The performance improvement services provided by Practus assisted the finance and mortgage brokers in streamlining the payment process and reducing payment time in the queue from 15 working days to 3 working days.
|Client Name||ROI||Industry||Ownership||Management||No. of Employees||Size||Project Duration|
|Finance & Mortgage Broker||5x||NBFC||Private and PE-backed||Professional||600+||$261 million||3 months|
About The Company
LoanBuddy is a fast-growing NBFC in India, backed by some of the most prominent private equity investors. Founded by a strong management team with extensive and deep experience in the MNC banking space. It focuses on retail, consumer, housing, and education loans and has operations in multiple cities across India. It is a new-age financial services platform that leverages technology and data science to make lending quick and easy. 3 entities; 3 different ERPs for different processes.
Practus’ Role in Performance Improvement
- Understand payment process ‘As-Is’.
- Identify inefficiencies and redundancies in sub-processes.
- Define the process to ensure priority payments happen on time and duplicate processing of invoices is completely stopped.
- Make the process more time-efficient to reduce the linear/proportionate hiring of the accounting team expected as of now, for the company growth.
Impact Delivered in Performance Improvement
- Studied the entire payment process, understood mechanisms of both ERP and payment software used by the client at present, held discussions with the CFO, existing team, ERP technical teams, representatives of employees in operations to understand pain points and expectations.
- Key drivers involved while identifying the gaps in the process:
- Time devoted vs value generated.
- Irrelevant/nonvalue adding activities.
- Streamlined/automate the manual steps.
- Customized current ERP to address futuristic needs.
- Mistake proof/maximum accuracy.