Express One Time Settlement (e-OTS) Qorus-Infosys Finacle Banking Innovation Awards 2025

The existing One-Time Settlement (OTS) process for Non-Performing Asset (NPA) accounts required manual intervention, extensive paperwork, and branch visits. This led to inefficiencies and prolonged settlement turnaround times (TAT). Below are the processes and benefits of the e-OTS system, which digitizes the OTS process, making it more efficient for both the bank and its customers: • NPA data is filtered based on the eligibility guidelines outlined in the scheme within the Enterprise Data Warehouse. • Automated eligibility assessment reduced manual errors and improved processing efficiency. • The settlement amount is calculated according to the scheme for the eligible NPAs and made available to the customer-facing portal. • Ensured transparency and consistency in settlement calculations, reducing disputes. • Customers can log in using their account credentials and OTP to submit their settlement application online, along with the prefixed upfront (token) amount, all from the comfort of their home. • Once the OTS proposal is processed, the customer will be notified to deposit the remaining OTS amount, download the sanction letter, and settle their loan liability from home. • By leveraging the data warehouse, analytics, and a 24/7 available online facility, the bank has reduced the OTS approval turnaround time (TAT), providing enhanced convenience to customers while simultaneously reducing its NPA accounts. • This initiative successfully leveraged data analytics, automation, digital payments, and workflow automation to streamline the OTS process, benefiting both the bank and its customers