Customers had to make multiple visits to the branch for documentation. The bank officials would make pre-sanction inspection visits. The customer would visit the branch again to execute the final loan agreement.

To comply with the digital lending guidelines, Federal Bank decided on Aadhaar-based signatures. To implement this, the DCE Team recommended Leegality, which Federal Bank has used in other verticals. After doing several trial runs we found it met our needs.

There were regulatory issues. The digital lending guidelines came into effect on September 2nd, 2022. It became mandatory for any digital loan or any online loan to be digitally signed by both parties i.e. the lender and the borrower. Before this, we didn’t have any process to obtain a digital signature and we were using click wrap technology. Once the digital lending guidelines came into effect, we needed to shift to Aadhaar-based signing.

With the digital paperwork process, we are doing almost 4x the business now than we were doing in the initial two years.

The dealerships have less stress points when dealing with the Leegality-powered digital paperwork process. We have received feedback from dealerships where they’ve told us that this process has majorly helped them because they receive the disbursed funds in a day or two.

The productivity has certainly increased. A person who used to do five files with the normal process can generally disburse 10 files now.

With Leegality coming in, the merits are that as soon as the sanction is there and the customer is ready to avail the loan, it's just a matter of a few clicks, hardly two to three clicks and the customer gets the signing link.

With the digital process coming in, we are now doing almost 4x the business

This digital [paperwork] process is so convenient that you feel like taking loans more frequently

Customer Experience has improved tremendously. If all other variables are as per the market standard, the customers tend to come back for digital loans.

We looked at market feedback, the ease of integration and how well the partner will be able to adapt itself and align with us. Leegality ticked all the right boxes for us.

We don’t have to store papers and we are saving a lot of time and money because of that.

There was a lot of dependency on printers and even a small error would mean redoing everything. Our BCs had to travel 20-50kms to store the documents at our branches.

There are no more errors as the documents get pre-filled digitally. And with biometric signatures, the signers never miss signing any pages.

Despite setting SOPs, errors crop up when it comes to manual paperwork. With almost 600 branches and 2000 employees across India, human errors are bound to happen.

Employee productivity has substantially improved. Even with fewer people, we can scale up, which was impossible with physical paperwork.

When biometric eSigns are used, the customer cannot deny signing. The fraud at the onboarding level has almost come to a standstill.

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Earlier there were a lot of frauds in the micro-finance space. Customers would use someone else’s documents to create fake loan accounts, and even employees would collude sometimes.

Developments in technology over the last 10 years, especially after Aadhaar, have significantly improved accessibility and connectivity in rural areas.

People at Leegality are very cooperative and deliver very quickly. We were able to meet all our timelines. We went live on April 1st and in just 2 months have disbursed 56,000 loans.

The experience was very good, the team was very cooperative and they gave great support. They were able to resolve any issues that would come up and we were able to meet our timelines. We are able to reach required solutions and resolve challenges in between. We look forward to a very long standing relationship with Leegality.

The KCC loan disbursal process is now 100% digital. If you visit some of our branches you will not find any documents or files.

If you interview some of the farmers who have availed a loan digitally, you’ll see how thrilled they are to get a loan so quickly.

Earlier it would take at least 10 days to get a loan. Now it takes 5-10 minutes. I could've never imagined doing KCC at this scale without a digital process.

Leegality was our natural choice because of the relationship we already had with them. I think your people are very cooperative, and we were able to deliver things very fast, and meet the timeline.