Nano NPA OTS Module (Instant automated NPA OTS settlement system) Qorus-Infosys Finacle Banking Innovation Awards 2024

The Nano One Time Settlement (OTS) Module is an innovative solution designed to calculate the complex and time-consuming process of OTS proposal in the bank. The primary objectives of this module are to enhance efficiency, ensure accuracy, and reduce administrative burdens by allowing Bank’s Staff to enter a customer ID or account number of the customer and have the system internally compute policy dues, applicable rates of interest, sacrifice amounts and final settlement amount in-line with NPA OTS policy of the Bank. Extensive validations of direct and indirect liabilities prompt necessary actions to minimize income leakages. Additionally, the module introduces the Nano OTS concept, which expedites the settlement process for accounts with outstanding balances of less than three lakhs, ensuring that smaller accounts receive the same level of efficiency and accuracy as larger ones.

The traditional process of handling OTS proposals is labor-intensive, physically channeled and prone to errors, leading to potential financial discrepancies and delays, which necessitated a streamlined digital approach to improve accuracy and operational efficiency. While existing market solutions aim to streamline banking operations, the Nano OTS Module stands out with its comprehensive automation capabilities, user-friendly interface, contribution towards Go-Green idea, and Nano OTS solution for the targeted smaller accounts, providing a competitive edge. Inspired by advancements in financial technology and the trend towards digitization in banking operations, the module incorporates best practices from automated systems in other financial sectors to create a robust solution tailored to OTS proposal requirements. The results so far have been highly positive, with a substantial number of proposals processed swiftly, improved accuracy, reduced processing times, and higher customer satisfaction. System generated communication features have streamlined notifications, ensuring transparency and timely updates for respective Branches/Regional Offices and Head Office through automated workflow management and their approval by end to end digital journey . The module is also featured with a reporting system which enables the Bank to monitor and analyze the data for planning and decision making. Overall, the Nano OTS module have significantly enhanced the bank’s ability to manage OTS proposals, contributing to improved financial integrity and operational efficiency.