Mehul Dani: How was your digital strategy implemented in 2019-20, and what was the customer response?
Anuj Pandey: Most financial institutions while lending to MSMEs still insist on looking at physical documents like financials or bank statements. Our approach has been to use a digital mindset and platforms as a credible and practical solution to real problems faced by the industry. Our digital strategy has been a combination of digitization and digitalization. Our endeavor has been to educate our customers and GRO partners on the advantages of going digital. To enable them we introduced our GRO+ app which helps digitize physical documents on the spot through ML-based OCR tech. We have also developed GRO Score, which is a proprietary ML-based credit underwriting rule engine customized for our selected MSME sectors. GRO+ app was made available even on hand-held devices and is now widely recognized has one of the industry’s first applications of its kind. Today we provide an in-principle decision for any loan application through GRO+ app within 60 minutes.
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