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Dealing with paperwork becomes a cumbersome process when it comes to collecting data manually from the customers and submitting it to the head quarters. The process is clumsy & consumes time, especially the documents reaching from the customer’s place to the Headquarters can span over a 2-3 day period. In a digitally revolutionizing world why stick to the ‘old’ methods of documentation that makes you slow and your customer unhappy about the delay?
The Present Situation
The back office employee(s) at firms into data/document process were using manual method to collect data for the loan, etc. purposes of the customer, as it a complete branch run process. This process of collecting & depositing the data to getting the approval of loan, stretched to an exhaustive 15 days to 40 days period.
The current situation wasn’t helping neither the firms not the customers. Even to provide benefits to a few customers situated far away, the firms had to establish a fully functioning branch. This was costing a lot to the firms and also the maintenance cost scaled up. This was not helping the firms financially.
Such problem poses a challenge to overcome by any finance team of a firm. This problem made the firms to look for an alternative solution to make the process of customer documentation much faster, efficient and effective, which would lead to a better documentation process, making the customer satisfactory.
The Solution
“Speed and accuracy a tool for the financial business sectors to grow their reach”
AdStringO software came up with the unique solution, to digitize the complete process. The idea proposed by adStringO was approved for trial by firms; it was very simple, digitizing the complete process, from pick-up to clearance and passing of the loan.
After getting the approval adStringO began its process by helping the data management team by digitizing the document collection process from the customers place, after a successful pilot study.
The on field employee now just needed to scan the documents of the customer, which directly gets stored in the database at the Head Quarters. This process helped resolve the manual data management process, cutting the need of a branch to be set-up at every location. The cumbersome 40* day process was reduced to a very short time period. The issuance of policy now took just 4 hours, saving a lot of time and resources.
The Result
After introducing adStringO, the policy issuance process that took 2 weeks to 1 month was reduced to 4 hours, saving a lot of time of the firms. Adstringo is the first mobile based application that helps process the data digitally, resulting in a fast and better data management.
“Revolutionizing the paperwork, saving time and resources simultaneously”
How AdStringO works?
With adstringo the sales/field employee only has to carry a mobile device to the customer’s place. The documents produced by the customer are scanned on the spot using the mobile device installed with Adstringo software, which compresses the source file size to its 1/20* of size, resulting in a much faster data transfer. The data is directly uploaded to the central Head Quarters server where it is processed in less time. This whole process takes only than 4 hours.
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The Benefits
Adstringo helped the data management teams to reduce time for policy issuance & clearance time from 14-30 days to 4 hours. The complete loan process that used to take 40 days now takes much shorter period of time to clear, satisfying the customer needs much faster.
This added to a huge cost saving to the data process management of the firms. Larsen & Toubro Finance team is using the service and in an estimated period of five years will be able to save 67.10 million, making huge profits. The cost saving per policy issuance was reduced to 50% of the original cost.
adStringO helped the teams to bring all the data process on a mobile device platform helping them to close down many branches, resulting in saving huge maintenance costs.
