India has the highest FinTech adoption rate globally Capri loan Rahul Agarwal

Capri Loans leverages cutting-edge technology tools to become a top FinTech company. The company’s digital transformation initiative aims to modernize older systems. Below is an excerpt from an interview conducted with Rahul Agarwal, head of business transformation at Capri Loans:

What is your perspective on the Indian FinTech industry?
With nearly 34 million Indians coming online between 2021-22 and the rapid technological advances daily, the fintech industry and the nation are witnessing a wealth of brilliant ideas and talents. These combined with the government’s prospects and initiatives to increase growth in the FinTech industry have led to India having the highest fintech adoption globally.

What is essential right now is to renew the education system to be more favorable to this development and the technologies, while continuing to retrain and upgrade the current workforce. An employee who is not on the path to constant growth (* personal and professional) will be left behind. This drive to constantly consume information and develop must be instilled directly from the educational institutions. The learning and “learning process” has been going on for too long now!

What are your most important product offerings?

• MSME loans: through this we offer tailored financial solutions for small business owners, which enable customers to seize opportunities and expand their business.
• Mortgages: address the financial challenges associated with acquiring your own home
• Gold loan: loan against gold given as security
• Wishwas: this product aims to establish an equal, poverty eradicated and inclusive economy by offering loans to women in rural and semi-rural areas
• Construction financing: Our construction financing is available for small and medium-sized property developers who want to achieve the necessary benefit to complete the project.
• Affordable Housing Loans Prime: an affordable mortgage suitable for salaried employees working in public, public and private companies, and meeting the growing demand for affordable housing in urban and rural regions
• ECLGS: An Emergency Credit Line Guarantee Scheme, which offers pre-approved unsecured loans to finance small and medium-sized business owners who are eligible to obtain loans to maintain their business.

What technology is used in the retail trade of gold loans?
We have integrated with a new lending system for gold loans. We have also built our own DSA platform and Lead Management System internally to run our gold loan business.

What are your employment plans across the technology vertical?
The employment is in full swing! As we continue to improve our homemade systems and capabilities, we are constantly looking for brilliant and talented people who can deliver value and enable growth for the organization. Although outsourcing may have its own benefits for certain organizations, we prefer to rely on our internal so that operations and scale are in our hands.

What are the future plans for Capri loans?
The plan is to continue operations in full! We are currently conducting massive employment camps across the country for gold loans and retail. We are starting a fully dedicated 100 person state of the art Tech office in Gurgaon’s most prime location. We run a very comprehensive internship program to bring out talent at very early stages. At several levels, we have also made guidelines for permanent work from home. We have created guidelines for our employees to get them trained for any work-related certifications or programs they want to do.

What is more important than even is keeping an eye out for relevant technologies and methods to implement them due to the pace at which they mature. We move strategically and quickly from a conventional NBFC to a state-of-the-art FinTech in order to deliver the best possible products and financial solutions to our customers.