About the Company

This leading Microfinance, founded in 2016 began its journey back in the year 2017 and has a distinct goal of providing micro-loans to those living in semi-urban and rural regions. In just seven years the microfinance firm has grown into an acknowledged name in microfinance institutions. It has spread across 25 states with a remarkable achievement of 6000 crore AUM. Microfinance Company has shown a significant impact on the nation’s development. It has won the International Business Period award for its excellent contribution in microfinance and nation-building. It especially emphasizes women entrepreneurs and promotes financial inclusion.

Challenges

Before incorporating our APIs, Microfinance Company faced several challenges in its operations.

• Inefficient Verification Process with errors

In the initial phase, Microfinance Company was dependent on a manual verification process. But with scalability, it faced manual verification, an inefficient method with errors.

• Authentication Hurdles

Without the API, it was a challenging task to check the authenticity of the person and bank verification.

• Scalability Challenges in Rural Areas

In the absence of Aadhaar eSigning and APIs, extending financial services to individuals in rural and semi-urban areas posed significant obstacles, hindering the goal of financial inclusion.

• Compliance Concerns

Issues in ensuring compliance with regulatory requirements, especially KYC and AML norms. These issues were the major obstacles to the company’s productivity, growth, and ability to achieve the mission of providing accessible financial services to underserved communities.

Solutions

After understanding the challenges of Microfinance Company, we offered these solutions

Aadhaar Verification, PAN Verification API, and Bank Verification API

We offered Aadhaar and PAN Verification API to streamline their customer verification process. Our APIs helped them access government databases to verify individual identity. Aadhaar API adds efficiency by eliminating the manual verification process.

• eSign API

Surepass eSign APIs allow leading Microfinance Company to cut off delays that occur during the physical signature process. Our APIs help in speeding the loan approval process. It helps reduce the operation cost of printing, mailing, and storage. Enhanced security with tamper-proof digital signatures. The Aadhaar eSign API enhances the customer experience by providing convenient remote document signing, which is particularly beneficial for rural individuals.

Apart from Aadhaar eSign and verification APIs, we provided multiple APIs to Microfinance Company to overcome each challenge. So, they can focus on their aim rather than operations. We have dozens of APIs tailored to fix each issue from verification to record checking. Contact us now to schedule a personalized demo.

Outcomes

After incorporating our APIs, Microfinance Company experienced remarkable enhancements in its operations and overall efficiency:

• Streamlined the Verification 

We have simplified the verification process through the use of verification APIs such as Aadhaar Verification API PAN Verification API, Aadhaar Verification API API and the Bank Verification API. API.

• Reduced Fraud Risk 

Our APIs allow Microfinance Company to check the authenticity of individuals effectively and reduce the risk of fraud by conducting thorough examinations of databases.

• Business Expansion

Through the incorporation of Aadhaar eSign API and other APIs, Microfinance Company expanded its coverage and helped facilitate smoother transactions, which contributed to the expansion of business.

• Expense Reduction

Our APIs have eliminated the manual paperwork requirement, resulting in savings for the Microfinance Company.

• Enhanced Customer Experience

With streamlined processes and efficient services, Microfinance Company enhanced its customer experience, promoting trust and satisfaction.

Conclusion

Our APIs improved the overall operations of the leading Microfinance Company. Our seamless solution increased the efficiency of the verification process with accuracy. The eSign API aids in enhancing accessibility for rural communities and boosts scalability. Surepass helps Microfinance Company to improve customer experience and eliminate operational costs. We empowered the company’s operations and helped it serve underserved communities.