It was a field led model where an agent had to go to the customer. So multiple times we noticed that our agents were not checking the agreements properly. There were signatures that had been missed out. Signatures in the wrong places on an agreement. So all of that was the kind of problem that we noticed in a field led model

When you have a loan agreement, which is five or six pages long [which] people are signing, signatures get missed out, then, you know, it just worsens the customer experience and their turnaround time. And you have to go back to the customer and ask them for one signature on a piece of paper

Firstly, there's a delay in getting those documents to the borrower, getting those documents signed by the borrower and bringing them back to your back office. So time to turn around or turn around time was extremely high. So if I were to just talk about the documentation leg of it, which happens post sanction and pre disbursement, that itself, used to take roughly about two to three days

Utkarsh (our Success Manager) is always available. I’ve called him at odd times, on holidays, on weekends. There is a lot of ownership shown by your team. This is visible not necessarily through speech but through actions. If I'm stuck with something - you’ve always been accommodative and this builds trust.

One of the key differentiators that you have today is the stability of the service that is offered. Yesterday I was in a meeting, and I had to sign four applications. I did not get access to my laptop because it was with IT. And I signed those applications from my tablet. And this had to work in an environment where there is low bandwidth. Now there's an established benchmark that I already have for Leegality. That Leegality will operate even at two in the morning without. So that's the benchmark that you guys have already set.

You guys are more expensive than your competition but you also solve for a lot of problems - and shows that you guys are thinking ahead. I require multiple permutations and combinations for different use cases - which require different features. These solutions are readily available with you - with no hiccups

While we will eventually consume your service via API - integration is underway - the dashboard allows us to go live and show ROI without waiting for the API integration which may take months or quarters

The beauty of the Leegality Dashboard lies in its simplicity - it enables me to access the document and disburse the money in a jiffy - while ensuring all my risk parameters are in place. If I need to call for a signed document or if I need to know what was signed when, I just simply go and download the document from the library and demonstrate to an auditor that “hey, this document was signed - here is the time stamp and date”. I don't need to go and check for things I may have missed like a round seal or a stamp paper.

Rather than doing paperwork, which was technically not really adding value in terms of productivity, the time that we get from digital execution can now be utilized in a productive fashion. For example, the additional man-hours available to our teams could be now spent in auditing and ensuring that the risk management controls are better

For physical paperwork we need to worry about a lot of things - like ensuring the round seal is affixed, ensuring stamp paper is put etc. And then there’s the time spent assembling the documents, scanning, uploading, sending to the customer. Doing all this takes up a few hours per day for our RMs

With digitization coming in, I could technically double loans per month because with digital execution, all the pages are executed with just a click of a button. The customer just puts their Aadhaar number and, boom - it's signed. From our end, we just need to check if all the documents are digitally signed and then we can press a button to disburse money. So my number of onboardings can go up in a month simply because of digital execution. And because of this my AUM growth also increases

Let’s say, for example, we wanted to increase our loan book by 600 Cr in a month. Assuming every loan is 60 Crores, I would need to do ten loans per month. if the processes were manual, I would need Now, in a physical process, there's only so much possible from nine in the morning till six thirty or seven in the evening because you are also constrained by banking channels to push your money. You are constrained by customer availability. So there is a natural limit to how much you can disburse in a month

What would have taken us three hours pre-Leegality now takes us 5 minutes. At the click of a button our RMs are able to upload and trigger ten documents to the customer. And perhaps another five minutes for the customer to just sign all these documents. So that’s a 10x faster process for digital lending after Leegality

The physical process delays speed to market for disbursal and consumes significant man-hours of each RM per day

Customers generally find it much easier to sign via Leegality. They could sign an agreement, in under 10 seconds.They could be traveling.They could just be in an airport. They could be outside an airport. They could be in a cab. It really doesn't matter, provided that they are connected to the internet.

The new Leegality process helps boost productivity 3-4 times - freeing up precious man-hours. It also accelerates the disbursement process by cutting down the lead time for the customer to execute the loan kit and also the lead time at our end to process the signed copy. This helps us achieve exponential AUM growth without significantly increasing the headcount

The physical process delays speed to market for disbursal and consumes significant man-hours of each RM per day. This has spillover effects on AUM growth. As the AUM grows the number of loan applications grow. If you don’t move digital and instead stay with a physical process, it significantly hampers your ability to increase your throughput for AUM growth

So I frankly have not had to call them at all. We have raised, I think, in the last six months that we've been using, oh no one-year now, we’ve been using Leegality, we've I think raised one or two queries, but they've always got, I mean routed to Utkarsh and they got addressed, I think in less than 24 hours. We frankly have not had to raise too many queries.

We've actually moved forward. We've done an overseas product with a company in the U.S. Even over there the party signing the document is the customer as well as one person from the U.S. We actually now also use Leegality for that. People are so comfortable that we've moved from Fund of Funds, gone into Waterfield, and in Waterfield using it for every product where we need to get anything signed from the customer

So we started with the Fund of Funds. And then, because the team got so comfortable with the whole tool, we started using Leegality for other paperwork in Waterfield. So besides Fund of Funds, our core business is that we are advisors. We advise customers on their overall portfolios. Now when a customer gets into an advisory arrangement with us, there is an agreement that we sign with the customer. There are certain onboarding documents that we sign, which up till now was all happening physically. Physically means we used to send the set, they would print it, sign it, send us a soft copy. Now that we have Leegality and the team is so comfortable using the platform, we have extended it to other documents like the Waterfield onboarding application. So now even the Waterfield onboarding documentation gets signed through Leegality.

We actually had our clients coming back and saying that this is a very user-friendly application. We've also had some clients coming back to us and asking us about Leegality because they want to use it at their offices. So I think overall they have had a great experience

I think the way the system functions, the flexibilities that you all give of uploading PDFs, all of that was very user-friendly. The tool itself is very easy to use. The service manager team finds it very easy to use, because of the flexibility of attaching a PDF and triggering it to a customer. It is as simple as that. They all have said that it is very easy. Like I said, the interface is very easy.

My team is the biggest team. I took it to my team and I trained them. 10-12 people were trained. They could adopt it very quickly. The training didn't require much effort and time. I think I did one or two sessions, and then the team was up and running

We did work on very tight timelines because we wanted to launch the product. So it's not like we had a six-month window. I think we turned everything around in a matter of maybe two months and we went live with it. So I think it was also a lot that these guys were so readily available.

Excellent. Full ten on ten for that because Manan (Sales Representative) initially and then Utkarsh (Customer Success Representative) were available as and when we needed them. I was personally driving this whole project from Waterfield. I must have had probably eight to ten meetings with Utkarsh in trying to design an application form, but not once did he ever say that “Oh, we've already done it why are we doing it again? For the smallest thing they were more than willing to get on to a call. I could just drop a WhatsApp and they would immediately set up a call. And that is the reason why after so many meetings I felt very confident using the platform and taking it to my team. I didn't have to keep running back to Utkarsh time and again because initially they had kind of handheld me so well when we were working on the platform. So I think that way it's great. They are available. You can get in touch over a call, WhatsApp, and the response time is very fast.