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BFIL reduced loan processing time three-fold and reduced cost by 10 x with Minfy’s app modernization

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  5. Bharath Financial Inclusion Limited

Minfy augmented BFIL’s loan processing time and reduced the dependence on manual processes to affect a 10 x savings in costs. Bharat Financial Inclusion Limited (formerly known as SKS Microfinance Limited) BFIL is a banking & finance company (NBFC), licensed by the Reserve Bank of India. They offer life insurance and a variety of financial loans – income generation loans; mid-term loans; long-term Loans; loans for purchase of products.

The Requirement

• An incredibly complex legacy system
• Obstacles in integration and agility quotients
• Dependence on manual efforts for loan processing means time delays, costs escalations and more importantly poor customer experiences
• Need for optimizing the existing business process- through digitization of KYC & SMS verification processes.
• Rebuilding the application would entail huge Capex and Opex investments

Solution Overview

The Legacy systems have been modernized using the Serverless technology to streamline existing business processes.

Benefit

Minfy augmented BFIL’s loan processing time and reduced the dependence on manual processes, resulting in 10 x savings in costs. Bharat Financial Inclusion Limited (formerly known as SKS Microfinance Limited) BFIL is a Non-Banking & Finance Company (NBFC), licensed by the Reserve Bank of India. They offer life insurance and a variety of financial loans – income generation loans; mid-term loans; long-term Loans; loans for purchase of products etc.

Minfy’s Unclouded Answers

Step 1

 

Laid out a one-month planning and design period

 

Step 2

 

Engineered a digital platform by re-imagining the business processes - for provide real time visibility into operations, improving customer experience, to e-verity the loan applicant documents (government ID proofs) and authenticate the user enrolment through two-factor authentication via OTP generation and verification.

 

Step 3

 

Customized legacy modernization & integration framework to allow legacy & digital to co-exist and integrate.

 

Step 4

 

Utilized platform based development approach by leveraging service-oriented architecture & event based trigger leveraging AWS services –AWS Lambda(MS .Net technology), Redis Cache, API Gateway , AWS Kinesis, AWS Pinpoint, AWS Aurora(MySql) & AWS S3.

 

Step 5 - Technology Stack

 

• AWS - AWS Lambda, Redis Cache, API Gateway , AWS Kinesis, AWS Pinpoint, AWS Aurora(MySql) & AWS S3.
• Development Stack : Microsoft Dot Net Core.

Highlights

• 70,000 Customer enrollment forms to processed per day.
• 35K to 40K KYC done per day.
• 1.25 Lacs monthly statement sent over SMS( Event driven – Lamda + S3).
• 25K OTP verifications per day.

“Earning smiles with speedy service is the best return”

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