Gold Loan Distribution Platform
Overview
Client Location
India
Industry
Financial Services
Need
A digital platform to manage gold loan distribution, with interfaces for admins, agents, and clients.
Yellow Metal was founded in 2020 with the purpose to transform the way people use their household gold. We are on a mission to monetize this gold mine for rural India to make their lives better. The first step in this direction is to enable rural India with a simple gold loan at their home in 30 mins.
Challenges & Solution
1
Agent Authentication and Authorization
Challenges
Managing a network of agents who facilitate the loan process and coordinate with both customers and NBFCs required a robust system. Ensuring secure access and data privacy while allowing agents to perform their roles efficiently was a critical challenge.
Solution
MobileFirst developed a secure platform that included a multi-factor authentication system for agent access. This ensured that only authorized agents could access customer data and NBFC loan information. Role-based access control was implemented to provide agents with the appropriate level of access required for their tasks, maintaining data security and privacy.
2
Manual Loan Application Process
Challenges
The traditional loan application process involved extensive paperwork and manual data entry, resulting in delays. Coordinating between customers, agents, and NBFCs through physical documentation slowed down the loan disbursement process.
Solution
The platform featured a digital loan application form that allowed customers to submit loan applications online. This digital form captured all necessary information and was designed to facilitate seamless coordination between Yellow Metal, customers, and NBFC partners. By digitizing the application process, paperwork was eliminated, reducing the time required for loan approval.
3
KYC Verification
Challenges
As part of the loan application process, verifying customer identities through KYC procedures was essential. However, without a digital solution, this step was time-consuming and increased the risk of non-compliance with regulatory standards.
Solution
A digital KYC verification process was integrated into the platform, enabling customers to securely submit their identification documents. The system automatically verified these documents, streamlining compliance with regulatory standards and reducing the time needed for loan processing.
4
Gold Valuation Tracking System
Challenges
While Yellow Metal did not perform gold evaluations directly, it was responsible for coordinating the process between customers and gold evaluation partners. Scheduling appointments, tracking agent movements, and ensuring secure, authenticated evaluations required an integrated system to manage these logistics efficiently.
Solution
To manage the gold evaluation process, MobileFirst developed an integrated scheduling system. This allowed customers to book appointments with partnered gold evaluation agents directly through the platform. The system included agent tracking capabilities, ensuring that evaluations were conducted efficiently and securely. An OTP-based authentication mechanism was implemented to verify the identity of agents, adding an extra layer of security.
5
Notifications and Customer Support
Challenges
A lack of automated communication channels made it challenging to keep customers informed about their loan status, leading to delays and a lack of transparency. Additionally, the customer support process was manual, often resulting in slower response times.
Solution
An automated notification system was developed to keep customers and agents informed throughout the loan process. Customers received real-time updates on their loan application status, appointment confirmations, and reminders. This system improved transparency and reduced the need for manual follow-ups.
​
A customer support module was integrated into the platform, allowing customers to raise queries and receive assistance directly. An intelligent ticketing system ensured that support requests were addressed promptly, enhancing customer satisfaction and fostering trust in Yellow Metal’s services.
6
Agent Verification
Challenges
Without a centralized system to oversee operations, Yellow Metal’s management team struggled to monitor agent activities, loan progress, and customer engagement effectively.
Solution
MobileFirst developed a centralized admin dashboard that provided Yellow Metal's management with real-time insights into key operational metrics. This dashboard allowed for monitoring of loan application statuses, agent activities, customer engagement, and overall platform performance, enabling data-driven decision-making.
Impact
1
Real-Time Monitoring and Control
The centralized admin dashboard equipped Yellow Metal’s management team with the tools to monitor operations in real time. The ability to track agent activities, loan progress, and customer interactions allowed for more effective management and strategic decision-making.
2
Seamless Coordination with NBFCs
By streamlining the loan application and management process, Yellow Metal facilitated more effective collaboration with its NBFC partners. The digital platform ensured that the entire process, from application to loan disbursement, was handled efficiently and securely.
3
Increased Customer Engagement
The automated notification system and integrated customer support module enhanced communication with customers. By providing real-time updates and accessible support, Yellow Metal improved customer satisfaction and engagement, making the loan process more transparent and user-friendly.
4
Enhanced Security and Compliance
The implementation of secure agent authentication, digital KYC verification, and OTP-based authorization ensured that the platform adhered to regulatory requirements and data privacy standards. This helped build customer trust and protected sensitive information throughout the loan process.
5
Improved Operational Efficiency
The digital loan application form, integrated KYC verification, and automated scheduling of gold evaluations significantly reduced the time required to process loan applications. Customers experienced faster approvals, and agents were able to manage more applications in less time.
Modules We Covered
.png)