Digital NBFCs in the post pandemic world
For the past 18 months, the pandemic affected individuals & organizations including the entire NBFC sector says Amol Bhandarkar, Sr. Manager - Solution Engineering, Vmware. He was speaking at Banking Frontiers NBFC’ Tomorrow Conference organized by Banking Frontiers. Edited excerpts:
The NBFC sector i n India has its unique set of challenges and is being forced to operate with reduced capacity. As the unlocking of the lockdown started, consumers weren’t able to reach the branches. A lot of online services were offered to consumers that combined voice & digital means to either buy or sell a product, or to raise concerns. The urban population seamlessly able to use these platforms, but the rural market caused a strain on the contact centers. A better customer experience for the rural customers is the need of the hour. During the pandemic, tech was the only medium that provided a better experience to the consumer, causing fierce competition amongst peer NBFCs, fintechs and banks. Also, there was an alarming 238% increase in cyber-attacks on Indian FSIs.
In the new era of remote working, employees had to service the consumers from their homes. Many organizations had initial hiccups to smoothen the work and customer experience. Productivity & scalability remain a critical aspect of a hybrid workplace.
Consumers changed their approach to digital-first, which eventually became a new way of engaging with consumers. Workplace circumstances changed and cybersecurity just got more complicated.
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