In the dynamic world of BFSI, Reliance Consumer Finance shines as a beacon of excellence. This case study unravels a story of collaboration, where MBM Newtech’s innovation meets Reliance Consumer Finance’s vision for operational enhancement. This narrative unfolds how tailored technological solutions can redefine operations within the ever-evolving BFSI landscape.
Client Profile:
- Client: Reliance Consumer Finance
- Industry: BFSI
- Key Stakeholder: Srivaths Varadharajan
Client’s Journey:
Reliance Consumer Finance, a distinguished player in the BFSI sector, embarked on a transformative journey in July 2008. With an extensive presence across India, Reliance Consumer Finance aspired to transform its customer onboarding process – a pivotal aspect of its operations.
Relevance and Need:
With a sprawling network across India, Reliance Consumer Finance operated through 70 locations. The challenge lay in swiftly onboarding customers while maintaining operational efficiency. The aim was to condense the customer onboarding turnaround time (TAT) from 7 days to a mere 2 days. Simultaneously, the drive for cost efficiency compelled the need to reduce substantial expenses incurred in couriering customer applications.
Past Scenario:
Before the dawn of MBM Newtech’s intervention, Reliance Consumer Finance wrestled with a complex customer onboarding process. Sourcing customers from diverse locations, a distributed scanning solution emerged as the key to operational refinement. An adept Document Management System (DMS) complemented by a workflow solution held the promise of expediting customer application processing. Yet, the storyline encountered a bottleneck – exorbitant scanning software license fees from the DMS vendor cast a shadow of project delays and financial strain.
Solutions Forged:
In response to Reliance Consumer Finance’s unique challenges, MBM Newtech sculpted a strategic solution:
- Custom Capture Software: The astute minds at MBM Newtech promptly grasped the scenario and sprang into action. Recognizing the impediment posed by steep scanning software license costs, the team embarked on conceiving a tailored capture software christened “Evolve Capture.” This software was meticulously architected to facilitate rapid scanning, indexing, and seamless document uploading into the DMS workflow.
Immediate Transformation:
The strategic maneuver by MBM Newtech yielded an immediate, palpable transformation:
- Financial Alleviation: The debut of the “Evolve Capture” software translated into substantial fiscal relief. Bypassing the burden of towering licensing costs, Reliance Consumer Finance secured savings surpassing $100,000, sealing the project’s success with a resounding impact.
In Summation:
The harmonious triumph etched by Reliance Consumer Finance and MBM Newtech underscores the potency of tailored technological solutions in reshaping BFSI operations. By traversing operational crevices and promptly surmounting challenges, “Evolve Capture” showcased its capacity to elevate operational efficiency and optimize fiscal resources. This narrative magnifies MBM Newtech’s acumen in crafting visionary solutions that redefine the operational narrative, elevating clients to sustained success and accelerated growth.
