Mobile Solutions to accelerate Financial Inclusion : Microfinance is an industry that bridges the gap of economic inequality by lending loans to the unbanked/underbanked that benefit them in building their assets, creating new business opportunities and having a sustainable lifestyle. Being a guardian angel of the economically challenged, Microfinance fosters financial inclusion to alleviate poverty in India.
Furthermore, Internet and mobile penetration has led to the evolution of technology in the microfinance sector. However, the limited financial proficiency and formal training in rural India poses specific challenges in Microfinance operations. With the new RBI guidelines, technology (Mobility Solutions) now plays a major role in scalability, acquiring the increased target market and gaining competitive advantage through customized solutions.
Digitization in the microfinance sector gave birth to mobility solutions that contribute to the accomplishment of financial inclusion.
Microfinance is embracing new financial technologies to facilitate financial inclusion at macro level.
Mobile solutions bring many stumbling blocks at ease. It reduces the operational costs by collecting data entirely through mobile devices, builds customer loyalty though better user experiences, empowers microfinance industries to reach out to more people and function in a uniform and organized manner.
Accelerates access of financial services in remote areas, understanding customers’ needs and behavior and upskilling people of rural India.
Craft silicon ~ Fulfilling the vision of financial inclusion
we bring you the array of mobile solutions to combat all the challenges of field operations and expedite the aim of financial inclusion. These solutions help in improved decision making, reduction of default rates and expenses, thereby bridging the communication gap to enhance productivity.
Let’s explore craft silicon product suite that is created to envelop the entire microlending process from loan management to disbursement, collection, and delinquency management.
GLOW
Abbreviates to group loan organization flow is a comprehensive software that has various inbuilt features that are beneficial to MFIs. Starting with village surveys, geo-location tagging, capturing demographics data and eKYC, it enables automated field credit verification and appraisals, centralized data management, quality check for easy loan disbursements.
ILOS
Individual loan origination workflow automates the lending process by allowing the lenders to promote loan products through geo-tagging feature, seamless data entries, reference checks and loan utilisation plans.
TRUCELL
Trucell is a mobile application specifically designed to support and empower Microfinance field operations. It facilitates the lending operations for optimum loan collection, loan disbursement, Loan Utilisation payments, pre-closure, demise marking and other e-services through mobile devices. Trucell hosts a range of functions and activities to make work easier, quicker, and efficient for field officers.
TRACKOD
TrackOD supports in managing default accounts, overdue loans, partial collection, fore-closure, on-field loan settlement and write off recommendations digitally.
CUSTOMERAPP
Customer app helps the end borrowers by providing a user-friendly interface for MFIs customers that facilitates access to loan information, loan status alerts, new offers etc. in their regional language settings.
Craft silicon provides integrated low-cost digital tech mobility tools to lenders and borrowers and thereby, accelerate the growth of financial inclusion in India. This mobile initiative will fathom a lot of interrelated issues like literacy and unemployment, thus curbing poverty on a large scale!
Author: Divya Jyothi | UX & Marketing Manager
Divya is a goal driven Marketing and Product design professional with over 7 years of corporate experience. She oversees end-to-end marketing management by developing and executing integrated marketing strategies to advance sales and customer engagement. Functioned as a Meticulous product designer balancing multiple deadlines while maintaining an organized yet, creative approach towards user research, product interaction design, UX & UI design.