{"id":553217,"date":"2023-11-28T11:59:01","date_gmt":"2023-11-28T10:59:01","guid":{"rendered":"https:\/\/ibsintelligence.com\/?post_type=casestudy&p=553217"},"modified":"2023-11-28T12:00:21","modified_gmt":"2023-11-28T11:00:21","slug":"svamaan-financial-services-implements-nelito-systems-fincraft-core-microfinance-solution","status":"publish","type":"casestudy","link":"https:\/\/ibsintelligence.com\/casestudy\/svamaan-financial-services-implements-nelito-systems-fincraft-core-microfinance-solution\/","title":{"rendered":"Svamaan Financial Services implements Nelito System\u2019s FinCraft Core Microfinance Solution"},"content":{"rendered":"

Overview<\/strong><\/p>\n

Svamaan Financial Services Pvt. Ltd. (Svamaan) is a microfinance institution of the JSW group. It is the first microfinance firm to utilize a Data-Based Approach (DBA) in order to meet the twin goals of financial inclusion and driving impact for our customers. The new age MFI is finding new ways to serve Micro-entrepreneurs of India, empowering communities through financial inclusion and follows a customer-centric digital approach.<\/p>\n

Svamaan planned to launch lending operations for product portfolio like joint liability group (JLG) loans, microloans to small and medium industries. For administering the loan verticals, Svamaan wanted to automate the lending operations. Based on Nelito\u2019s rich experience of successfully implementing FinCraftTM Integrated Lending Management Solution (ILMS) in leading Financial Institutions and its capabilities to add significant value to the project, Svamaan shortlisted Nelito for the implementation of the solution and integrate it with third-party vendors and to provide a user-friendly mobile and web-based loan application for Svamaan\u2019s customers.<\/p>\n

Implementation Process<\/strong><\/p>\n

The implementation process of Svamaan Financial Services Pvt. Ltd.\u2019s transformation journey in partnership with Nelito Systems Ltd. was a comprehensive and collaborative endeavor. Kicking off with a thorough requirement analysis, Svamaan\u2019s specific needs, such as capturing non-converted customer data, group and center creation, credit rule setup, and advanced holiday collections, were meticulously documented. Nelito\u2019s expertise in the financial sector and its FinCraft Integrated Lending Management Solution (ILMS) formed the bedrock of this transformation.<\/p>\n

In the subsequent phases, Nelito seamlessly customized the ILMS to Svamaan\u2019s requisites, ensuring alignment with their business processes. This included integrating with third-party vendors and developing a user-friendly mobile and web-based loan application for Svamaan\u2019s customers. A key highlight was the establishment of a robust credit rules engine, enabling geo-based and activity-specific rule setups. Moreover, the ILMS effectively managed workflows, from lead initiation to loan disbursal, and facilitated efficient collections, tracking delinquent consumers, and minimizing defaults. Through a collaborative effort, this implementation streamlined Svamaan\u2019s operations, reduced disbursement timelines, and positioned them as a technology-driven catalyst for financial inclusion.<\/p>\n

Benefits Achieved<\/strong>
\nSome of the benefits include:<\/p>\n