We used to attach a stamp paper along with the agreement and then sign it from our end. After this we would send it back to the merchant - to get their signature on the stamp paper. Now, whenever anyone - be it a merchant or anyone sees a legal looking document like a stamp paper - they would be apprehensive about it. It was very difficult for us to collect the physical signed stamp paper from them

Earlier I used to have a team of 25 members for document verification and for activating a merchant account in our backend system. And when we are onboarding like 500 plus Merchants a day - the entire process became very tedious and time consuming for my team to verify each and every document manually and then taking things forward.

Any sales executive onboarding a merchant from a different location (other than Hyderabad) would collect the hardcopy agreement from the merchant and then send it to Hyderabad for verification purposes. If anything in the document was incorrect after verification - it would need to go through a back and forth process. This took time. And until documents get verified, until agreement gets approved - merchants are not allowed to perform the transactions on our POS devices.

We needed to fill out details in the agreement - merchant details, address, their bank account details, any supporting documents which they are handing over and any business-related information. After that the merchant would have to sign on every page of the document. It was a tedious and time consuming process. And since things are happening manually, there were high chances of errors.

What adds to the complete experience is the attitude of the Leegality team, who went out of the way to help us during this period. They are proactive and always available to resolve our queries

The seamless process offered by Leegality for the digital execution of the agreements is commendable. It is easy to use and saves time.

Starting with procurement of a stamp paper to printing, scanning and stamping of the agreements became a challenge during this Lockdown. The solution offered by Leegality caters to all these challenges

We are evaluating new use cases. Our enterprise finance team also, along with our legal team, I think they have gotten in touch…We want the engagement to be much deeper than it is currently - from just one of the platform parts we are trying to take it platform wide. Having said that, currently we are using it for core sanction documentation. We also want to use it for various other facets.

What drew me towards Leegality was their post sales service. After Manan (our Sales POC) closed the sales, gave us our credentials and took us through training, we were handed over to Utkarsh (our Account Manager) who became our go-to man. If I have any questions, if I have any additional workflows, if I have any additional requirement in terms of stamp papers, or in terms of how I can use more and more services of Leegality. There's a standing help in Utkarsh and he does help me out

Our Sales POC at Leegality – Manan - was very forthcoming right from the first chat which we had. In terms of what can be offered, what cannot be offered, there was no ambiguity. There was no overselling. There was nothing which he promised but couldn't deliver. There was a real clarity in terms of the communication which was maintained

The biggest benefit is that even though the authorized signatories may not be in the same place due to Covid disruptions etc. the signing is happening and we are moving ahead

Leegality has crashed the timelines significantly. We have brought down our paperwork cycle from 4 to 5 days to one day through Leegality

So after sanction, the to and fro of documents will take approximately 4-5 days. And then the limits setting process – and limits going live will take another couple of days. So it’s a 7 day journey post sanction

We work in the business of money. Our time is money. In the larger scheme of things, that [extra license fee] doesn't pinch me. But if I had to deal with a service where my team had to spend umpteen hours chasing on calls, chasing on emails and my work was not getting done, and I had to then spend [time], get involved and get stuff done. That for me is not worth paying [cheaper license fee]

The problem with people like me is I get to check my email once a day or something. I have dedicated email time, after that I don't respond on emails at all. So it helps to have someone you can just call up and say that, you know, "boss can you get, my teams are having an issue with this. Can you get it looked into? Can someone help". It really helps when you have an account manager who you can just call and who will make stuff happen for you. Even in terms of training the team, Leegality was a completely new feature for them. They had never worked with something like this before. So I think hand holding us through that entire phase of adoption was extremely, extremely well done

Probably the biggest reason that Leegality kept our account this year was because of the support that Leegality provides. I think what really keeps people with the business, same as ours, is how you engage with your customers, how good you make them feel about working with you. And Leegality teams did that with us, which is why we continued with Leegality this year.

The face capture helps when you're doing a virtual signature - where the identity of the borrower is not 100 percent unlike an Aadhaar eSign. So it really helps you have captured the face of the borrower as well, so that tomorrow the borrower can't get up and say "boss kisi ne mera phone liya aur usne sign kar diya [someone took my phone and signed the document]". So that helps

The identity of borrower is absolutely certain, right, when you get an aadhaar based signature

The turnaround time to disbursement is almost less than an hour after the sanction. Average document execution time has come down from two days to literally like an hour, plus, there are no errors

My field force can be so much more productive because now their job is simply getting in customers into the funnel and probably calling up the customer and saying that "boss, please, I have sent you the link sign it". Earlier on, these guys literally had to be on the streets, not only bringing in customers, but getting all this documentation executed. Average productivity of an agent used to be, I would say about 20 odd lakhs a month, in terms of disbursement. Those same guys are now closing the month at about between 25 and 30 lakhs. I can see the boost in the funnel because of something like this being introduced. This has massively boosted the overall number that an agent is giving in a month.

Now [with Leegality] our business loan and our personal loans are completely presence-less. Our agent doesn't need to go to the customer at all. The agent is sitting in the office and he is like literally sending a link to the customer, calling the customer and saying that "boss, I've sent you a link, can you please sign the document". So it's as simple as that

Plus also the borrower understands the gravity of taking a loan when he sees the stamp paper. There's a responsibility attached with availing credit. So the presence of a stamp paper just drives home that message in a more solid manner. So that's why we wanted an e-stamping and e-signing solution.

For the MSME segment we found litigation to be a fairly effective collection method. For litigation to be effective your documentation needs to be solid. This whole click wrap works very well when you are a hundred percent sure that you're not going to litigate because it's a very grey area in the court of law.

I would recommend Leegality to any Bank or NBFC who wants to switch to digital document execution

The third problem essentially stems from the fact that When you have teams traveling to the borrower there's always that issue of whether, you know, it's proper, it's not proper, whether the identity of the borrower is verified or not