The sector comprises commercial banks, insurance companies, non-banking financial companies, co-operatives, pension funds, mutual funds, and other smaller financial entities. The banking regulator has allowed new entities such as payments banks to be created recently thereby adding to the types of entities operating in the sector. However, the financial sector in India is predominantly a banking sector with commercial banks accounting for more than 64 % of the total assets held by the financial system. Technology has become the most integral part of the financial institution and is investing heavily on the same. In a chat, Dr. Suresh A Shan, Head – Innovation and Future Technologies Business Information Technology Solutions (BITS), Mahindra and Mahindra Financial Services speaks on the way financial companies are adopting technology and how the channel partners can make difference in the last mile connectivity. Edited excerpts.
How much is the usage of IT is changing amongst the financial institutions in India? Compare it with other industry verticals.
It is purely very much positive in Agriculture and Related Social Sectors, infrastructure in rural India is also positive impact when compared to hospitality, retail services related in the changing movements and impact as feeling like a need to get add on values to disrupt in health and education aligned financial services strengthen by the Regulatory. We have to deploy such a strong customer based digital solutions in competitive to Corporate based digital solutions. Where every individual customer is treated as a corporate, and ensure the services solutions treating the individual customer as corporate and digital should move from “corporate digital to customer digital”. It should always resist change to be simple impact services solutions. Adopting consciously and continuously to technology solutions is also not growth.
What are the value-additions you expect from channel partners in deploying the solutions?
As part of rural financial services, Reach and speedy services are going to dominate the service solutions, all the major brands thrive on such promotional channel activities, which creates and participates part of ‘melas and haats’, rural fairs and remote cultural exhibitions in a great way to understand the consumers behavior and aware of the solutions and services planning to deliver as per the expectations. We publish the exact blaring local messages using the way to communicate and compute to the earn to pay customers, luring them through dealers, agents and brokers we anchored tailor-made schemes and solutions which matters a lot to the end customers and local was very much impressed and trusted, since we adopt to communicate and compute in the positive instinct.
As a CIO, what is your opinion on the role of channel partners in the digital adoptions of India’s BFSI/ NBFC sector?
The main role of just Technology high respect channel partners, including the very big players in our industry, use different channel partners to reach to the major portion of our remote rural customers, since vast spread and geography, the real experience of such many share and care model high-tech companies over the past and current demonstrates only the brands or the influence of their product solutions instead the purpose of last-mile expectations. Such options were treated with lower cost and risk but couldn’t react and impact the new business opportunities. Further, the channel partners do assists in their sale and even marketing to deliver the products and solutions what do they have done across the globe.
Channel partners in our operations could be retailers, distributors, vendors, consultants, value-added techy resellers, system integrators. We design the productive methods through channel partners, to create a faster and effective efficient way to penetrate new dynamic markets and expand the geography through the network created by the channel partner relationships.
As CIO’s, you can focus on the main major strategic imperatives and core competencies, which will be easier and simple to route through channel partners who have establishes the rural level networks and are very close to the customers to communicate and connect multi-lingual enterprise industry to consume and transact faster.
In what ways technology adoption are different for NBF companies different from BFSI? Are the needs, threats and spends of NBFC companies are same as BFSI?
The new era of technology adoption creates a unique different model of high tech solutions to compete with the digital financial solutions natives, we reorganize around our rural customer journeys and combine digital capabilities and technologies. Simple easy Lean process redesign, digitalization, intelligent process automation, simplified advanced analytics, business process collection based outsourcing, innovation disrupt rural outpost, fenced of operational excellence digital rural factory, business unit accelerator, full such operations through the leadership of the channel partners spread across with the multiple expectations using the culture-based digital, which need to focus on more culture, which is one of the main current barriers that hinder digital transformation at NBFC rural India. Such high- tech recognizes the channel partner importance in meeting the top-line revenue objectives, successful collaboration with unique channel partners helps and guides the company to deliver the differentiated value localized to customers, ultimately achieve the local reach and speedy services. In the last mile we are looking to drive more improvement and enhancements on technology challenges through mobile and IoT improvements by changing aspects or our channel strategies, but doing so can be fraught with challenges, such engagements and new preparation for the vertical-specific enable and empower the financial services business and technology challenge changes.
What are the key expectations as a head of IT in an NBFC entity you have on a channel partner?
Our dramatic rural instincts and the overdramatic NBFC financial views, the channel partner management is through the expectations of the challenging change management with the NBFC expectations set to operate all the solutions services, since the spread and geography is high multiple entities do operate to maintain manage mentored and to monitor to get the incentivized several methods and model differently, majorly such long term channel is an investment of time and interest as programs and strategies which should be developed that are responsive to the said defined channel partners part of NBFC needs and drive them positioning the products and solutions to the end customers. If high tech firms nonavailability and localization make it easy for the channel partners to establish and execute the solutions seamlessly. Normally the products design and services solution is very easy to deploy and sell, when channel partners are better positioned to present it and make it easy and simple to rural customers., at the trust best-suited model to meet their unique specific customized tailor-made schemes.
It is very clear to explore an appropriate engaged and proper preferred channel partner for a rural NBFC business or rural technology change, we get the suggested best practices for the channel partner for BFSI/NBFC analysis and deployment segmentation, change management, global channel partner engagement and simple partner adoption timely.
What are the key suggestions you would like to provide for channel partners serving the financial institutions?
Twelve things are not as per the wish, about the world of finance, and still, we expect all the channel partners should perform better than what we would think. Really we all are excited to start providing the solutions in different ways of fact-based frameworks which yields more through simple thinking ways to understand the rural customer expectations to suit as localized solutions at all times. Execute the competition through the comparison of deliverables above average. Further, ensure the services solutions ad par with the comparisons of extremes irrespective of rural geography. Set a great benchmark with the high view of trust-based solutions up over there.
Mainly channel partner rural services experience analytics, NBFC segmentation, Delivery deployment solutions services considerations, strategy to execute channel partners, with the real benefit stakeholders, impact assessment to create a leadership mantra on speedy services and reachability. Training, communication channels, deployment change management fallback plans. Achieve adoptions through campaigns, the role of change internal audience, ensure the change management to avoid common adoption of rural barriers.