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Orichma Credit unleashes it’s true potential by using Kredible

Project

Orichma Credit (Pvt) Ltd is a growing Microfinance Company in Sri Lanka which has established 4 branches around the country in a short span. They are contributing towards the upliftment of the rural community in Sri Lanka through informal education programs, offering small loans to promote skilled labor, and taking initiatives for creating a sustainable environment. As a growing Microfinance Company, Orichma Credit wanted to scale their operations and penetrate to other rural markets in Sri Lanka to provide their services. The Company was facing resistance in this expansion due to their manual and legacy systems which have reached its optimum. They needed to adopt technology which would allow them to be more agile

  • Company : Orichma Credit (Pvt) Ltd
  • Industry : Banking & Finance
  • Country : Sri Lanka

Requirement

Orichma Credit has been using a Microfinance software from a local vendor which did not include an integrated accounting module, this made the organization to maintain their accounts separately in a traditional accounting software. The process of maintaining a dual set of records was too time-consuming as it increased the manual interventions, inviting more errors, paving the way for compliance issues, and slowed down the loan process for customers. The manual and tedious process of their field officers needed to be streamlined and automated through a mobility based solution. All these redundant activities hindered the growth of Orichma Credit and the fragmented approach of storing data made the aspect of retrieving business intelligence reports a nightmare. They were approached by many Software companies to provide them with a complete solution but failed to provide them with a tailored solution.

Solution

We addressed their challenges with a process driven scenario which not only automated the entire loan life-cycle, but also developed an integrated accounting module and a robust business analytics engine. The self-contained accounting module of Kredible offers all the features by the traditional accounting system in the Microfinance Management Solution and ease down the complications in accounting, reduced the manual intervention, improved the loan turn around time and provided them with an easy way monitor their bottom-line and streamline their workflow.

  • Technology Used : Kredible - Microfinance Management Solution
  • Scope : Requirement Gathering, Process Audit,
  • Delivery Period : 3 Months

Outcomes

Konekt was able to completely automate the financial accounting needs of Orichma Credit and helped them achieve high standards of operational excellence by reducing the manual intervention, improving the efficiency of their staff and speeding up the turn around time of their loan products. Our intelligent business reporting module generated insightful reports in a matter of minutes which helped them interpret, analyze and take informed business decisions to gain substantial competitive advantage and improved their profitability by making their organisation more analytically focused.

Key Results

3 Days to 5 Mins

Reduced Process Time

40%

Cost reductions

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