Getting Serious about Data
Several BFSI organizations which participated in this report have dedicated IT and digital teams to serve SME customers. Federal Bank has a dedicated group in the SME business team which is constantly in the lookout for opportunities to automate and transform. The team members work hand in hand with the bank’s IT, MIS and analytics teams. Rathish reveals the details about the special IT team: “We have a dedicated IT team for ensuring functioning of our core banking and digital platforms 24x7. Over 60% of our borrowers are from SME sector and our digital platforms are most used by this sector.”
Fino Payments Bank has a dedicated IT team that works on the overall merchant business and the bank keeps on improving its digital solutions available on its portals and Bpay. Navin Saini says: “We have already carved out a separate digital acquisition team which will scout for partnership opportunities with new age fintech companies. We also plan to have our own IT and data analytics team in the near future, which will help us develop our own data analytics engine.”
U GRO Capital provides 60-minute approval decision for loans up to `50 million. The company is equipped with enterprise data store and i n-house advanced analytics.
The company’s i nvest ment in analytics and technology has resulted in early success for its loan origination platform which connects to 24 external APIs and can produce an in-principle decision within 60 minutes, which is an industry-first according to Subrata Das. He adds: “We consider ourselves in the convergence between sector specialization and fintech expertise – and we have used the covid times to make faster progress on our mission to solve the unsolved needs of the SME sector in India.”
Its customized business rules engine hosts all its credit policies and credit scores. “We have crossed `10 billion in disbursals and turned profitable in the first year and 100% of the loans have been processed through the system powered by our policies and analytical models,” beams Anuj.
At Kinara Capital entire business is focused on helping SMEs and driving financial inclusion of small business entrepreneurs. Hardika says: “We have invested in technology processes that have eliminated paperwork and redundancies in a typically complex lending process. As a fintech, we certainly have our own IT and digital teams, we were also an early adopter of building our own data science team.”
Incred has a large in-house IT Team to support all the businesses including MSME business. Saurabh says that the in-house team is working on developing and improving applications to give a world-class digital experience to InCred’s MSME customers.
Manish Jaiswal says the company has a strong product team which seamlessly integrates with digital and analytics team. Our proprietary scorecard - M-score - reflects industry best vintages and will keep investing to better customer experience,” says he.
DATA ANALYTICS FOR SME CUSTOMERS
He also speaks about the use of data analytics to support end to end business: