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Finance InFocus

Technology to Make Banking More Customers Centric in 2023

In a conversation with Mr Suman Saurav, Head of Technology at Arka Fincap Ltd. we found some great insights regarding how this trend of digital finance is evolving. 

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SMEStreet Edit Desk
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Suman Saurav, Head - Technology, Arka Fincap Limited_Resized
Life for every entrepreneur is massively changed in the last 2 years. Digital has taken over and came with a lot of ease. This change made some major transformations in the area of finance. Digital payments and digital finance processes are some great examples of how business processes can become fast using digital.

In a conversation with Mr Suman Saurav, Head of Technology at Arka Fincap Ltd. we found some great insights regarding how this trend of digital finance is evolving.
AFL (Arka Fincap Limited) is a digitally enabled, technologically-advanced, customer-focussed, systemically important Non-Banking Finance Company (NBFC) providing secured and unsecured financing solutions to MSMEs, SMEs, developers, and corporates. Crisil has assigned Arka a rating of AA (-) for the long-term borrowings and A1 (+) for the short-term borrowings. Arka is currently present in 14 cities across West, South and North regions in India and has 140+ employees across all branches. 

Explaining technology usage in finance, Suman Saurav, Head of Technology, Arka Fincap Limited  says, "The technology used by NBFCs is likely to continue evolving in the coming year, with a focus on digitalization and the use of innovative technologies to improve customer experience and operational efficiency. Few trends that would dominate the year 2023 would be fintech integration, cybersecurity and regulatory compliance. NBFCs are likely to continue exploring partnerships and collaborations with fintech companies to source customers, access new technologies and expand their offerings. This could include incorporating fintech solutions into their existing operations or launching new products and services in partnership with fintech firms. Data analytics and artificial intelligence (AI) technologies would be used extensively to better understand customer needs and preferences, improve risk management, and optimize decision-making. Regulatory compliance would be another area of focus and technology would be leveraged to implement processes and technologies to meet requirements around data protection, anti-money laundering, and other regulatory mandates."

Commenting on the digital finance imapct on younger generation, he said, "The increased risk-taking capabilities of the Gen Z has fueled the entrepreneurship culture in India and that would impact and expedite the increased technological advancements for NBFCs to support them in their dreams. The India NBFC story of 2023 will be a shining beacon with innovative technologies being implemented along with growth capital being infused from various avenues. Going forward the technologically advanced NBFCs will contribute enthusiastically to the GDP of India."

Suman is the Head of Technology at Arka Fincap Limited. His responsibility includes defining and implementing technology strategy to achieve the enNBterprise goals. He has successfully set up the IT function for the NBFC startup and has built a highly agile, cloud native digital landscape with minimal capex budget. Arka Fincap Limited is an NBFC and subsidiary of Kirloskar Oil Engines Limited.

 

NBFC Arka Fincap Limited Suman Saurav