The FinTech industry is rapidly evolving in today’s technology-driven era. Financial services can be vastly enhanced and optimized with the use of emerging technologies. Customers are shifting their preferences from traditional banking to digital banking. As the COVID-19 situation still prevails, it becomes safe and convenient for everyone to rely on digital banking to carry out their required banking operations. The roots of digitization have also reached the microfinance sector of India. The use of high-end softwares to facilitate microfinancing is indeed proving to be a boon for the unemployed or lower-class people in India. 

Many microfinancing and micro-lending companies have modernized their infrastructure to provide tech-driven automated services, multiplying the efficiency and speed of banking operations for those companies.

We at Celusion Technologies always aim at enabling the microfinancing sector as we believe it will uplift our nation’s economy in the coming years. We recently worked with Svatantra Microfin Pvt. Ltd. (Svatantra), one of the leading Microfinance companies, to help them transform their banking operations into a streamlined, digital system. The goal was to follow a customer-centric approach and build seamless software to expedite the banking processes of the microfinance company.

The Svatantra microfin team and our tech experts created a one-stop banking solution to manage all end-to-end operations. The overall strategy was crafted considering various factors like the company DNA, speed of operations, software scalability, etc. 

It was a challenging project for all of us, with no chances for mistakes. Before the actual work began, we decided to do a detailed analysis of all the operations, workflows, and technicalities involved, along with the frequently encountered issues in the existing system. Our team worked on the very granular level and worked out the most suitable solutions that made Svatantra’s banking infrastructure highly scalable, agile, and simple. 

Svatantra Microfin team has been able to aid millions of rural women in India by providing them financial services like micro-lending, savings accounts, etc. With a technology-led approach, the enterprise can help multitudes of people across India by managing everything in an organized and optimized manner. Celusion’s team is proud to help modernize the banking operations of an incredibly impactful microfinance company. 

Here are some significant results that the union of our team and Svatantra’s team could achieve: 

• Turnaround Time (TAT) – reduced to 6 days from 12 (50%)
• Tech-led growth – asset size rose from INR. 500-700 Cr. to INR 3500 Cr. 
• Lives made easy for 3500 users (field staff)
• Impacting productivity and streamline operations for 4500+ employee base
• Faster processing means faster financial inclusion of rural women customers, gone up 10X,  from 10000 per month to 100000 per month (12,00,000 annually).

Celusion Technologies is proud to have teamed up with a company like Svatantra Microfin, giving it a digital edge to offer micro-lending and microfinance services to a larger customer base. We specifically ensured to retain the soul and purpose of the company in the upgrade process. Future is calling for a technology-driven microfinance space, and we are glad to be a part of it.