NBFCs: Elevating Organizational IQ

What is more important than hiring smart people is raising organizational IQ. This topic was discussed in depth in a panel discussion at NBFC's Tomorrow conclave organized by Banking Frontiers. Edited excerpts:

Manoj: I request each panelist to make an opening remark about the challenges of raising organizational IQ.

Prashant: This topic is quite elaborate because we are trying to put organization effectiveness and operational excellence through digital transformations and adopting newer technology to make oneself competitive enough to sustain business.

Cricket is a good example. When the IPL started in 2007, BCCI has transformed cricket as a game to the passion of the whole 100 crore Indian population. They adopted new technologies – including from VR, DRS, health management, scanning, etc. They have integrated and they are the first in the world. BCCI adopted weather forecast integrated with a match timing. I want to correlate the same with a now our NBFC, where the life, we generally call as a customer life cycle value.

So, the challenge is that our organization must able to develop and align in a such a way that we will able to generate value for our customer. We started our journey like eKYC, video KYC, and today we are operating in the era of the disbursement which is online with 5-10 minutes.

Imran: At the back end, the entire life cycle where you have to bring the IQ of the organizations, you need lots of training and education. To adopt new technologies, we need to incentivize people to make mistakes and learn from them. We came up with a digital home loan in 2015, probably most concentration was going on the front-end side of the customer experience. However, if you see the RBI regulation for early warning systems, etc, that calls for modernizing the back-end system in such a way that actual benefits of the digitalization go to the customer, and that should be 24x7.