Going Digital – what does it mean to you and your organization?
Going digital in today’s time is not a choice but an imperative for any organization to transform business processes, enabling internal/external stakeholders with insightful information at the right time in order to make informed decisions, create competitive advantages and elevate consumer experience.
SATIN being an NBFC (largest microfinance company in India, operating from 18 states and 700+ branch base and 2.4 million customers) has taken a big leap in this journey to step change business transformation with an intent to maximize our reach to financially excluded population at the bottom of the pyramid & help them enhance their livelihood.
The organization is fully committed to supporting all growth enablers to complement our growth strategy. One of our key growth enabler “Strategic Initiative” has been to introduce robust Digital technology touching last mile that helps to overcome the challenges of intense competition, increase productivity, reduced margins by creating a unique competitive advantage thus helping us improve profitability.
What is your Digital Transformation plan, strategy and the deliverables you expect or are already coming in?
Our digital journey started around year-and-a-half back and we have successfully implemented a Game Changing technology for our business. One of our key deliverables was to choose the right fit technology for our business and thus decide between Buy vs. Build strategy. We aligned to the build strategy, developed the new product in record 7 months, rolled out last mile technology in 3 months across 700+ branches, training & building the capability of 6000+ workforce and ensured focused approach on Change Management. This technology transformation through digital footprint at last mile has impacted our business immensely, like:
- Customer acquisition to loan disbursement cycle reduced from 18 days to 3 minutes.
- Significant reduction in operational cost i.e approximately 2%.
- Deeper insights on business KPI’s are reflected throughreal-time dashboards every 2 minutes.
- Helped our branding to reposition SATIN in the market.
This technology has already created a great buzz with our investors, statutory/regulatory stakeholders and is well talked about in the MFI industry.