| |June 20179CIOReviewtedious time- consuming process, requiring meticulous calculations which bear heavily on the MFIs front-line staff. An efficient digital system allows staff to source new clients and helps them provide quality service to their existing customers in a shorter span of time. The scope of digitization encompasses facilitation of various processes in the overall management of loans, including KYC feed, online Credit Bureau checks, immediate approval/rejection of customer's loan application on the basis of Credit Bureau response, Centre and Group formation, GEO mapping of Centre, Disbursement and collection entry and dashboards for various operational purposes. If locations are remote and experience weak network connectivity, mobile applications capture the transactions offline and upload them when a steady connection is available.Benefits The benefits of digitization have been felt throughout our organization where Turn Around Times have reduced to 50 percent across processes and the flexibility of our solution reduces the time to market for customers and new products. Since these solutions are scalable to handle growth an increase in branches, networks, customers or employees can be easily absorbed. Plug-ins with the company's Loan Management System facilitate Business Correspondents and Partnerships to help on cashless possibilities on disbursements and collections. The Geo-Tagging facilities facilitate locating centres which are remotely located. Since most MFIs depend on the customer's punctuality and discipline in the loan repayment schedule, our application also records customer attendance at the centre. Overall digitization has empowered the field officers with a tool to expedite the sourcing process. Conclusion With the rapid advancement in technology, mobile penetration, new players and massive investments in the development sector, the MFI industry is transforming. The advantage of the current technology will enable MFIs, who have opted for mobility, to expand their services and reach. The concentration of technology which, till a couple of years back, was limited to enterprise applications, has seen a paradigm shift and is now in the hands of field officers, facilitating proactive customer service, communication with stakeholders, thus enabling growth. The sector which grew by over 80 percent in the last two years will play a key role in the country's priority of financial inclusion to all. The advantage of the current technology will enable MFIs, who have opted for mobility, to expand their services and reach Manoj Kumar Nambiar
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