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Objective 

The primary objective of the discovery was to gather insights from State Product Officers (SPOs) —regarding their experiences pushing the current loan product  The interview questions were aimed at gathering insights from these State Product Officers (SPOs) on the following: 

  1. Understanding Daily Operations: To gain insights into the SPO's daily responsibilities, tasks, and workflows in managing loan initiatives and overseeing loan processing activities.

  2. Identifying Challenges: To uncover the pain points and challenges faced by the SPO in the absence of a dedicated loan management platform, such as communication inefficiencies and difficulties in tracking loan statuses.

  3. Exploring Support Structures: To investigate how the SPO interacts with and supports other team members, particularly the Financial Credit Officers (FCOs) and Business Relationship Managers (BRMs), and how these relationships affect loan outcomes.

  4. Assessing Needs and Opportunities: To identify the specific needs for tools, and resources that could enhance the SPO’s effectiveness and improve overall loan processing efficiency.

  5. Gathering Insights for Improvement: To collect actionable insights that can inform future improvements in processes, technology, and training to achieve better loan management and performance outcomes.

  6. Evaluating the Impact of Current Practices: To understand the effectiveness of existing practices and communication methods in driving loan sales and maintaining client relationships.

Methodology 

Method: The discovery process involved interview methods with participants. The interviews were designed to explore participants' daily experiences with the loan features on the platform, understand the challenges they face, and capture their recommendations for improvement. Click HERE to view the interview questions.

Participants: Total participants - 10 State Product Officers

Channel/ Observation: The interviews were conducted remotely on Google Meet and lasted approximately 15 to 40 minutes each. 

Data Collection: Data was collected through direct questioning, open discussions, and follow-up prompts to clarify specific points raised by the participants. Click HERE for State Product Officers Interview Snapshots 

Challenges Identified

1. Lack of a Centralized Platform/Tracking System

  • Summary: Many SPOs lack access to a platform or dashboard that helps them track loan statuses, manage follow-ups, or monitor their team's performance in real time.

2. Manual Processes (Profiling, Reporting, Follow-ups)

  • Summary: 7 SPOs were frustrated by the manual processes involved in loan profiling, tracking, reporting, and follow-ups, which are time-consuming, inefficient, and prone to errors.

3. Communication Gaps and Inefficiencies

  • Summary: 7 SPOs mentioned that miscommunication between SPOs, BRMs, FCOs, and PMs is a common challenge, particularly regarding loan approvals, decisions, and follow-ups. Communication often relies on outdated or inefficient methods like phone calls and WhatsApp, leading to delays.

4. Loan Approval Delays and Rejection Transparency

  • Summary: 5 SPOs mentioned that loan approval processes are often slow, and decisions around rejections are poorly communicated. This lack of transparency leads to frustration as SPOs cannot address issues in real time or intervene before loans are declined.

5. Interest Rate Concerns

  • Summary: 5 SPOs stated that high interest rates deter business owners from taking loans, and there are often misunderstandings or miscommunication about loan terms, which can lead to lost opportunities.

7. Regional and Environmental Challenges

  • Summary: 2 SPOs in certain regions face additional challenges due to security risks, less commercially vibrant areas, or cultural and religious barriers (e.g., objections to interest-based loans).

8. Time-Consuming Nature of Current Methods

  • Summary: 5 SPOs expressed discomfort in manually handling tasks such as loan profiling, communication, and follow-ups take up a significant portion of the SPOs' time, reducing their efficiency.

Feature Suggestions

  • Customer Eligibility Check: Grant SPOs ability to check business owners eligibility and share repayment schedule with customers on the fly.

  • Loan Tracking Platform: Develop a centralized, automated platform/dashboard to track loan progress, approvals, and rejections (with clear reasons), and to monitor SPO and assigned BRMs’ loan status in real-time. This should replace manual loan tracking.

  • Automate Loan Report: Access daily loan report directly from the dashboard.

  • BO Profiling and Engagement: Develop solutions to profile and monitor BOs in inaccessible regions especially those who haven’t accessed loans yet.

  • Training and Product Knowledge: Provide continuous training for BRMs and FCOs on loan profiling, and the use of new platforms to improve efficiency and loan conversion rates.

  • Sales Team Initiated Loan Application: Ability for SPOs and BRMs to initiate loan application for interested business owners to reduce delays and streamline the loan sales process.

  • Flexible Loan Approval Processes: Introduce more flexibility in loan approvals, especially for qualified BOs with legitimate business setups.

  • Loan Calculators and Profiling Tools: Provide user-friendly loan calculators and tools to calculate loan schedules, payments, and commissions.

  • Transparency in Loan Rejection: Build a system to log and communicate reasons for loan rejection, allowing SPOs to address issues before final decisions are made.

  • Worktools and Technological Support: Equip SPOs with laptops and support to enhance loan management.

  • Access to Real-Time Data: Implement real-time reporting of loan statuses and reduce manual workload.

  • Editable Loan Profiles: Enable the ability to edit loan applications after submission to correct minor errors without restarting the process.

  • Feedback Mechanisms: Implement a systematic way to gather feedback from BRMs and FCOs to identify bottlenecks and improve loan processes.

  • Improved Communication Tools: Implement enhanced, centralized communication tools that streamline interactions between SPOs, BOs, BRMs, and FCOs, reducing operational bottlenecks and improving loan processing