Artoo - Technology to the rescue
There is a funding gap of INR 2 Trillion in Indian micro enterprises that have limited access to financial products and services. The Non Banking Financial Companies (NBFCs) that are penetrating this market require sophisticated credit tools to lend to a customer segment with informal undocumented income, and are burdened by the gaping disconnect between the field and backend offices. As a result these organizations struggle to achieve profitability, reach scale, and deliver effective financial products.
Artoo believes that bringing the digital revolution to such organizations will enable them to create a much larger impact with end-beneficiaries. Artoo’s mission is to help financial institutions grow sustainably by successfully striking a balance between shorter loan turn around times, improved credit quality, and lower operating expenses. Artoo’s handheld technology allows field tasks – such as customer enrollment, collections, monitoring – to be presented to the user as an application on an Android device (mobile or tablet). Backend staff can view and act upon processed field data, real time, through a web interface.
Artoo’s immediate impact has been in the operational successes of the clients they serve, who in turn serve the poor. Impact is measured on client productivity, turn-around-time to disburse loan products, and finally their cost of customer acquisition.
To date Artoo has:
- Served 7 Million end customers cumulatively
- Reduced turn around times by 40%
- Improved productivity by 500%
- Achieved an estimated 40% reduction in operating costs that can be passed on as interest rate drop to the end borrower.
These operational efficiencies will ultimately allow clients to innovate beyond plain vanilla products and services to really drive financial inclusion and deepening.