Amid the COVID-19 global pandemic, a Loan EMI Moratorium proposed by RBI for banks was a much-needed boost for millions of borrowers as they fear the loss of income. But, for banks, it’s quite challenging to digitally implement it as their legacy software systems provide limited maneuvering abilities.
But, with Servosys’s BPMS (Business Process Management Suite), it’s very easy to implement a process change like for Moratorium announcement by RBI.
Let’s start with the Customizable BPMS: Servosys’s Business Process Management Suite allows the deployment of many different business processes such as Customer Onboarding and e-KYC/Video-KYC as well on a single platform. So, the platform’s capability to accept the deployment of processes of different needs on different occasions helps organizations to quickly Automate processes without investing much in hardware and software and other IT infrastructure. Here, Servosys BPMS with its customizable Rule Routing Engine allows users to reconfigure their rules and business logic, easily.
For example, a Bank that is using this platform for (let’s say) SME LOS can use the same platform for Gold Loan by deploying the workflow of the Gold Loan Process. This comes handier for a situation where the Banking Regulator changes some compliance requirements on an urgent basis. For example – RBI’s Loan Moratorium Proposal. The Workflow for Moratorium can be easily deployed on the Servosys BPMS Platform, integrated with requisite applications (viz., DMS, Core System, CRM, ERP, 3rd Party application like Telecalling Software) and within a week the requirement can be fulfilled.
The Implementation of RBI’s Moratorium process can be divided into four stages:
-Ayush Jain
Servosys Solutions
Servosys Solutions is a unit of EML Consultancy Services Private Limited, a company headquartered in New Delhi, India. We are one of the fastest-growing providers of software products and technology services for business process automation solutions that address challenges like process turn-around time, organizational productivity, regulatory compliance, business scalability, operational visibility and excellence.
