Transformation, the Fin-way

Rachit Chawla, Founder and CEO, Finway FSC, describes how he could redefine the norms for lending and create a new pathway for financial services:

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Babu Nair: How has your lending business evolved in the last few months? What changes have come during last 1 year?

Rachit Chawla: Financial services sector is getting evolved every single day. The sector will grow in India transforming the country into the next Singapore. Singapore has adapted various new technologies in the financial services sector as it is a very important sector where people need to focus to create wealth and financial stability. So, the sector is trying to adapt the digital economy vision, executing it at the ground level and mitigating the gaps. However, even with so many flaws and issues, this sector is continuously evolving in order to solve problems. And Finway FSC is among the first set of players during the pandemic to launch a digital platform. A new mobile app called FLAP, which stands for Family Loan Assist for Partners, has been launched and agents have been trained on ways of assisting the customers to provide end-to-end support.

What is the USP that has helped financial businesses in these tough times?

The first and the foremost USP would be omnichannel. In Finway, we provide both types of lending; physical and digital. And our focus is to maintain a proper balance between both the types.

What are the futuristic tools that can be a possibility in this kind of business?