Sollet Soft Solutions: Formulation and Growth of a Sustainable Financial Inclusion For India

CIO Vendor Due to the low-interest environment and slow economic recovery prevailing across some of the regions, Banks face tremendous pressure to grow their businesses. The significant challenge amongst Banks for financial inclusion is from new emerging competition that has lowe-cost structures and Digital Technologies. Banks need to adopt Technologies to provide Customers access to PFM Tools in a seamless manner and at the same time offer avenues to enhance overall Financial Awareness. Moreover, Banks need to leverage both Branch & Online Channels to effectively reach out to Customers and increase the effectiveness of the Financial Inclusion as well as Financial Awareness Initiatives. Addressing these Organizational requirements is Hyderabad headquartered Sollet Soft Solutions that extends Customer , a low Cost Banking, Mobile Wallet, Digital and Livelihood Services.

For any Organization, the adoption of a quality management system is strategically important and is influenced by the Organizations varying regulatory needs and objectives. Meeting the Quality Management standards, Sollet Soft Solutions is keen to have all internal checks and processes in order and quality control in place. It also ensures that the documentation is up-to-date for Software’s smoother operations and easy hand over of responsibilities within the Organization. Established in 2012, Sollet is focused to set up an Agent network across Regions, whereby a local corner shop that works as the Company’s Agent, is empowered to enable the local Customers using Mobiles. “Our plans are highly Scalable in bringing a Sustainable and Growing Eco system across India with Mobility as a clear focus. We extend Financial, Digital and Livelihood Inclusions in achieving this and bring in major Social Impact,” exclaims Ramesh Baswa, Founder & CEO, Sollet.

Low Cost Extension for Businesses
In this emerging Market, a significant portion of the population is unbanked or under-banked which provides an opportunity for Banks to increase market shares. Along the same lines, Banks require to develop an Innovative service delivery mechanism using Digital Technologies to mitigate the cost-side implications, as they target unbanked and under-banked segments. Sollet aligns right in the gap between the Requirement, Supply and builds a sustainable Eco system of Agent networks that ensures a lower cost of Customer acquisition and Customer servicing than the peers in the market. Having an in house Eco System approach in extending a Scalable and viable Social Commerce & Social Inclusion model, Sollet proffers low cost extension of Businesses across demographics while ensuring improved ROI and efficiency with SMAC (Social, Mobile, Analytics and Cloud) solutions.
Sollet uses a unique and low cost distributor model for creation of Agent networks across India. Also, for distribution businesses to be extended using low cost methods, Sollet provides a product called sEco, a Cloud based platform. The product is highly scalable and can be extended to any BFSI Business using Hosted or Dedicated modelling based on the BFSI organization’s needs. It focuses on mobility solutions for low cost business extensions leveraging on growing penetration of mobiles across India.

The current Banking landscape needs low cost scalable expansion models and seamless integration & interoperability with other key Financial instruments

The increase in Mobile Banking and low loyalty of affluent customers brings to light the need for integration of the Digital and Physical channels. The current Banking landscape needs low cost scalable expansion models and seamless integration & interoperability with other key Financial instruments such as Prepaid Cards, Debit Cards & Credit Cards along with Mobile Wallets. “Sollet’s Mobility Technologies and low cost business modelling allows interoperability of all the Financial instruments for growth of Financial transactions leading to a greater degree of Social Impact and empowerment”, adds Ramesh Baswa.

Sollet arms Businesses with platforms to become Customer Service Point (CSP) for some of the eminent Banks such as State Bank of India and Bank of Baroda, to name a few, for local area serving end Customers thus ensuring increased earnings. By rendering Innovative, low cost and interoperable Business models using B2B, B2C and B2E Strategies, the organization intends to avail new Business opportunities for the end customers, Micro Entrepreneurs and Micro Service providers. The company also works to connect stakeholders in any unexplored/ underserved businesses across the demographics by setting up and supporting their IT Eco systems. With a client relationship model based on the long-term journey, Sollet envisions itself amongst the top five organizations in India tapping the Cashless Society in the near future and to define the most efficient way a Business can work using IT Eco systems.