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Want to Avoid Duplicating Work? Try These #3 Hacks if You are a Fintech Buff Technology solutions used at the agency-level to manage smaller teams and processes can be integrated with larger systems (and ERPs) of parent companies

By Limesh Parekh

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Fintech is one of the fastest emerging areas in the financial industry. Financial technology has been utilized to automate insurance, trading and risk management. It is the new technology and innovation that intends to contend with conventional methods in the delivery of financial services

When we say Finance sector, it is supposed to be cover the entire BFSI (Banking, Financial Services and Insurance). These are the companies who collect money, grant loans, collect loan repayments, collect premium, generate leads (for selling loans, insurance or deposits) and carry out the entire process, but the difference is the use of technology in the whole process. It's because of the heavy use of technology that Flat Fee Brokerage and other concepts have evolved.

As a general rule, the majority of the enormous players outsource this entire process to (comparatively) smaller agencies. It is a win-win situation for both the parties because (a) agencies operate at a much lower cost (b) because small-size agencies can achieve much higher efficiencies.

Automation is possible at both the levels, i.e. the parent company as well as the agency also. The best part is that the technology solutions used at the agency-level to manage smaller teams and processes can be integrated with larger systems (and ERPs) of parent companies. This reduces lots of tedious and clerical activities which had to be carried out before.

Three Components of Solution for Fintech Companies

Three parts of the entire solution stack are used by these Fintech companies.

1. A CRM solution which will store all the relevant information about the customers and activities/interactions which are done with them. These CRM systems are integrated with the main ERP or Core Transaction Systems by an API or Import/Export functionality.

2. A Call Centre Solution from where the entire communication is managed and coordinated.

3. An integrated Mobile App, which needs to be given to the Team on the Field. Because, it's the field staff, which goes out in the market to sell loans, policies and collect money, document and premiums.

Best part is that all these three components are tightly integrated and work in tandem to avoid any duplicity of work. Almost all clerical and manual computation work is eliminated with proper automation and API integration. These three systems are again integrated back to back with the main ERP/Core Transaction System which enables Real Time Reporting.

Software or Database Management System (Similar to CRM)

This is a Customized CRM Application, which is used to manage many different kinds of processes.

  • As a Lead Management tool, which is integrated with Lead Generation tools (e.g., Website or Portal).
  • Can be used as a tool to manage Collection Process. (To collect Premium or Loan repayments).The collection process has exemplary steps and stages. CRM can help to measure, track and manage those steps for optimal efficiency and lower costs.
  • It's the best tool for eKYC and Customer Onboarding Process. Collecting documents, completing operations, escalating collections to recovery.
  • Arranging, tracking and managing physical visits of field employees. This is one of the most crucial components of all the three.
  • The other two components viz Call Centre Solution and Mobile App are integrated with CRM, and in turn, CRM is integrated with the ERP or CTS (Core Transaction System).

Telephony and Call Centre Solution

This is used for Lead Generation & Back office Coordination.

  • In recent times Contact Centre with integrated Telephony is considered to be the second most important component of Lead Generation and Lead Nurturing (of course after Digital Marketing).
  • Even for Collecting Loans and Premiums, the first step is to call and remind. Most of the times a physical visit is not required. So "The Call" gets the work done.
  • This Solution provides automatic Call scheduling based on Call dispositions and other relevant information available.
  • The Call Centre Solutions Provides Call Recording Facility which is now made compulsory by RBI, SEBI and other Agencies.

Integrated Mobile App

This is used by field employees for logging visits, updating eKYC records, collecting payments, etc.

  • Even after deploying all the technologies and automation, there are many tasks that require a physical visit to be conducted. E.g.: Collect eKYC Documents, or collect payment or even for recovery.
  • The mobile app provides two purposes. (A) It provides all the relevant and required details to the field agent, in real time. (B) It allows field agent to log activities then and there. Collection of information and recording of action becomes extremely easy.
  • Geo Tracking and Time Tracking features of Mobile App make reporting not only easy but also automatic, in many cases.

Benefits of using Automation over Conventional Working Style

There are lots of tangible and intangible benefits of using Automation in Fintech Companies.

  • Integrated 360-degree view of customer history gives much deeper insight.
  • Automation and elimination of much clerical time taken by data crunching jobs.
  • No manual handling of data, almost all the data and information is captured automatically and by the system in a very structured way.
  • Real Time Reporting and analysis.
  • Capturing of Field information and integration with central system in real time.
  • A scalable and secure solution, since data access rights, can be managed from Admin console.


Fintechs are changing the Finance Landscape with the use of Innovative Technology. The biggest challenge with collection agencies or field staff is that many times these people are not very educated and sophisticated, hence the technology deployed there has to be very simple and idiot proof. We are glad that we can provide a completely integrated solution with CRM, Call Centre and Mobile App which is readily usable by these Fintech Companies.

Limesh Parekh

CEO, Enjay IT Solutions Ltd

Limesh is the CEO at Enjay IT Solutions. In 1991, Limesh Parkesh commenced his 4-year course in GNIIT. It was his initiation into the world of Information Technology. Soon enough, he was thinking of ways of merge his two great passions, technology and commerce.  With a vision to transform businesses with technology, he co-founded Enjay with his two brothers.

After completing his graduation from Birla College of Commerce, Limesh went on to pursue Chartered Accountancy, a prime course for anyone interested in a career in finance and accounting. However, mid-way through it, Limesh realized that his calling lay elsewhere. Following his instinct, he switched gears, and that changed the course of his career and life.

 As the CEO leading his team, Limesh has created customised solutions for CRM in Marketing, CRM for Sales and CRM for Support, thereby creating a unique Indian company that uses technology to help SMEs to boost sales, enhance ROI and get to know their customers better.

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