In general, Microfinance is a very labor intensive sector. A lot of time goes in completing the Back - office operations. Yet, another innovation from Equitas, will save a lot of time and in turn will boost productivity. But, critics are doubtful about the abrupt rise in Operational Cost incurred due to this technology. We will have to wait to see if this innovation is used by other MFIs also.
Optical Mark Reader based ( OMR ) solutionfor Back-Office Operations
EQUITAS has successfully implemented the OMR based Scanning & Data capture Technology for capturing Customer Data for processing their Micro Finance Loans. This is for the first time, any Microfinance Company has done in this Indian Micro Finance parlance. OMR, which stands for Optical Mark Reader, is used to electronically scan & capture specific fields of Data from Paper Document, and store them in Magnetic Media / Hard disks of Computer system. The process facilitates EQUITAS to process more than three times the current volume of transactions, using the same resources of people, systems, while drastically cutting down the time needed for processing the Loans. EQUITAS has tied-up with NEWGEN TECHNOLOGIES, for the implementation of this unique project.
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