How Bharat Financial Inclusion Limited is using digital paperwork to ensure 100% digital business correspondent onboarding
The story of how BFIL, a 100% owned subsidiary of IndusInd Bank, completely digitised their business correspondent onboarding paperwork
The benefits of digitisation versus paperwork are in terms of turnaround times. And so the whole process of enrollment end to end can take as less as 15 minutes.”
BFIL is deriving fantastic business results from its zero paper onboarding process
BFIL BEFORE and AFTER Leegality:
Massive Delays It would take 7 to 15 days to just get the agreement uploaded into their internal portal
Reduction in TAT The whole process of enrollment end to end now takes as less as 15 minutes
Expensive process There were high costs involved in management and acquisition of physical paper
Reduced costs The cost of managing and cost of acquisition has gone down
Procuring physical stamp papers was an administrative hassle Physical procurement of stamp papers used to be pretty onerous because each regional office would need to procure its quota of stamp papers separately
Hassle-free stamp paper procurement Less money is tied up in inventory of stamps, using Leegality’s digital process and the process of acquisition has also become easier
Storing and tracking physical docs was a nightmare The post signing storage and management of documents was a hassle. It was next to impossible to make sure that every document was accounted for
Retrieve documents easily All documents are stored on a portal where one can go and retrieve anything that is required
READ THE FULL IMPLEMENTATION STORY →
We sat down with Ritesh Chatterjee, Chief Distribution Officer at Bharat Financial Inclusion Limited and Head of Bharat Money Store to discuss-
The importance of the BC onboarding agreement
How physical paperwork created significant operational hurdles in the BC onboarding process
Why BFIL chose Leegality
BFIL’s new Leegality powered digital BC onboarding process
Business results from their new zero paper onboarding process
Interaction with Leegality’s support team
Other Case Studies
.webp)
.webp)