Additionally, analytical models for real time monitoring alerts, early warning signals, and propensity score cards for prudent collection strategy.
“At Jana, we have invested in various technologies, infrastructure and tools to drive data analytics and to convert our data into impactful insights. We use data to make our policy decisions which are often driven by post data analytics, these are presented in various internal committees leading to data-led decision making,” said Ashish Gopal Saxena, CIO, Jana Small Finance Bank.
The bank has also been using AI-ML in its video based customer identification procedure. This model enables checking: Face Match with existing document ID; Name Similarity; Address Similarity; and Location check.
Jana Small Finance Bank has 611 Branches, including 166 Branches in Unbanked Rural Centres, and 134 ATMs located in 20 states and three union territories across India. The small finance bank has served over 8 million customers since 2008, including approximately 3.05 million active customers.
Reducing TAT using RPA
The lender has also invested heavily on Robotic Process Automation. So far, RPA has been applied on 60 plus operational processes, 100 plus IT system monitoring tasks and 25 routine IT operational tasks.
“Our back-office services use certain robotic process automation capabilities, which have eliminated a number of manual processing steps, thereby reducing turnaround time and eliminating human errors,” said Saxena.
Bots for individuals installment loans have also been implemented. According to Saxena, the complete back-end process which had 20 steps and required human intervention at 37 touch points like field verification check, Dedupe, anti-money laundering (AML) & Credit Bureau checks at pre-sanction, sanction & post sanction stages, were reviewed and key activities were identified which were scripted through RPA tool for BOT to work.
Saxena believes that Jana Small Finance Bank’s digital strength enables it to stitch end-to-end digital journeys both for asset & liabilities.
The mesh of 170 APIs helps in giving faster turnaround in customer on- boarding & servicing. 98% of Savings accounts are opened digitally. 95% of the bank’s sales force uses Tablet or mobile, and 98% of loans are processed digitally.
During the pandemic, when physical movement was the key challenge, the bank launched DiGiGen self onboarding channel through which customers could open savings and fixed deposit accounts. This was coupled with a video-KYC feature that helped on-board customers remotely.
For retail loans, the Sanction & Disbursement processes were automated using the business rule engine, which reduced the turnaround time in gold loans significantly. The bank also launched a mobile collections app to support ‘BYOD’ allowing for our collection executives to reach customers during lockdown scenarios The objective was to have less physical intervention and to provide customer delight in these challenging times.
In the future too, Jana SFB aims to continue with its strong digital hold for customer acquisition, customer services for expanding the bank’s reach to customers through digital banking interfaces by constantly adapting newer solutions.
