From the API perspective, there was very good support from the Leegality service team. The entire development and integration process was completed in four to six weeks. And throughout that process, I think the support given by the Leegality services team was really exemplary.

When it comes to the document signing process, I have personally received a lot of feedback saying that this process is very good. It meets our compliance norms as well.

We started interacting with Leegality around  two years back, and we have not looked away  since. We are very happy and we look for a long partnership with Leegality. It's a win-win for all sides - customers and staff. So we as a bank are very satisfied.

In the solution from the customer perspective, we needed good customer  experience. So when we saw the UI, it was absolutely amazing. The flow was self-explanatory so we do not need to teach the customer anything about  where to go and what to click. Second is the support. The support we  have received, even during the initial stages and post-go-live also. It has been very good.

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The user interface of the platform is so intuitive that the customer has no issues clicking on the link and executing the document on their own. You can actually complete the entire process, including documentation in 10 to 15 minutes

The storage of the documents and retrieval of this data whenever required, is a challenge. We need to store this data in our bank for at least 10 years. For example, tomorrow if a customer defaults or an inspection is coming; we need to show all the data. So someone has to spare bandwidth to go extract documents from the storage manually.

The customer has to find time to come to the branch or find time to entertain the bank official at his place or at the dealer’s location

In many cases, the DSA agents or the field executives have to come to the branch, get the documents ready, and then go back to the customer. This was a really tedious process.

All the states have their particular stamp duty requirement fed into Leegality. We use the Leegality dashboard to manage and track stamp consumption and availability. Stamp management has moved from the ground level to the central level - all stamps are kept and monitored centrally

The cost has gone down quite a lot because we now don't need to print out all those papers anymore.

We now have a stamp dashboard where we manage all the stamps—availability, expiry, and more. We’ve moved from ground-level stamp management to a centralized system, where all the stamp papers are stored centrally and readily available when needed. The operational ease is tremendous.

All the data is correct in all aspects. You cannot have mistakes in a digitally generated document

Of course, we had assessed other options at the time. But ultimately, I believe choosing Leegality was the right decision. The feedback I’ve received from the ground-level team at the bank, as well as from dealers and customers, confirms that it was the best decision we’ve made.

Stamp procurement is a big headache, because each state has their own set of rules. It's very difficult to pre-procure physical stamps and keep them, there is an issue of validity as well. You cannot purchase large quantities. It's a major headache.

Cost is a major factor. There is the paper cost, documentation costs, printout costs, and manpower costs. Time is also a cost.

Leegality’s MIS reports really help us identify the success and ROI of digitizing paperwork. We want to be able to analyze segments where digitization has picked up, segments where it is not working, and what needs to be done for better volumes. This is very helpful for decision-making.

Different people check documents so that we don't miss out on any key details. The maker processes the loan documents. The checker is a senior-level person who just checks that the information variables being filled in are correct. The Leegality Reviewer feature is embedded into almost all workflows to help us with this.

This is the era of spam emails and phishing emails. We want the borrower to be completely sure they’re eSigning documents on a site they trust. Emails and messages branded with our brand colours create this trust. It makes the customer comfortable.

Leegality’s Two Factor Authentication Login adds additional security. Federal Bank users need to log in via password and OTP. This ensures that nobody is messing around with the system. We use Leegality’s IP Restricted Login feature. We have white-labelled the IPs from which this platform can be accessed. This helps us avoid cyber crimes

The customer prefers to execute documents digitally as he is able to do so from the comfort of his home. He can even sign from abroad and it is legally valid. So the customer experience has improved significantly

All logistical issues have been eliminated. Once the entire signing process is complete, the document is stored in our repository without any need for scanning and uploading.

It just takes a few minutes for the documents to be completed. The TAT for the sanction has reduced drastically. We don’t have to spend an hour travelling to the borrower’s place anymore.

A borrower needs to only sign once in a digital journey. So there are no chances of missing any page.

With digital execution, the requirement for the revenue stamp, plus the cancellation is taken care of easily.

Security against repudiation, enhanced legal compliance and the sheer ease of handling documents have been big benefits