Sollet Soft Solutions: Making a Social Impact by Aiding Financial Inclusion through Unique Technolog

CIO Vendor Through Annual policy Statement 2012-13, RBI advised State Level Bankers' Committees (SLBCs) to prepare a roadmap covering all unbanked villages of population less than 2000 and, allot these villages to Banks for providing Banking services. To achieve this, Reserve Bank adopted a Bank-led model for Financial Inclusion which seeks to leverage on Technology. However, there are challenges with regards to viability of the model, creating a need for more products and innovations. Sollet Soft Solutions, headquartered in Hyderabad, makes a Social impact by fulfilling this need through its Innovative, highly scalable Cloud based IT Products.
Considering the fact that BFSI is going to penetrate into the untapped potential of around 50% of the 1.20 billion un-banked and under-banked population of India, Sollet has established its Technology and Distribution infrastructure over 10 States through its unique bundling of Financial and Non-Financial products. “As the focus is shifting from highly concentrated metro and urban markets to semi urban and rural locations, we are applying our rich expertise in developing the Distribution infrastructure for acquiring business in a sustainable model across all the regions,” say Ramesh Baswa, Co-Founder, Managing Director & CEO and Ratna Kumar Mallubhotla, Co-Founder, Director & COO, Sollet.
The company provides end-to-end solution for Financial Inclusion by designing the entire Eco System, integrating it to the Bank’s CBS, identifying potential locations and Agents for delivery of various Services. Comprehending the criticality of Agent sustainability and empowerment for the long duration of Business, Sollet follows its Micro-entrepreneur model to train the Agents and empower them to have a sustainable livelihood.
The company helps Micro-Finance industry by making the Banking accessible to the Self Help Groups where members can avail Banking services from the villages. The KYC of individuals and the collections can be done through Agent based modeling which reduces the fixed costs and manpower costs, enabling them to scale up fast across India.

Making a Social Impact by Aiding Financial Inclusion through Unique Technologies

For Distribution businesses to be extended using low cost methods, Sollet provides an IT Product called sEco which is a unique and state-of-the-art Cloud based platform. It is highly scalable and can be extended to any BFSI Business using Hosted or Dedicated modeling 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. Sollet enables all Services as real-time and online using GPRS/Internet. It reduces all reconciliation issues, wherein an Agent can access the Business Services using a simple Mobile or Tablet on top of the traditional Kiosk models. sEco has the ability to plug-in Non-Banking and E-Commerce(using unique Franchise modeling) wherein one can control the Businesses and Services extended through each Agent across demographics using a central interface. In addition to allowing BFSI businesses to be exclusive through an Agent, it also brings in synergy to make the entire Ecosystem more sustainable and viable for long.

Sollet always brings in constant innovations in its Technologies, Business modeling and suite of new Services, considering the Agent based Business as very promising in the Market for long term perspectives. By 2020, Sollet has targeted to bring in Social impact for millions of people across India through its 100,000 Agent Networks, using its sEco Product for Banking and Non-Banking services.