Accenture (NYSE:ACN) and Janalakshmi Financial Services (JFS), one of India’s leading microfinance organizations, have signed a five-year agreement in which Accenture will provide business process outsourcing and IT services designed to help the client rapidly scale up its operations to deliver microloans to India’s poor.
Under the agreement, Accenture will manage JFS’s customer and account master data and provide processing, reconciliation and reporting services as part of their customer onboarding and processing operations. It will also manage JFS’s application platform including its core banking system, customer relationship management software, and employee portal and website.
“The opportunity for serving the unbanked population in India is large and our recent equity raise positions us well to take advantage of this opportunity,” said Ramesh Ramanathan, Chairman, Janalakshmi Financial Services. “Our opportunity for growth rests on unwavering focus to serve the financial underserved Indian population with leading technology and sound processes. With Accenture delivering core IT and business processes, we will be more agile, more scalable, and far better positioned to serve our clients across India.”
Accenture will also provide application maintenance services to support third-party technologies and work proactively with JFS to help identify new technology opportunities. Accenture also will provide infrastructure outsourcing services – including end-user device management and network and server management.
Piyush Singh, Managing Director and Head of Accenture’s Financial Services group in India said, “As an innovator in Indian financial services, Janalakshmi Financial Services is positioned to play an important part in bringing the unbanked Indian population under the banking umbrella. With an integrated approach comprising business process outsourcing and technology, Accenture can deliver higher-value services to help JFS drive operational excellence, and enable its management team to keep the focus on its customers and on increasing financial inclusion in India. We are committed to supporting the company’s growth tied to tangible business outcomes and we are delighted to support their journey to become a high performer in an important and exciting new chapter for Indian financial inclusion.”