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With Paripoorna’s Beacon, Make On The Spot Loan-Approval possible

Paripoorna’s Beacon helped a leading Micro Finance company to enable on the spot loan approvals

Customer Challenges

The microfinance industry has become wholly customer centric and has been seeing a huge trend shift due to high-demand low-supply imparity along with high attrition rate of the loan seekers. The challenges the customer faced in order to sustain the tide were

  • High turnaround time for loan approval which resulted in losing a potential loan seeker
  • Manual data/ document collection
  • Delayed verification process

Our Solution

Paripoorna provided the customer with a holistic solution amply aided with the latest technologies to ensure an immense growth in business. Paripoorna’s Beacon, is time-tested loan portfolio management solution that has been continuously improvised over the decade, has helped several financial institutions to manage their lending process seamlessly. Beacon meticulously helps manage the business right from the day to day operations of lending processes to strategic directions like demand forecasting and supply planning.

This cutting-edge tab based app Beacon, addressed all of the customer’s challenges

  • Beacon provisioned for the data to be collected in both offline and online mode in the tab that the field staff could use on the move. This also ensured, all the data was available in the system and not spread across various medium
  • The credit bureau integration, bank integration and rule engine based verification module helped the details of the loan seeker to be sent across to the credit bureau for prompt verification and get the in-principle approval on the spot.
  • The indigenous solution for instant verification lowered the turnaround time drastically and helped the customer in engaging more leads
  • This instant data verification is powered by a strong backend that could handle heavy data inflow seamlessly
  • To embrace the country’s ongoing digitization drive, Adhar card integration is provided for easy mapping for Adhar data.

Business Impact

By bringing deep business understanding and technical expertise, Paripoorna’s promise for business improvement was showcased as

  • Drastically reducing the turnaround time for data collection to in-principle loan approval from 5 days to 10 minutes.
  • The automation of data collection ensured centralized data availability
  • This solution brought about a massive increase in the customer’s business and their field staff productivity.

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