Home Credit India’s Targeted Digital Initiatives Ensure Seamless Lending Services to Clients in the Times of Covid

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Has the Covid crisis impacted the technological strategy of the consumer credit sector in the country?

Covid has forced organizations to reshuffle their priorities with customer interest and business sustainability in mind. The lockdown in the country disabled the physical travel of customers and therefore the only way to grant a loan was “online”. Digitizing the loan journey for customers has been a catalyst, which is why it has become one of the top priorities for the industry. The mobile app was the solution through which we ensured that the brand and customer experience were not compromised, and that the loan journey was completed anytime and easily from the customer’s home. The pandemic has brought companies to stunted growth putting pressure on resources, resource and cost optimization has become a top topic for everyone.

How have you strengthened the capabilities of your digital infrastructure to provide seamless services to your customers?

It is essential for an organization to approach its digital infrastructure through the eyes of its customers. The intensive digitization of customer processes and the improvement of the IT infrastructure took place in parallel. It was a top priority for us to offer online solutions to our customers, so that they did not have to go to a bank or point of sale to make payments. In a world that operates in real time, we have invested resources in our IT infrastructure to be able to provide seamless services to our customers. As an organization, we are embracing the new digital landscape to meet our customers’ expectations and improve their overall experience.

What are common data privacy and security threats in the consumer finance industry, and as an industry leader, how do you set high standards for data security?

Covid times have created new security challenges for organizations. On the one hand, there is a need to provide employees with work-from-home flexibility or ease of engagement with the brand for customers; on the other hand, it was a new opportunity for wire actors, as they could scan for vulnerabilities and exploit software to gain access to corporate networks. Cyber ​​attackers have created new ways to intervene, some real-time examples are Covid-19 themed phishing emails, malicious mobile apps designed to track Covid-19 infections, etc.

We are no different from other industries because we have all been exposed to similar threats. These times have emphasized the regular upgrading of security systems. We have conducted active IT security and anti-phishing campaigns for our employees and customers to minimize risk.

What multiple app-based solutions have you introduced for your employees? And how did they become key tools during the Covid situation?

Our employees have been working remotely from home since day zero of the first lockdown in March 2020. Keeping our 14,000 employees connected and engaged has required us to not only bolster technologies that support remote working mode like work on VPN, MS Teams, Yammer, Share point, Darwin box, i-Learn, etc., but also to train in the use of all these tools and provide IT support to employees 24/7.

Can you share with us your plans for implementing key technologies in the near future?

In the world we find ourselves in today, IT is an essential business unlike before. As an organization, we must respond to the speed of expectation of our customers. Therefore, the focus will be on the implementation of innovative technical solutions as well as the intelligent use of bots and applications with other technologies.

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