VFS emphasizes digital at the field level

Kuldip Maity says the digital loan origination system has almost halved the turnaround time in sanctioning and disbursement of loans

Village Financial Services (VFS) currently caters to over half a million borrowers across 22,000 villages through its 246 branches in 13 states. VFS is present in 13 states West Bengal, Tripura, Assam, Bihar, Jharkhand, Odisha, Sikkim, Madhya Pradesh, Uttarakhand, Chhattisgarh, Meghalaya, Haryana and Uttar Pradesh.

DIGITALIZATION, GOVERNANCE

One of the oldest NBFC-MFIs based in Kolkata, Village Financial Services is in the forefront of the financial inclusion movement in the country. Kuldip Maity, MD & CEO, explains: “We have been building our company on 3 strategic pillars – inclusion, governance and digitalization – to be leader in the microfinance industry. Of these 3 pillars, governance and digitalization are predicted on the strategy of inclusion.” During the pandemic, the MFI has focused more on servicing the existing customer base rather than new customer acquisition.

SWIFT TRANSITION

Going 360-degree digital is one of VFS’ important focus areas and need of the business. Kuldip claims: “Our IT team is working continuously to accomplish this milestone and even continued to implement the tech and digital initiatives in phases. In fact, it’s the digital technology, which helped our swift transition to work from home while continuing with our business operations amid this pandemic.”

To stay competitive in this digital era, VFS has developed a strong in-house team. consisting of skilled and talented members. It plans to gradually keep strengthening the tech team to redefine business processes in the changing environment.

IMPROVED ON-FIELD MOBILITY