use the same at a later time by other executives if need be.
- was optimum without affecting the financials of the company and within the targeted annual costs.
- They were able to see marked improvement in the portfolio quality.
- The customer’s visit was more diligent leading to better customer relationships and better collection figures.
SKOCH Award Nominee
Category: Financial Services
Sub-Category: NBFC & MFI – Financial Inclusion
Project: Lead the Light
Start Date: 1-10-2024
Organisation: Navachetana Microfin Services Private Limited
Respondent: Nagendra V Mali
https://www.navachetana.in/
Level: BFSI – 1
Video
See Presentation
Gallery
Case Study
Lead the Light
Introduction:
We are a financial services company designated as NBFC providing financial services for the underbanked rural customers. We have a branch network of over 100 branches spread at multiple geographies.
Problem:
They were supposed to visit customers on a monthly basis to collect the repayment EMI from the customers. Having a high attrition means they had difficult task of keeping track of customer’s homes.
Solution:
This was a phase of intense discussions to identify the right product and to draw the perfect objectives. These phases had multiple level of discussions and people management and influencing the outcome and acceptability of the system.
Challenges:
The identified work flow automation tool though was efficient, it was supposed to be tweaked to manage multiple locations and the MIS flow was supposed to be decided which took a good effort in planning. The other challenge was to integrate this with the data from other tools which was being used.
Innovation:
Having the best process with the least cost was the crux of the matter. The financial goal was met and the collections efficiency was achieved and employees morale was improved.
Outcomes:
They were able to track the individual’s performance by means of assigned tasks. They were able to trace back the customers’ homes and use the same at a later time by other executives if need be. They were able to see marked improvement in the portfolio quality.
Opportunities:
This tool will be used to integrate all other process and activities of other departments related to business. An integrated approach to the tool can help eliminate many other applications as we integrate tasks of departments.
Summary:
At the outset they expect the best customer service to the customers and they take a lot of initiatives to train and nurture the field staff in during their duties.
For more information, please contact:
Nagendra V Mali at nagendra.mali@navachetana.in
(The content on the page is provided by the Exhibitor)