eSthenos Technologies has launched a digital platform targeted at SFBs to accelerate their growth. SFBs have to balance regulatory compliance while maintaining their high level of touchpoints that bigger banks traditionally don’t have to. The platform enables field executives to spend less time on mundane tasks like data collection and spending time building relationships with prospective clients and understanding their needs. Using the highly scalable platform of eSthenos Technologies , the delivery model can be completely automated & paperless.
The journey of Small Finance Banks (SFB) began in India on the auspicious occasion of Baisakhi in 2016 with the launch of Capital Small Finance Bank of Jalandhar. It’s been more than two and half years, since RBI has granted Small Finance Bank (SFB) licence to 10 Financial Institutions, with an idea of strengthening the financial inclusion space by providing basic banking and credit services with a differentiated banking model to the larger population.
Majority of SFBs were prominent microfinance players, having strong rural & semi urban presence. They are offering attractive interest rates on traditional savings & deposits in one hand while experimenting on the field to offer differentiated credit products at customer’s doorstep. Technology can play a significant role in delivering such custom-made credit and savings products at a very low cost with significant decrease in the customers waiting period.
The development was reported by prnewswire.co.in