Arohan Financial Services Limited is a leading NBFC-MFI with operations in financiallyunder-penetrated low income states of India.Started with the mission of “mainstreamingfinancial inclusion”, Arohan seeks to providecredit and insurance products to customerswho have limited or no access to financialservices.
Arohan’s target customers are women, with anannual household income of ₹2,00,000 or less inurban areas and ₹1,25,000 or less in non-urbanareas. The typical ticket size of the micro loansoffered by Arohan to its customers ranges from₹10,000 to ₹75,000. Through these loans Arohanaims to have a positive impact on its customers’lives as their products are geared towards improving their customers’ income earning capabilities.
As mentioned earlier, it's not easy for our customers to travel up to 25kilometers in rural areas to reach our branch offices, for signing thedocuments and waiting for the loans to get disbursed into theiraccounts. The digital paperwork platform helps our customers savetime and avoid the hassle.Save moneyIf you offer the customer the option of signing the document kit fromhome, and they have a smartphone, then they will prefer that optionalways. With our customer segment, if they have to make a trip to ourbranch then they have to forego part of their daily wages. So, thedigital paperwork process saves them money and not going to thebranch is a great option for them.
Saves valuable time
The entire process saves us at least half a man-day, every day across720 branches. This results in saving of about 350 man-days per dayacross Arohan branches - one can imagine its multiplier effect over amonths span.
Makes Arohan’s teams happier
Our employees are extremely happy about the new digital JLG loanpaperwork process as it saves them time and energy. As a result of thepandemic, we have been facing various on-ground challenges in thefield pertaining to collections. Today, with the intervention from Leegality, our field employees can spend more time enabling collections whilealso sourcing new customers.
The digital paperwork process has resulted in a considerableamount of operational expenditure savings on printing, paper,cartridges, transportation, and storage costs.
In our industry, one can become non-compliant even if one loan filegoes missing and that comes up as a legal case. With this interventionfrom Leegality, we are assured that whatever is disbursed, is beingsigned electronically and is then stored in the Document ManagementServer for future references, and can be retrieved as per need. Thismakes the work simpler for the Compliance Department as well.
The digital paperwork process ensures that all the paperwork iscorrect, completed and stored for future reference.
The platform provided to Arohan by Leegality captures live images,geo-coordinates, phone details, and IP addresses of the customerswhen they e-sign a document. All these pieces of information areavailable and stored in the audit trail. This makes the work simpler forthe compliance team.