Predictive models developed through analytics assess the risk of customer default, aiding in managing credit risk and customizing financial solutions for at-risk customers: Vidya Sambasivam, Chief Information Officer, Dvara KGFS
FinTech BizNews Service
Mumbai, March 8, 2024: Dvara KGFS works with a mission to maximize the financial well-being of every individual and every enterprise by providing complete access to financial services in remote rural India. Dvara KGFS, a rural fintech, has a strong presence in Tamil Nadu, Uttarakhand, Karnataka, Chhattisgarh, Jharkhand, and Odisha, spread across 48 Districts with 308 branches and more than 1.1 million enrolled customers. Ms. Vidya Sambasivam, Chief
Information Officer, Dvara KGFS, talks about its digital initiatives, in an exclusive interview with Mehul Dani, Editor, FINTECH BIZNEWS website.
Mehul Dani: What are the changes made in the digital strategy of your company as of Q3 in the current FY 2023-24? How has your company benefited from their implementation?
Vidya Sambasivam: In Q3, we enabled the sale of PAI through digital agents directly with online integration to the insurer. Additionally, Hospicash and EMI
Protect products were also enabled through the system. These initiatives have contributed to revenue
growth for the company and provided better value addition and reach to our customers. Furthermore,
while eNACH was launched in Q2, it was stabilized in Q3 and contributed to digital collections.
Additionally, the digital fulfilment of pre-approved loans was launched towards the end of Q2/early Q3,
supporting efficiency and productivity improvement.
Please describe the underlying technologies of your company like AI, and ML.
Vidya Sambasivam: Our technology stack includes Java, Angular, React, Native Android, MySQL, MongoDB, .Net, SQL, Python, and Metabase, along with AI and ML. We are a cloud-first, mobile-enabled, AI-ML-based tech platform. Our customers are onboarded through an assisted model where our Wealth Managers (Loan
Officers) use a mobile app to onboard the customer. We also provide the MyKGFS WhatsApp chatbot to
interact with our customers.
How much business (approximately) is garnered online by your company as of Q3, 2023-24? How digital-online initiatives have contributed to increasing the business of your company?
Vidya Sambasivam: As of Q3, 2023-24, a significant portion of our business is garnered online, reflecting a notable year-on-year growth. Our company’s digital online initiatives have been instrumental in driving this increase in business.
In Q3, several key initiatives were undertaken to enhance our digital presence and capabilities. PAI was
enabled to be sold through digital agents directly with online integration to the insurer. Additionally,
Hospicash and EMI Protect products were also enabled through the system. These initiatives have not only contributed to revenue growth but have also enhanced the value addition and reach to our customers. Furthermore, the launch and stabilization of eNACH in Q2, along with its continued success in Q3, have significantly improved our digital collections. Additionally, the digital fulfilment of pre-approved loans, launched towards the end of Q2/early Q3, has supported efficiency and productivity improvement within the organization. These initiatives collectively showcase our commitment to leveraging digital channels to enhance customer experience and drive business growth.
Please tell us about size of your IT team, training provided to upgrade the skill sets.
Vidya Sambasivam: The engineering division of our IT team comprises 18 members, with an additional 9-member central analytics team contributing to projects, system integrations, data insights, and more. We have provided specialized training to our Mitra agents to enhance their digital skills and ensure they are aligned with our digital strategy.
How have you gained by deploying analytics to increase business? How is technology used for customer relationship management (CRM)? What are you doing to enhance customer experience?
Vidya Sambasivam: The use of analytics has brought substantial benefits to our business across several areas:
Customer Persona Analysis: Advanced analytics has enabled us to create detailed customer personas, allowing us to tailor our products and services more effectively to meet the specific needs and preferences of different customer segments.
Wealth Manager Persona Analysis: Analytics has helped us better understand our wealth managers, identifying key traits and patterns that correlate with high performance. This insight has optimized wealth manager allocation and personal development plans.
Productivity Analysis: Operational data analysis has identified bottlenecks and inefficiencies,
leading to targeted interventions to improve productivity, such as streamlining workflows and
enhancing training programs.
Customer Default Prediction: Predictive models developed through analytics assess the risk of
customer default, aiding in managing credit risk and customizing financial solutions for at-risk
customers.
Beat Plan for Wealth Managers: Analytics has optimized schedules and routes for wealth
managers, improving client coverage efficiency and enhancing wealth manager satisfaction and
performance.
These analytics-driven initiatives have not only enhanced operational efficiency and customer service
but also mitigated risks and capitalized on new market opportunities.
