Craft Silicon and Karza Technologies partnered to automate onboarding and verification with intelligent solutions to provide a delightful customer experience to Microlending Institutions. Digital disruption is picking up pace; Through this partnership, Craft Silicon aims to leverage Karza Technologies and digitally empower the MFI sector (BFSI sector is a broad description) with advanced KYC services, bank account verification, front-end engagement for offering swift, smooth, and secure onboarding and user verification solution to Microlending Institutions.
Using Karza Technologies will further strengthen Craft Silicon's resolve to provide a frictionless customer experience while ensuring the highest protection against fraud. Their commitment is a testament to the initiative and the joint ambition to significantly improve the onboarding experience for MFI customers. With this partnership, both companies aim to simplify the onboarding process & reinforce financial inclusion. Companies aim to simplify the onboarding process and reinforce financial inclusion address match, which in turn will assist in achieving accurate matching of the facial features and real-time verification of bank account. It will reduce errors & customer drops during loan processing resulting in high leads to client conversion and zero manipulation
Mr. Gaurav Samdaria, Co-Founder, Director, Karza Technologies said "Craft Silicon has a legacy of providing software solutions to BFSI. With them, we are excited to bring the next level of digital transformation in customer onboarding for MFIs and other financial institutions. Our joint efforts are geared towards enabling smooth, voluminous digital onboarding processes while ensuring compliance with all regulatory requirements. We are looking to jointly support loan disbursement for 2.5 million borrowers by 2025."
Mr. Siva Kumar, CEO Asia, Craft Silicon said "Craft Silicon’s partnership with Karza Technologies is another step towards digital transformation for swift financial Inclusion. Having digital onboarding integrated with our robust Microlending suite, we are supporting our clients to enhance digital interaction experience, smooth onboarding, quicker loan disbursals and increased borrower loyalty. "
The global microfinance market was valued at $178.84 billion in 2020, and is projected to reach $496.90 billion by 2030, growing at a CAGR of 10.8% from 2021 to 2030. A seamless onboarding ensures on the field KYC Verification, paperless application process and integrated APIs resulting in the application process to cut down by 1-2 days while reducing the onboarding turn-around time to 60%. As on 30 September 2021, the industry serves 5.65 Cr unique borrowers through 10.52 Cr loan accounts. Loan amount of Rs 19,672 Cr was disbursed in Q2 FY 21-22 through 54.3 Lk accounts. Gross Loan Portfolio has increased from 70512 Cr in Sep 2020 to 81402 Cr in Sep 2021.