helped in reducing the cost of operation
and it has increased our reach. Technology
has evolved and has helped companies to
capture customer data. Technology can
solve problems, but we need to leverage it
with products and services. BFSI companies
do not need to have branches - there should
be an aggregator for all the banks to provide
services to the customers. Customer utility
bill payments data helps us in scoring the
customers.Praveen Jayakumar, Sr Solutions
Architect, AWS
We provide multiple voice solutions
to our customers; we mainly use English
language. Our solutions are also available in
Hindi and supporting other Indian regionallanguages is a challenge for us. Policybazar
uses our ‘Poly’ service to handle its
customers. Poly is a voice-based messenger
service. There is less human intervention
and Poly is also useful in doing sentiment
analysis of the customers.
Since 2012 we have been operational in
India and we have deployed physical data
center in 2016.Alok Aggarwal, MD, National Trust
Housing Finance
NBFCs and HFCs are growing at
a phenomenal pace in India. Housing
finance is different from commercial
finance. Our lending range is 10-15 years,
while other retail products in the personal
loan category like gold loan, car loan have
12-36-month tenure. So, the span of lend
and borrow funds is higher for the HFCs
compared to other NBFCs in India. HFCs
are facing challenges in raising funds for the
long tenure, so they are adopting innovative
solutions. We are facing liquidity crises due
to the long-term lending. We target the
bottom end of the customers and they are
the first-time home buyers. They do not
have proper documents to be eligible for
loans. While the bureau score would help
in getting online approvals, a physical touch
is required to assess the eligibility.
K Deivarayan, MD, NKC Finance
The NBFCs will start accepting deposits
in the coming months and performing
NBFCs will be able to tap the NCD market. It
depends on the efficiency. Funds are not the
constrains for them. NKC Finance is mainly
into the loan against property business and
we are using technology at the maximum
level to solve our customers’ problems. We
are facing some competition from fintech
companies and we are planning to partner
with some in the personal loan segment.
Alphina Jos, CEO, BWDA Finance
Microfinance is the fastest growing
segment in the NBFC sector. Before the
NBFC crisis, things were smooth for larger
MFIs, but smaller and mid-size NBFCs
face challenges in new partnerships. So,
they are trying to strengthen their existing
partnerships. This segment has become
very competitive and companies need to
quickly cater the customer needs. Some
of the things that have changed the way
microfinance companies operate are
eKYC, credit score and credit analysis.
The low-income households looking for
credit should be provided with assistance
and offered financial education. We have
provided water and sanitation loans to
low-income households for creating their
own infrastructure. Product innovation
and catering to the specific needs of the
customers are 2 things helping us to engage
with the customers and retaining them.JE Vasant, Senior Vice President, Camps
Banks have built the rail roads for
creating the financial infrastructure and
payments system in the country. NBFCs and
other ecosystem partners have not followed
what the banks have done - they have built
their building blocks on top of it. Digital
lending companies that have started the
business do not need digital blocks from the
business point of view. The old NBFCs in
India are facing legacy challenges. The smallfinance bank and private banks have faster
adoption of the digitization. Earlier customer
onboarding cost `200-300, but digitization
has helped to bring this amount to `15-50.Premkumar, Systems Engineering
Manager, Nutanix
We are advocating ‘pay as you grow’
model for the companies. It helps the
customers in easy deployment of the
application, it allows you to ‘pay as you grow’
and eliminates associated management
complexities. We have different types
of public clouds and private clouds for
NBFCs, helping them serve the needs of the
customers. We advocate adoption of public
and private cloud (hybrid). The movement
from the public to private cloud should be
in a seamless manner. Land, physics and
economics are the 3 laws. The land law deals
with the regulations that RBI has specified
for the financial institution. Laws of physics
deals with physics. The third is the law of
economics and it is the most important law
which service business. It helps in making
budget for the business.
[email protected]
[email protected]Thriving Strategies in a World of Survival
Deivarayan K, Alphina Jos, Alok Agarwal, J E Vasanth and Premkumar at the discussion on
‘Thriving Strategies in a World of Survival’