Top 3 Common Mistakes and Frauds by Loan Officers/Field Staff - CloudBankin – A digital loan software by Habile Technologies

3 Top common Mistakes/Frauds a Loan officer/Field Staff do and you can see how technology can help fix it.

Fraud 1) Without going to the borrower’s house, he says he went and did the validation. 
Solution: Now FIs are asking the loan officer to take the picture of the borrower where the GEO location is also tagged.

Fraud 2) He knows the borrower very well and submits fake documents. 
Solution: There are a lot of APIs available to check if the documents are fraud or not.

Fraud 3) Actually he collects 5000 Rs and submits only Rs 4500. 
Solution: 1) UPI options came to do the real time banking transaction. 
2) Customer notification can be sent in real time when the cash is collected and we have proof of how many customers he has collected.  
3) Stringent SOPs have been implemented for Field Staffs to submit the cash collected to the nearby branches on a daily basis.

What other frauds/mistakes a Field Staff does?

#manispeaksmoney #lending #loanofficer

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