With the new digital paperwork process, a lot of time is saved. The RM’s time can be now completely devoted to sourcing proposals, which is their core function.

Unlike stamp paper, revenue stamps don’t have a serial number. We are supposed to cancel it and ensure that it's not being reused. We used to cancel and keep stamps

The borrower has to affix his signature on each page. There is a high chance of a page being missed in the physical journey.

Collecting an application, onboarding a customer, processing the application, informing the customer, executing the agreement and then releasing the funds - this process would take four working days and still, clerical mistakes would be there.

The advantages are so significant. It saves you a lot of man-hours, a lot of expenses and a lot of energy. It increases efficiency and productivity levels. I don't see any reason why the other banks should not embrace a digital mode of execution for documents.

The time spent by our employees for getting loan documents executed would otherwise have been spent on sourcing. So I do believe efficiency could have been much better [without physical paperwork]

What used to take 7 days can now be done within minutes

The first digital paperwork project we launched was in auto loans. Then people started realizing, 'Okay, you can do this digitally.' That’s when the pull factor kicked in—[other verticals] began asking, 'I want to sign this digitally, I want to do this digitally

To produce one lakh A4 sheets of paper, it takes around eight to nine trees. From a carbon footprint perspective, this was significant.

For some products, paperwork used to take up to 7 days to complete

Today Leegality has become a verb in the bank

[Our employees] are now really happy and say “what was X for me before, I'm now able to do 2X in the same amount of time because of the [digital paperwork] process. So from an employee standpoint, [digital paperwork] has been hugely beneficial

Honestly I don’t know how we lived through that phase [of physical paperwork]. It was very difficult, cumbersome and expensive for banks

We were seeing a lot of errors because, when it's done manually, human beings make mistakes. One page gets missed, a signature is forgotten, and then during the audit process, someone catches it, leading to a scramble to fix the issue.

With [physical paperwork] you needed the customer physically present at the same location as where the transaction was happening. That was a big impediment because customers have a life of their own.

Moving into paperless has been a boon for banks like us

Once a call was set with Shriram (Tamohara’s account manager from Leegality) we could kind of understand the flow, and now we are able to manage the whole process from our own end. And that was quite seamless. I mean, that was the after sales support which I wanted, and Shriram has been quite good in interacting with us weekly and putting those things in place to ensure that the experience, the continuing experience happens to be good. So the kind of convenience that you guys have brought on the table for me and my team has been so good and the interactions with Shri and your team have been really good. I got a feeling that we are in good hands and that was more important to me than sheer commercials alone. There is no doubt in my mind that I would strongly recommend Leegality

The API integration was so seamless. And then we were set for the UAT. So the UAT was set within around 18 to 25 days, and it went through smoothly

We have seen a man hour investment, man hour upgrading that's happened. So the doc boy who used to take Xerox or do the logging of the incoming courier part and documentation, that work, that guy has migrated from that to scanning work, uploading work and tagging work. So what has happened is these people have kind of moved on up the ladder, as far as the skillset is concerned, into managing documents electronically. And that's a good investment for the firm to have. People investment are the only things which we have

As far as the legal part is concerned, getting a signature, we wanted it to be validated from such a source that at the end if there is going to be any dispute or if there is going to be an audit by SEBI, so at that point of time, it is imperative for us to ensure that the processes that we follow and adhere to is completely compliant with SEBI norms. And having Leegality here means that we have a standard organization which is actually validating the data and capturing the signature of the end client electronically. So that was very important for us. So many foolproof systems so that the customer information does not leak out or go out of the system more than what is intended to. So that was very important for us, and we felt that Leegality's approach and all gave us a feel that these guys are serious and they know the work.

Buying these eSigns and stamps is so convenient for me. Otherwise, I had to send a person out to buy stamp papers, pre-date it, back date it whatever and try to arrange for the stamp paper. All those things are eliminated now. And in this COVID situation where most of the stamp sellers and stamp vendors don't even come, it would have been a big hassle for me to arrange for the documentation to be complete as per SEBI compliance law.

Checking the name and matching it, earlier my team had to do that manually. Now this happens automatically.

Even in case there are errors while submitting the form, we can rectify them and it does not take a lot of time.

In a physical journey we had to take the client on call and basically explain to him the entire process of account opening. We had to tell him where the signature has to be made. All this was something which was time consuming for a salesperson. So right now, within that particular time, he can reach more number of people.

The customer had to courier us the documents. Now not everyone stays in metro cities - Bangalore, Mumbai etc. So for someone staying in a tier 2 or tier 3 city, it was a costly thing