The Challenge
Streamline and optimize the customer acquisition and loan disbursement process to improve efficiency, reduce delays, enhance customer experience, and lower the cost of servicing
Our Solution
Current State Assessment
Profiling the current state of IT policies and technology arrangements to establish a baseline for evaluation and transformation.
Compliance & Diagnostic Review
Conducting an in-depth compliance review against RBI’s Master Directions and performing a diagnostic review to assess alignment with the organization’s stated architecture and technological capabilities.
Gap Analysis & Framework Design
Generating a GAP report with actionable recommendations, followed by designing and rebuilding the control framework to address identified gaps and align with regulatory requirements.
The Digital Fifth’s Approach
- Multiple workshops with all stakeholders to understand products and respective process flows
- Visits to branches in rural Myanmar – understanding employees' views and pain points as well as customers for a better understanding on process complexities
- Research was focused on understanding customer and employee experience
- Analysed digitization possibilities within Myanmar ecosystem like bureaus/banking and linked it with product promise and customer experience
- The Digital Fifth team overhauled the entire customer life cycle process, simplifying flows, integrating technology, and providing draft recommendations for cultural change through digital training.
Accomplishment
- Significantly reduced operational expenses.
- Drastically shortened processing times.
- Simplified the credit assessment process.
- Streamlined funding processes by removing unnecessary approval steps.
