Technology assisted interactions imminent
BFSI companies are increasingly relying on going digital through agile technologies, getting asset light, and providing more opportunities for work from home and reducing infra expenses wherever possible.
API integrations for real time online analytics and verification of data will be the key driver in improving SME business. Video KYC, video personal discussion, artificial intelligence, social media footprint, etc, are some of the new age technologies which are currently being either incorporated in customer onboarding journey or being tested for adoption.
Fino Payments Bank focuses on providing seamless services to its merchants. Now the bank is planning to launch chatbot service to take interaction convenience to the next level. InCred is already l everaging technology to reach MSMEs. In a post-covid world, its emphasis will be on digitizing the borrower journey and internal processes to enhance customer experience and drive operational efficiency. Saurabh gives details: “We are looking to enable digital-only interaction by promoting engagement through our web and mobile apps for video interaction, enabling realtime identity verification, improving our credit decisioning algorithms, and partnering with vendors to support e-signing of digitized loan agreements.”
U GRO Capital has a multi-pronged distribution model and technology provides crucial enablers to each channel – the GRO+ mobile app for its GRO partners, the GRO Xstream platform for BFI partnerships, Gro-Chain for supply chain platform and GRO-Direct for direct to customer (D2C) platform. Anuj explains: “We are a completely cloudbased platform with global standards of network infrastructure and information security. The covid situation is yet another reminder that touchless transactions and digital lending will prevail in the future. We have been on that journey and are in a sweet spot when it comes to our strategic focus, investments we have made and the properties we have already developed.”
Alexander Muthoot says that The Muthoot Group is striving to upgrade its technology and all its 5000 branches are under core banking platform and a best in class Customer Relationship Management (CRM) system. All the technology platforms are upgraded and updated as per the requirement on an ongoing basis.
In terms of easing the workflow, Magma’s SME Business has initiated eSign, eNACH and various other API integrations in its loan origination system. Manish Jaiswal says: “Magma’s SME business operates like a fintech at predisbursal level and our endeavour is to be the best phygital lender in the country. Given our investments in analytical technologies and API integrations, we shall be able to expand our distribution capabilities in the aftermath of covid.”
Change is the only constant and the covid crisis is quickly transforming how businesses operate and interact with their customers. This is a transformation that is easing friction and expanding reach, creating a win-win situation for SMEs as well as lenders. Very wisely, the BFSI players have converted the problem into an opportunity.