Customer experience is a top priority for Aye Finance. To serve our customers faster and to provide them a better experience, it is important to eliminate inefficiencies from the system. One such inefficiency is Branch Re-work (commonly referred to as BRW within Aye). BRW refers to various errors that occur in the loan files related to documentation gaps and non-adherence to necessary approvals, requiring our Distribution, Credit & Operations Team to work on the same file repeatedly, leading to enormous wastage of company human resources and increasing the turn around time (TAT) for the customer.
In order to reduce loan sanction TAT and to increase productivity and efficiency, Service Quality (SQ) and Credit Teams jointly set-up a project in Sep-16 to reduce the incidence of BRW within the system.
Over the 4 month period (Sep-16 to Dec-16), both departments collectively took various initiatives such as standardization of error rates, streamlining BRW process, publishing daily MIS and training branches on BRW. The efforts led the error rate to substantially reduce.
The efforts were greatly appreciated by the senior management of the company, rewarding the teams (SQ and Credit) with Aye ke Vishesh Award*. The teams were felicitated in a public ceremony and were awarded with a big cash award. The teams celebrated the success by going out on a lunch together.
Aye ke Vishesh: This is a project award given to teams on successful completion of various projects, executed within a specified timeframe and exhibiting the specified measures of success.