- How is SAVE Microfinance leveraging technology to improve access to microfinance in tier 2 and tier 3 cities?
SAVE Microfinance Private Limited uses technology to improve access to microfinance in tier 2 and tier 3 cities through a number of ways, including:
Offering Microcredit products: Save particularly stands out, offering collateral-free IGL tailor made Loans ranging from Rs. 20K to Rs. 80K categorized as UNNATI REIN, GARIMA REIN, Sambal, Samriddhi and MID TERM LOAN based on the borrower requirement. Notably, these loans are provided without requiring collateral and women entrepreneurs can avail it in best offering interest rates.
Business correspondents (BC) : SAVE has one of the largest networks of BCs in the country who work in remote locations. SAVE leverages its extensive network of CSPs to customers those who are not typically part of the mainstream banking system.
Digital adoption: SAVE has leveraged digital adoption to widen the reach and accessibility of microfinance services.
Customized credit assessment: SAVE customizes credit assessment and processes to cater to the specific needs of the borrowers from Microfinance.
Digital Payment: SAVE encourages and adopted receiving digital payment through BBPS, UPI and tie-ups with renowned CSP merchant.
- What digital innovations is SAVE Microfinance introducing to simplify the loan application process for rural and semi-urban borrowers?
SAVE Microfinance has adopted and implemented robust technology platform to help simplify the loan application process for borrowers by:
Expediting eKYC verification: We can verify a borrower’s identity through biometric fingerprint and OTP.
Verifying bank account credibility: we can verify a borrower’s bank account credibility by having them drop a penny into their account.
Geo-tagging: we allows field officers to tag the location of borrowers and there center meeting location. This can help with loan collection by quickly locating the borrower.
Reducing loan decision time: By having best use of our technological advancement, we have reduced the time, it takes to make a loan decision from three days to one day.
Customer facing app: this has launched successfully, from where borrower can see her loan ledger and make payment directly.
- How does SAVE Solutions address the challenges of digital literacy among borrowers in smaller cities and rural areas?
While significant progress toward empowering our borrowers about digital literacy through use of technology i.e. IVR call, SMS notifications, WhatsApp notifications, Pre and Post disbursement calls and introduction of customer facing app to facilitate digital literacy, however certain difficulties remains there which we are trying to gaze and address by adding other possible modes of communications.
- What role does technology play in SAVE’ efforts to promote financial inclusion among underserved communities?
SAVE Microfinance uses technology as a bridge to reach underserved communities by offering digital financial solutions that are secure, faster and cost effective comprising real time eKYC, Bank verification, credit bureau checks, geo-tagging, digital documentation and acceptance of digital payments through BBPS and UPI. These steps allow clients from underserved areas to transact digitally, promoting a more inclusive financial environment and increasing convenience for clients who may struggle with in-person processes.
- How is SAVE balancing the need for traditional in-person services with the push for digital adoption in microfinance?
SAVE has come-up with inclusive solutions based on learning by doing approach, we understand the deep-rooted obstacles and the best possible solution to overcome it by means of offering credit product using methodology meticulously suited with customers requirement to cope-up with other constrained through leveraging man and machinery to balance the need of human connect and technological interventions in all across workflow to strengthen our business model towards sustainability.
We have our well trained team equipped with technology, facilitate customers journey right from on-boarding to closer with approach of clients first.
- In what ways is SAVE collaborating with fintechs or other technology partners to expand financial services in tier 2 and tier 3 cities?
SAVE has collaborated several fintechs, banks and technology partners to ease the KYC verification, Bank verification, digital documentation, cashless disbursement and digital collection followed by engaging network of renowned CMS players to facilitate collection remittances.
- What initiatives does SAVE have in place to increase awareness and adoption of digital financial tools among its clients?
We at SAVE have introduced IVR call, SMS notifications, WhatsApp notifications, Pre and Post disbursement calls and introduction of customer facing app to facilitate digital literacy and all required awareness during borrower journey with us.
- How does SAVE ensure data security and privacy as it moves towards more digital services for its clients in smaller cities?
SAVE ensure data security and privacy following ways :
Encryption: Encrypting data as it moves between the database and a device or computer makes it harder for hackers to access.
Access management: Limit access to data to only those who need it to perform essential functions.
Backups: Maintain local and offsite backups of data. This protects against data loss and allows for quick recovery.
Incident management: Prepare for potential data security incidents by creating an business continuity plan and performing data drill frequently in supervision of seniors.
Data governance: Adopt a data governance strategy that aligns with the organization’s objectives and growth plans.
Multi-factor authentication (MFA): Require users to provide more than a password to prove their identity.
Password policies: Limit the number of login attempts or password resets a user can make.
We do conduct regular security assessments to avoid any data security and privacy related concern.
- How is SAVE Microfinance using technology to improve loan monitoring, disbursement, and repayment processes for its microfinance clients?
SAVE is equipped with centralized platform for data management and reporting, our LMS system allows to track loan disbursements, monitor repayment schedules, and create comprehensive analytics on the all-performance of the portfolio on real time basis. This data-driven approach helps us and everyone in the hierarchy to engage, monitor and supervise their respective team.
