37% Increase in team productivity

Background

Centrum Microcredit provides micro credit and other relevant financial services to the un-served and under-served women in urban, semi-urban and rural areas. Centrum provide micro finance to customers present across 9 states in 72 districts through their 130 branches. 

Challenge

Centrum collection team faced severalchallenges with like cash handling and not being able to deposit cash in banks after working hours. Few rural teams travelled 3 to 4 hours per day to collection point, cash carrying risks were higher with such teams and led to lower productivity. Cash management costs was higher in the branch offices. There were recurring accounts reconciliation and customer services issues as well. 

Solution

Paynearby services were proposed to the Centrum’s collection team. It promised to be one solution for all their collection problems. PayNearby’s cash collection service was extended to their their customers as well. 

The platform helped the collection team locate PayNearby retailers in their area and deposit cash instantly. This reduced cash handling and associated risks which led to high productivity.

Because of API integrations accounts were updated instantaneously, solved various customer serviceand reconciliation issues.  

Through our customer module, customers could now make payments at any PayNearby retailer by just providing their loan account number. 

Results

Centrum has reported 55% growth in cash deposits through Paynearby touchpoints and 37% increase in team productivity because of our cash collection service.

Today, 1/5th of entire cash collection done by Centrum is routed through PayNearby network.

Increased Collection team member’s productivity –productivity of team members has gone up by 37% as this process saves time and efforts.