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Banking on Digital tech to stay ahead of curve
April 20, 2022
Perhaps the biggest challenges for small finance banks (SFBs) according to a tech perspective is the lack of an automation process and the corresponding need for manual intervention. This makes the deployment of an integrated engagement platform vital to such entities.
Such a solution breaks down organization silos, taking into consideration an incorporated perspective on client profiles and sounder communication across channels. It likewise helps in the easier collection of EMIs and installments from micro banking and retail loanees.
Therefore, Ujjivan Small Finance Bank went for digital onboarding of customers, tying up with MoEngage for the purpose. But the change was easy since most of its customers came from unserved and underserved segments, with some living in remote areas. Thus, the bank partnered with a few names in the telecom space whose outlets could be used by customers to repay their loans, with the same being reflected in their accounts in real-time.
Sriram Srinivasan, head of digital banking, Ujjivan Bank, explains, “Prior to implementing the customer engagement solution, the vast majority of our client communications were done manually. After MoEngage’s implementation, the bank had the option to save additional on manpower which was routed to business operations, optimizing response time and driving revenue growth.”
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