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With cloud, AI, platforms, NBFCs offer comprehensive products

Paisalo Digital’s goals entail strategic investments in automation, data analytics, and seamless digital platforms to provide unparalleled CX:

With cloud, AI, platforms, NBFCs offer comprehensive products

Paisalo Digital, a non-deposit taking NBFC registered with Reserve Bank of India, is a thriving, listed fintech player with a robust distribution network in rural and semi-urban areas of India. It has serviced over 10 million borrowers through 203 branches across the country.

While pursuing his studies at Amity University in Noida, Santanu Agarwal embarked on a journey to transform his dreams into reality by working on the ‘Paisalo’ digital app. He launched it in January 2018 as a digital lending platform for MFI borrowers that streamlines the loan process and strategically addresses the needs of the customers.

Tracking Loans

It has opened 1052 touch points across 18 states. 849 touchpoints and 8 new states were added just in Q4 FY23. Santanu informs: “Our company is closely tracking digitally the number of loan accounts opened, the number of borrowers funded, the pace and scale of new small business loans extended, and a host of other metrics to ensure that we are achieving results and listening to feedback so we can have even greater impact. With tech use, these touchpoints host grassroots community events, small business mentoring sessions and financial health seminars.”

Intranet Boosts CX

Paisalo platform is built using a variety of new technologies like Python and AI to offer increasingly comprehensive products and services.

Santanu informs: “All existing and new customers are on-boarded and serviced through our proprietary intranet app available at all our touch-points. This allows us to maintain our basic principles and strategies that we use to build this company, viz maintaining a robust balance sheet, constantly investing and nurturing talent to fully satisfying regulators, continually improving risk, governance and controls, and serving customers and clients while lifting up communities.”

Biz and Tech Partners

Paisalo’s co-lending tie-up partners include SBI, Bank of Baroda, UCO and PNB, who together make banking solutions available and accessible to the unbanked population. To achieve a consistent elevation in the quality of its services, Paisalo recognizes the significance of continuous skill enhancement and training. The company organizes frequent skill enhancement sessions and has implemented several specific initiatives to empower its employees.

Santanu names its key partners and the investment made by the company in its IT team: “Some software vendors that we are working with are Protean for eSign and CRIF for credit bureau check. We employ 15 people in the IT team and have roughly spent Rs6-6.5 million for them. We have implemented initiatives to expand their knowledge areas such as mentorship programs, cross functional training, industry conferences & workshops, online learning assets and knowledge sharing sessions.”

CRM & Analytics

Paisalo utilizes a robust in-house developed CRM software to enhance customer relationships, allowing it to manage interactions, track preferences, and deliver personalized services. Its strong presence on social media platforms fosters customer engagement, brand image, and direct communication. Santanu points out: “Analytics has significantly boosted our business efficiency by providing valuable insights into customer behavior, market trends, and operational patterns. These insights have guided informed decision-making, streamlined processes, and improved customer service. In the current and next fiscal year, we have planned targeted marketing campaigns through digital channels, print media, and strategic partnerships.”

Cybersecurity

Santanu believes that Paisalo has some of the best cyber protections in place, as well as the best talent to monitor and guard its information. Properly regulated NBFCs are meant to protect and enhance the financial system. Paisalo is transparent with regulators, and it strives mightily to protect the system from terrorism financing and tax evasion as it implements KYC and anti–money laundering laws. It also helps customers from protecting their data and minimizing fraud and cyber risk to providing financial education and abides by social requirements, such as financial inclusion of micro markets, which requires NBFCs to extend their services into lower–income communities.

Santanu reveals: “All these entail strategic investments in automation, data analytics, and seamless digital platforms to provide an unparalleled customer experience. We also work extensively, and increasingly, with the appropriate agencies to audit our system on regular intervals. But we are committed to improving and implementing our robust cybersecurity measures to ensure the utmost safety and privacy of our customers’ data.”


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