In the fast-paced world of microfinance, staying ahead of the curve requires innovation, efficiency, and a deep understanding of customer needs. Shield Microfinance has embraced these principles by integrating Foundry Digital Sales into their operations. This strategic move has not only driven over 40% growth in customer account openings and loan origination but has also significantly reduced the need for manual, repetitive tasks. With the addition of AI-powered solutions such as facial recognition, risk rating systems, advanced document management, and regulatory reporting, Shield Microfinance is setting a new standard in the industry.
Driving Customer Growth and Loan Origination
For Shield Microfinance, customer acquisition and loan origination are critical components of their business model. Foundry Digital Sales has streamlined these processes, leading to a remarkable 40%+ increase in new customer accounts and loan approvals.
Efficient Digital Onboarding: Shield Microfinance utilizes Foundry’s digital onboarding platform, which allows potential customers to open accounts quickly and easily from their smartphones or computers. The user-friendly interface, coupled with real-time data processing, ensures a seamless experience that boosts conversion rates.
Accelerated Loan Processing: The integration of Foundry into Shield’s loan origination process has automated many of the steps involved, from application submission to final approval. This not only speeds up the process but also allows Shield to handle a higher volume of loan applications with the same level of resources.
Empowering Field Agents with Foundry Technology
Field agents play a crucial role in extending Shield Microfinance’s reach to customers in remote and underserved areas. Foundry Digital Sales equips these agents with the tools they need to perform their duties more effectively, even in challenging environments.
Mobile Access to Customer Data: Field agents can access the Foundry platform from their mobile devices, allowing them to retrieve and update customer information in real-time, no matter where they are. This ensures that agents always have the most accurate data at their fingertips, which is essential for making informed decisions in the field.
AI-Assisted Customer Onboarding: Foundry’s AI-powered tools assist field agents in onboarding new customers by automating data entry and document verification. The facial recognition feature allows agents to quickly verify customer identities, even in areas with limited connectivity. This streamlines the onboarding process, reducing the time it takes to open new accounts and originate loans.
Remote Loan Origination: Field agents can initiate and process loan applications on the spot, using Foundry’s mobile-enabled platform. The AI-powered risk rating system helps agents assess the creditworthiness of applicants in real-time, enabling them to make decisions quickly and confidently.
Eliminating Manual and Repetitive Tasks
One of the biggest challenges in microfinance is the manual processing of large volumes of data, which can be time-consuming and error-prone. Foundry Digital Sales addresses this challenge by automating routine tasks, allowing Shield Microfinance to focus on more strategic activities.
Automated Data Entry and Processing: Foundry’s AI-powered tools automatically capture and input customer data, reducing the time staff spend on data entry and minimizing errors. This ensures that Shield’s records are always up-to-date and accurate.
Workflow Optimization: Shield Microfinance benefits from Foundry’s ability to automate workflows, ensuring that all tasks are completed in a timely and efficient manner. This automation helps prevent bottlenecks and ensures that operations run smoothly.
Enhancing Security and Risk Management
In the financial sector, security and risk management are of paramount importance. Foundry Digital Sales enhances Shield Microfinance’s capabilities in these areas through advanced AI technologies.
Facial Recognition: To enhance the security of customer onboarding, Shield Microfinance employs Foundry’s facial recognition technology. This AI-driven system verifies the identity of new customers by matching their facial features with official ID documents, reducing the risk of fraud.
Advanced Risk Rating: Shield Microfinance leverages Foundry’s AI-powered risk rating system to assess the creditworthiness of loan applicants. By analyzing a wide range of data points, including financial history and behavioral patterns, the system provides a more accurate risk assessment, allowing Shield to make informed lending decisions.
Streamlining Document Management
Document management can be a complex task for microfinance institutions, given the volume of paperwork involved in customer onboarding and loan processing. Foundry simplifies this with its digital document management system.
Centralized Document Storage: Shield Microfinance uses Foundry’s platform to store and manage all customer and loan documents digitally. This not only reduces physical storage requirements but also makes it easier to retrieve documents when needed.
Secure Document Sharing: With Foundry, Shield can securely share documents with customers, auditors, and regulators, ensuring that sensitive information is protected while maintaining compliance with data protection laws.
Conclusion
Shield Microfinance’s partnership with Foundry Digital Sales is a testament to the power of digital transformation in the financial sector.
By leveraging Foundry’s advanced AI capabilities and mobile-friendly platform, Shield has not only driven significant growth in customer account openings and loan origination but also empowered their field agents to work more effectively in the field. As a result, Shield has streamlined operations, enhanced security, and ensured compliance, positioning themselves as a leader in delivering efficient, secure, and customer-centric financial services in the microfinance industry.
