A technological innovation introduced to ease the process of loan procurement
18th January 2021, Hyderabad: Dvara KGFS, a leading technology backed NBFC in India, with a mission to maximize the financial well-being of every individual and every enterprise in rural India has recently launched a new innovative feature – e-signature which enables hassle free documentation to access loans while ensuring pandemic related safety protocols.
Bringing about a paradigm shift the way customers apply for loans, KGFS Assist (Front end app built by KGFS in-house technology team) has introduced E-signatures enabling complete ease in applying and processing of loans from the convenience of their homes and from their own hand-held device thereby eliminating the cumbersome process of fixing signatures, uploading documents on ERP, etc. which required extensive manual interventions.
Speaking about JLG and MEL Turn Around Time (TAT), Mr. Murty LVLN, Deputy CEO, Dvara KGFS, “With deep understanding of the market, we have been able to reduce the TAT substantially to 4 days and to 2 days respectively. This has resulted in easing of the loan disbursement and enrollment process and resulting in more people benefitting as well as setting new benchmarks in our internal process.”
KGFS Assist is an internally built customer centric app with huge integration capability with various vendors that supports Dvara KGFS with innovative solutions to ensure the end customers is benefitted in the best possible way.
Speaking on the introduction of the new feature, Mr. Joby C O, CEO, Dvara KGFS said, “We, at Dvara KGFS, have associated with Legality to integrate e-sign feature to KGFS Assist, the in-house enrollment app, to ease the loan approval process. A simple, seamless and time-saving innovative feature – e-signature was introduced recently to ensure continuity of services for our customers through our seamless adoption of technology. This new e-signature feature has helped in maintaining records of all loan documents in soft format, eliminating the need to store the physical documents thereby ensuring safety and security thus delivering superior customer experience.”
Once the loan documents are approved and uploaded, the branch staff approaches the customer for signatures which is done on a mobile phone / tablet after a 2-step authentication – Mobile OTP and Mobile Signatures. The same signatures are then automatically affixed on the document at respective places. The documents now get stored in the ERP system. However, some legal documents require actual signatures.
This innovation of the e-signature feature has helped our customers to access our products without being exposed to the pandemic and has also resulted in significant savings in time taken for operations as the need for downloading, scanning and uploading documents has been erased.