A cornerstone of the growth and development of the group across India and abroad is Alexander George Muthoot, Deputy Managing Director of the Muthoot Group. He heads the marketing, operations and international expansion of the group.
Mehul Dani: How is Muthoot’s digital strategy implemented in the last and current FY?
Alexander George Muthoot: Aggressive digital transformation agenda has been convincingly pursued by us as part of the digitization of Muthoot group over the last couple of years. This has helped us tremendously in providing superior customer convenience and achieving better speed and control of operations along with cost-effectiveness.
The current level of automation and digitization in the group has facilitated our customers to conduct major transactions such as applying for a gold loan online, interest repayments, loan-top-ups etc anytime, anywhere through Muthoot online web service and Muthoot mobile app. During the pandemic, the usage of our digital channels has increased exponentially. New initiatives such as Loan@Home and online interest payment options through Muthoot mobile app, Muthoot Online, UPI apps like PhonePe, Paytm, and Google Pay have been launched to enhance customer experience. Now our gold loan customers can even avail loan top-ups on their loan accounts with just a few taps, through WhatsApp.
Which are the technologies that are in use? Please give details about your IT team.
The Muthoot Group has 20 diversified business divisions and one of these is Emsyne – the dedicated IT division. Emsyne has a 200+ strong team of IT professionals, software engineers, programmers, project managers and senior leaders. It is dedicated to design, build and support all strategic software solutions to meet the company’s dynamic business needs in the ever-changing business environment. In addition to this, we have also dedicated in-house IT teams that manage our routine IT operations and branch support.
The Emsyne team specializes in Microsoft technology-based software solutions and has developed and deployed exclusive domain-specific solutions. These include top-of-the-line core banking solution, loan management solution, forex management solution, purchase and asset tracking system, human resource management system and CCTV surveillance system. All these are built and integrated on an agile, scalable platform streamlining and simplifying processes at the core banking, mobile banking and e-banking levels. The systems are highly modular, scalable and configurable giving banking and financial entities, the benefits of increased efficiencies, faster go-to-market, predictability of technology and better business results.
Please update us on your company’s apps.
Continue reading your story on the app
Continue reading your story in the magazine
Mental Health & D&I: Both Problems Have Similar Solutions
The pandemic has created heightened awareness about mental health issues, while Diversity & Inclusion (D&I) issues have been steadily becoming more visible. While the problems are distinct, there is a lot in common among the solutions:
Bandhan Bank: Building a robust, granular liabilities franchise
On the occasion of its 6th Foundation Day celebrated on 23rd August, Chandra Shekhar Ghosh analyses the bank’s achievements and explains how it has earned the trust and confidence of 23 million Indians:
A platform to buy and sell anything seamlessly
BNP Paribas has a unique platform, Cortex Life, that allows traders to sell or buy everything from bullion to currencies and also do trading in currencies or commodities:
Fikar Not Says Fino's Brand Ambassador
Anand Bhatia, CMO, Fino Payments Bank shares details of the journey to appointing a brand ambassador for the bank and planning the creative and media:
Covid boosts top-up loans & balance transfers
Arvind Hali, MD & CEO, Motilal Oswal Home Finance reveals how the pandemic is affecting business and how the company is responding:
Boosting organizational and systemic resilience
Mahesh Kumar Jain, Deputy Governor, Reserve Bank of India, gave a speech titled ‘Building a More Resilient Financial System in India through Governance Improvements’ on June 18, 2021 at the India international Centre, New Delhi. Edited excerpts:
South Africa enhances safety, efficiency & access
In March 2018, the South African Reserve Bank (SARB) published the National Payment System Framework and Strategy – Vision 2025, with the overarching vision to enhance the safety, efficiency and accessibility of the national payment system in a manner that promotes competition and minimises risk to the payments ecosystem by leveraging technological developments to extend the availability of digital payments to all sectors of society while meeting domestic, regional and international requirements for the benefit of all members of South African society. Vision 2025 comprises 9 goals.
BFSI SECTOR TURNS Green
The BFSI sector is keenly adopting green policies, practices and technologies with the aim of being more sustainable and protecting the environment:
Model Insured Villages to Boost Rural Penetration
Neeraj Prakash, Managing Director, Shriram General Insurance shares the company’s strategies to tap rural markets and leverage new technologies:
Virtual surveys hasten loss assessment
Ravichandran N., CTO, at Kotak Mahindra General Insurance explains how the insurer will be leveraging advanced modelling tools in response to heatwaves and flooding:
Paytm's Sharma Is Ready To Take On The World
Vijay Shekhar Sharma, 41, founded closely held One97 Communications and its brand Paytm (rhymes with ATM) almost two decades ago.
Is the Grass Greener for Unicorns?
An unstoppable rally is being witnessed among the start-ups when it comes to initial public offerings. But, once listed, companies fall into the greater purview of the government, the market, and investor sentiments. We talk about the challenges and criticisms these start-ups may face after entering the new domain
“I Didn't Raise Money For The First 7 Years. Raising Money Is A Light And Sound Show”
“Investors see who you are, your team. It’s like selling a dream. They don’t give money to your business, they give you the money because you are an incredible guy and have a great team.”
Google abusing position, playing unfair: CCI probe
If Found Guilty, Tech Giant May Face Penalties
फास्टैग आधारित पार्किंग सेवा शुरू करेगा पेटीएम
डिजिटल भुगतान और वित्तीय सेवा फर्म पेटीएम देश भर में फास्टैग आधारित पाकिंग सर्विसेज शुरू करेगा। पेटीएम पेमेंट्स बैंक लिमिटेड ने सोमवार को कहा कि उसने दिल्ली मेट्रो रेल कॉरपोरेशन (डीएमआरसी) के साथ साझेदारी में देश की पहली फास्टैग आधारित मेट्रो पार्किंग सुविधा शुरू की है।
पेटीएम के स्वामित्व ढांचे की समीक्षा कर रहा सेबी
पूंजी बाजार नियामक भारतीय प्रतिभूति एवं विनिमय बोर्ड (सेबी) यह जांच कर रहा है कि चीन का फिनटेक समूह और पेटीएम का सबसे बड़ा शेयरधारक एंट समूह और अलीबाबा का पेटीएम में निवेश सूचीबद्धता के नियमनों के अनुरूप है या नहीं।
Corporate: Untangling Paytm
Paytm is set to debut on stock exchanges. soaring Private valuations, despite huge losses, indicate a bumPer listing. can its multiPle engines deliver?
It Takes a Tap to Bank
Digital-only banks are making giant strides in India with millennials adopting the format faster than thought but regulatory uncertainties cloud their fate
आईपीओ के चयन में सतर्क निवेश बैंकर
कुछ कंपनियों के हितों के टकराव वाले उपबंध को देखते हुए निवेश बैंकरों ने उठाया ऐसा कदम
पेटीएम ने एप पर टीके के लिए स्लॉट बुक की सुविधा शुरू की
वित्तीय प्रौद्योगिकी कंपनी पेटीएम ने सोमवार को कहा कि उसके उपयोगकर्ता अब उसके ऐप पर टीके के लिए उपलब्ध स्लॉट तलाशने के अलावा टीका लगवाने के लिए स्लॉट बुक भी कर सकते हैं।