Converting from the paper based business to paperless business, Religare Finvest Limited is not only nurturing greater returns but with the deployment of mCollect mobile application, RFL’s work has been streamlined while tapping high volume loans segment through scalable technology. In a tete-a-tete with Kavi Arora, Chief Executive Officer, Religare Finvest Limited, Bhawna Satsangi finds out how does the technology helps in getting good returns for Religare.
Debt collection is a practice where financial institutions empower a loan recovery officer to collect the debt on behalf of the institution. This practice is generally a paper based process. However, to ward off this paper based practice Nucleus Software Exports Limited has announced that Religare Finvest Limited (RFL), the SME focus lending arm of Religare Enterprise Limited has gone live with mCollect, a mobility product to enhance its loan servicing and collection software capabilities.
Having been a mobility product for efficient delinquency and debt management operations, mCollect has enabled RFL to offer a high performance, automated and anywhere-anytime accessible system o its field collectors, collection managers and sales personnel.
The paperless system has helped RFL empowering the collection agents to access the much needed information instantaneously and achieving end customer satisfaction. Kavi Arora, Chief Executive Officer, Religare Finvest Limited informs, “RFL is committed to making financing easier for SMEs through innovative, pioneering and industry leading solutions. With the use of this application we have been able to tighten our collection process and reduce our operational costs. The application has also helped us minimize human errors and expedite reconciliation. We are poised for steady growth in tapping SME lending opportunities across clusters in India more efficiently.”
Ask Kavi about the challenges that RFL has to face before applying mCollect and he lements, “There were several key challenges which were identified post studies. Delays in data updation and validation, risk of float money in the system and operational challenges hamper our growth to an extent.”
After applying the system in place, RFL benefited on multiple fronts with an efficient and holistic loan servicing and collection software:
Deployment compatibility: RFL provided the desired web server environment in the form of Apache Tomcat version 7.0 to the Nucleus team to deploy the application.
Handset compatibility: Religare bought newer handsets with which the application was compatible to increase the efficiency quotient.
Product customization: RFL’s customization was not only implemented but was also parameterized and included as parts of Nucleus software’s core FinnOne mCollect product.
A highly flexible solution, mCollect helps lending institutions manage various processes such as receipt recording, contact recording, receipt tracking and processing float money tracking, receipt reconciliation and foreclosure simulation. The mobile solution can be easily adapted to the need of specific market segments by allowing lenders worldwide to achieve higher profitability, increased operational efficiency and customer satisfaction.
Vishnu R. Dusad, CEO and Managing Director, Nucleus Software says, “We have a stron partnership with RFL since 2009 and are excited that with its progressive and forward looking vision, RFL has placed its trust in us. RFL has chosen our robust functionality rich and highly scalable mobile application to serve its customers.”