⭐ Standout Feature: Kennect’s self-serve nature and quick turnaround time during the POC.
The BFSI industry is complex, and nowhere is this complexity more evident than incentives.
Different loan structures, diverse product lines, and regulatory requirements often mean that calculating accurate and timely payouts for a large sales force, collection and credit teams, and channel partners is a challenge.
Most BFSI institutions continue to use spreadsheets. This is largely due to the complex and dynamic nature of the business not being supported by rigid applications.
We knew Kennect’s Incentive platform could help. We've built a strong reputation in the incentive compensation space with a client portfolio that includes big names in the Pharma Industry like Sanofi, AstraZeneca, and Lonza. We knew how the pharma industry worked in and out.
But BFSI is different.
It is pretty much like learning a whole new language. But we rolled up our sleeves, dove deep into the world of finance, and cracked the code.
Landing Midland Microfin Limited as one of our first BFSI clients was a huge deal. This partnership not only proves that our system works in the complex world of finance, but it also opens doors to bigger opportunities in the industry.
Needless to say, we are up for the challenge!
But first, let’s talk about Midland in detail.
Midland Microfin Limited is a technology-focused microfinance institution dedicated to empowering low-income entrepreneurs. By providing accessible financial services, Midland aims to uplift lives and foster sustainable economic growth.
For a company as tech-forward as Midland, their approach to calculating incentive payouts for their 4000+ sales team members, reliant on spreadsheets and manual calculations, was inefficient and error-prone, with no real-time visibility into incentive earnings and performance.
To address these challenges and foster a more data-driven and employee-centric approach, Midland Microfin partnered with Kennect to automate their incentive process.
This case study will provide a detailed account of the challenges they encountered, the solutions we were able to offer, and the outcomes they achieved through incentive automation with Kennect.
Our initial assessment of Midland’s ICM process revealed several key challenges:
Amongst various solutions that Midland explored,
Kennect’s self-serve nature and quick turnaround time during the POC made it stand out.
Beyond this core strength, other solutions that we offered were:
Tangible Results of the partnership:
Change is never easy, and often it takes a lot to challenge the status quo. In an industry still heavily reliant on manual processes, Midland Microfin demonstrated exceptional foresight by embracing automation.
Their decision to partner with Kennect is a testament to their tech-forward approach.
For Kennect, Midland Microfin was one of our first clients in the BFSI sector. This partnership has been instrumental in validating our vision of expanding beyond known territories.