eChits are the electronic or digital approach towards chits leveraging technology for the convenience of the subscribers. The following are the key features of eChits:
Digital chits increase transparency
Digital solutions in the chit fund sector will be a push product as complete transparency strips the unlawful practices within the registered companies: such as running multiple chits with the license of one, running broken chits, and using chit money unlawfully in other ventures.
Ease of business first
The unanimous demand is for ease of transaction and speedy credit of prize money. eChits focus on this first. Operational streamlining via digital Value Added Services (VAS) helps rectify the problems and lend the registered sector the flexibility.
Digital for the millennial
Millennials are the people who despite having a decent income and forming 47% of the Indian workforce do not participate in the chit fund sector. They are now becoming an active influx of chit funds as the digital approach to chits makes their lives hassle-free.
While the traditional companies initiate the process of verifying subscriber details after winning the prize money lengthens the pay-out time. eChits adopt a process of e-KYC and this is first in line while onboarding a subscriber.
eChits adopt latest technologies to ensure that the customer can participate in auctions electronically and need not visit the chit office. The bidding is done online and a subscriber can participate from his mobile or laptop from anywhere.
eChits have actually redefined the traditional way the registered chits work in India by bringing in more trust, convenience and transparency. This enabled subscribers to invest in chits without hesitation. The subscriber life cycle in eChits is transparent and payout of prize money is ensured on time. IBG eChits is the first of its kind of electronic chits in India and is growing at a rapid pace. For more information, please write to us at firstname.lastname@example.org