Case Studies / Cim Finance: Innovation with Amazon Web Services to create digital platforms

Cim Finance is a well-established financial services provider in Mauritius. Their core business model is based on delivering affordable finance to less privileged communities in Mauritius, which require flexible solutions to improve their quality of life. This is mainly achieved through a large reseller network of merchants that offer in-store credit facilities to customers. These facilities enable customers to make important purchases when they do not have adequate savings. Cim Finance helps Mauritians to improve their lives by facilitating these purchases.

Challenge

Applying for a credit facility was time-consuming and administratively intensive – paper forms needed to be filled and multiple copies of these forms were being created and kept at each stage of the credit application process. The credit application forms needed to be physically collected from stores, which introduced logistical complexity and cost, as well as risks to data privacy.

For customers and merchants, the credit application status was unknown and this would trigger an unmanageable number of queries to Cim Finance’s call centre to check on the status. Cim Finance could not scale their business to satisfy the increasing number of applications and requests from customers and required a digital alternative.

Solution

Cim Finance and Synthesis began discussions about creating a faster, better customer experience as well as achieving economies of scale that would allow the company to grow their market presence without significant capital expenditure.

By using Amazon Web Services, Synthesis was able to rapidly build, test and deploy a solution that would replace the company’s paper-based process. Building on AWS allowed Cim Finance to reduce their time to market and offered scalability without any capital expenditure. In addition to this, additional value-added services were identified and added through innovation which the digital platform unlocked.

Results

The rapid implementation of the solution provided immediate value to Cim Finance, its merchants and their customers. In an unbelievable turnaround, in-store credit application times were reduced from approximately 30 minutes to less than 3 minutes. The status of any application is traceable throughout the credit approval process and the number of queries logged with the call centre has dropped significantly. The company is now able to obtain real-time metrics about their business performance through increased access to information and improved data quality.

Digital solutions powered by AWS enable businesses to scale operations and improve customer experiences.

About Cim Finance Mauritius: cimfinance.mu

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