V.P. Nandakumar reveals that more than 900,000 customers use Manappuram Finance’s mobile apps
Manappuram Finance was one of the earliest to adopt core banking platform. This was no mean achievement considering that unlike the banking sector, there were no ready-made software solutions for other financial services companies, especially for managing gold loans. It came about only because the company invested in developing its own proprietary solutions, and today its technology platform is one of its core strengths.
ONLINE GOLD LOAN PLATFORM
With its tech infrastructure, the company saw the pandemic as an opportunity to drive digitization of its business and administrative operations further. According to V.P. Nandakumar, MD & CEO, the company moved quickly to introduce the digital payment option for all its lending products (both gold loan and non-gold loan products) to streamline the collection process and make it less vulnerable to future disruptions. It also set up a digital process by which it could shift its existing offline customers onto an online gold loan (OGL) platform, thus enabling them to avail and service gold loans 24x7. Further, it also introduced a digitized doorstep gold loan product that allows customers to avail loans at their doorsteps on request.
MOBILE, OGL, LITE APPS
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