Speridian enables first ever Co-operative Bank in India to automate Financial Inclusion Services

Client

Our client, a major Indian bank, became the first in the country to automate Financial Inclusion services.  They did so by adopting Speridian’s Beacon Financial Inclusion Solution (FIS).  This move was extremely successful and set a nationwide model for successful expansion into this underserved business sector.

Customer Situation

This client sought to expand its outreach to the Financial Inclusion model. They tried various solutions, but nothing matched their needs. They sought and automated solution that would:

• Enable Banks services to extend services to marginalized and remote clients
• Facilitate quick expansion with minimal of operational costs
• Increase the spread and share the risk return of lending
• Increase the loan portfolio
• Significantly improvement in the strength of the client base

In short, they required an advanced online solution capable of serving as an intermediate between BC’s and Banks, helping them increase their outreach into remote and underserved areas.

Speridian’s Solution

After confirming the customer’s needs and requirements, Speridian recommended the Beacon Financial Inclusion Solution.

• Speridian’s Beacon Financial Inclusion solution offers a custom-built bridge between the banking service and the common man, regardless of location
• FIS seamlessly interacts with Speridian’s Beacon Financial Inclusion Solution to support a broad variety of banking activities
• Includes a Mobile Application solution which acts as an intermediate portal for facilitating the communication between the agent collection Process and the FIS

Technologies Used

• net
• JQuery
• JavaScript
• WebAPI
• Ajax
• C++
• MS SQL Server Standard
• Python
• Django
• Eclipse

Business Impact

The solution was delivered in 30 days, and seamlessly integrated 7 locations and 100 agents.  It opened the door to substantial growth while minimizing expansion costs due to automated processes.  Deposits increased over 30 times, depositor strength rose by a factor of 10, while bank recovery increased by 75%. Our client views this as a transformational win and the foundation of their current business model.