”Offerring Doorstep Banking Services and Financial Inclusion for Unbanked Populations Across India” In the interaction with “Mr. Ajeet Kumar Singh, MD, CEO, and Co-Founder, SAVE Solutions Pvt. Ltd.”
- What kind of services does SAVE Solutions Pvt. Ltd. offer?
SAVE Solutions Pvt. Ltd. began as a Business Correspondent company for PSU banks to provide banking services through its Customer Service Points in the most unreached regions of Bihar. Over the years, the company expanded its partnerships with various banks, including State Bank of India, Bank of Baroda, Bank of India, Punjab National Bank, and several Grameen banks, to offer doorstep banking services and awareness about various government schemes to the most unpenetrated communities in 28 states and 3 union territories. The company has also expanded its business through its NBFC subsidiaries in the field of microfinance, MSME loans, housing loans, and lending services business correspondence for people residing in rural hinterlands of Southern, Eastern, and South West parts of India. SAVE’s focus is on achieving financial inclusion for all while facilitating women empowerment, income generation facilitation, youth employment, and convenient banking services to the unbanked populations of the country. Some of the services include Business Loans(MSME), Loan Against Property/ Loan Against Plot , Co-Lending, Housing Loans, Micro Loans for women, Account Opening, Cash Deposit/ Withdrawal, Pension schemes, Insurance Schemes, Agri- Tech, Fast Tag amongst few more.
- What industries does SAVE Solutions Pvt. Ltd. serve?
SAVE Solutions Pvt. Ltd. majorly caters to the Banking industry in partnership with Banks, while its subsidiary companies caters to Finance/ Lending through microfinance, micro, small and medium enterprise loans, and housing finance solutions for residential and commercial property requirements. These include the subsidiaries namely SAVE Microfinance, SAVE Financial Services, New Habitat Housing Finance and Development Limited, and SaGgraha Management Services Private Limited.
- How long has SAVE Solutions Pvt. Ltd. been in business?
SAVE Solutions started out its journey in a one room office in 2009, and slowly incorporated itself as a Private Limited Organization in 2013. The company established its foundation over 14 years, while beginning as a circle business and slowly emerging as a well- rounded banking and financial service provider for multiple products.
- What is SAVE Solutions Pvt. Ltd.’s approach to customer service?
Customer needs have always been the priority for the organization. Beginning with the mission to serve over 5 Crore individual customers in the next 5 years by covering a variety of financial services through its Kiosk Banking Channel, SAVE not only established a wide spread service point network, but leveraged it to recognize the financial pain points for its customers, thus curating products and services that would help in creating more financial literacy, awareness and improve their standards of living. SAVE’s financial products are specially customized to fit the needs of people who have limited access to formal credit; thus ensuring an inclusion of the unorganized rural segments into the formal banking system. Providing access to banking and lending services at their doorsteps through a flexible service mechanism along with specially curated small and medium ticket sized loan products has been the primary goal of the organization. SAVE aims to create a customer-centric, globally recognized banking networking brand in the times to come.
- What technology solutions does SAVE Solutions Pvt. Ltd. currently use for HR management?
SAVE Solutions Pvt. Ltd. employs cutting-edge technology solutions to effectively manage their HR functions. Specifically, they use a cloud-based HR management system, which is a Software i.e. Service (SaaS) application that is ranked among the top 5 in India. This cloud-based platform has enabled SAVE Solutions to automate their HR processes, streamline communication between HR and employees, and provide real-time insights into their workforce to improve overall efficiency. The software has also allowed for the easy management of employee data, performance metrics, and payroll, all in a secure and user-friendly online platform. By utilizing the latest technology in HR management, SAVE Solutions has been able to create a more efficient, effective, and engaging workplace for its employees.
- How does the HR technology solution used by SAVE Solutions Pvt. Ltd. help with employee recruitment, retention, and engagement?
SAVE Solutions Pvt. Ltd. leverages a cloud-based HRMS system that plays a critical role in employee recruitment, retention, and engagement. With its absolute state of the art technology, the system helps to synchronize the company’s on-roll manpower requirements across all its 490+ branches and offices located in different parts of the country. The system streamlines and simplifies human interactions, allowing employees to access a hassle-free online portal for leave and attendance requests, performance management, and grievance redressal mechanisms. The system’s intelligent features also allow for easily accessible feedback mechanisms, enabling the organization to take corrective actions promptly. Furthermore, the HRMS system has options for various contests and birthday/anniversary announcements, along with real-time updates on new joiners, which fosters employee engagement and strengthens the company’s talent retention strategy.
- Can you discuss the features and functionality of the HR technology solution used by SAVE Solutions Pvt. Ltd.?
The HR technology solution employed by SAVE Solutions Pvt. Ltd. offers a comprehensive suite of features and functionality that cater to both the HR department and employees. It encompasses key HR functions such as Recruitment, Probation and Confirmation, Attendance and Payroll, Performance Management, and Settlements, while also providing convenient tools for day-to-day employment needs like Leave Management, Reimbursement/Expense Management, Travel Management, Asset Management, Investment Declaration, Team Management, and access to important Policy Documents and Announcements. Overall, the solution streamlines HR operations and enhances the employee experience with its user-friendly and intuitive interface.
- How has the adoption of HR technology impacted SAVE Solutions Pvt. Ltd.?
The adoption of HR technology has significantly impacted SAVE Solutions Pvt. Ltd. by enhancing the efficiency of the Human Resources department. The system’s key features of transparency, accessibility, and real-time updates have simplified the management of a widely dispersed workforce and reduced the possibility of errors during audits. Consequently, the HR technology has streamlined the organization’s HR processes and enabled more effective management of its employees.
