India’s Leading BFSI Companies 2017
in our non-cash collection over the last couple of months from what it used to be earlier. We understand that large financial entities including banks get more than 60% of digital traffic through mobile. The financial industry also feels that mobile will become the most popular consumer channel in the future, and hence our digital plans for the next five years are more concentrated on the mobile platform for a speedy customer service. Customers will have provision to apply for their loan requirements online. We are confident of obtaining the required documents for financing a commercial vehicle by proper integration of our system with UIDAI and Vaahan servers through the Ministry of Transportation, which will enable us to offer credit in the shortest possible time. We have already made headway with UIDAI on e-KYC authentication. This will make the whole lending process digital to a great extent. We are expecting a seamless digital registration of NACH mandates by the customers through an authenticated OTP process. We have already started working with NPCI through our lead banks on the same. This will lead to a drastic drop in the turnaround time in the registration process. While demonetization has posed some challenges for the short term, we see huge opportunities to fund and help the unorganized finance market and to bring them together “ ” All other service requests during the loan period are also planned through digital modes. Customers will be able to send requests online for loan closure and to receive the NOCs. The process of endorsing our financial interest on the vehicle and removal of the same digitally is also underway. It will take momentum on the readiness of government agencies and this process will wipe out the usage of physical RTA forms.
Apart from the loan process and maintenance, we are trying to build an ecosystem with other service providers in our app as below:- ApplyingforFastTagandmaintenance • for facilitating toll payments Load management services • Facility to purchase tyres, lubricants, • etc., at discounted rates, tie-ups with authorized mechanic garages for vehicle repairs at competitive rates Insurance needs for asset/s, business • and life What do you think are the biggest obstacles in India’s journey towards a less-cash economy? Banks and financial institutions need to put huge infrastructure in place for transactions through cards, mobiles. A lot of education initiatives may need to be undertaken. Internet services, which currently stand at only 26% coverage in India, need to expand at a rapid rate. Though this is the biggest decision of this government, continuous perusal would be the key for success. This could be termed as cultural shift. The Government also needs to have a relook at its taxation structure and make it easier to comply with. Huge costs of audit and tax filing on high frequency make it difficult for small business owners to comply with 100%. Tax brackets should be brought down as more number of people and businesses are brought into the tax net. What are STFC’s plans for expansion and growth over the next five years? We see huge opportunities ahead. While demonetization has posed some challenges for the short term, we see huge opportunities to fund and help the unorganized finance market and to bring them together. We have also opened up large avenues by starting a business loan vertical, wherein we would like to encash the potential of gaining larger share of our customer wallet. Instead of only funding for vehicle requirements, we would like to go for full-fledged funding requirements of our existing customers to start with. We look forward to building up an AUM of more than 1.2 lakh crore by the year 2020.
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