Ranvir Singh, the Founder and CEO of Kissht and Ring, shares insights from his journey in fintech. The discussion touches on challenges in India's banking system and how Kissht caters to underserved borrowers with dignity. Ranvir reflects on his transition from consulting at McKinsey to entrepreneurship, emphasizing mentorship and customer-centric strategies. He also highlights the importance of courage in business decisions and envisions a future where technology, especially AI, revolutionizes financial services, increasing customer loyalty and streamlined experiences.
Respecting customers' dignity and addressing misconceptions about self-employed individuals is vital for innovative lending models in fintech.
Creating a seamless customer experience and strategic product consolidation is essential for fostering loyalty and sustainable financial relationships.
Deep dives
The Value of Dignified Customer Treatment in Banking
Treating customers with respect and dignity is crucial in providing financial services, especially to those often marginalized by traditional banking systems. Many self-employed individuals and those earning modest incomes seek loans but face condescending scrutiny from banks. The opportunity lies in serving this demographic with a dignity that respects their circumstances while providing instant loans. This approach has allowed for the establishment of a thriving business model that caters specifically to these underserved customer segments.
Understanding Misconceptions in Creditworthiness
There exists a common misconception that self-employed individuals are less creditworthy compared to salaried employees, which is not necessarily true. The average credit score of customers seeking services is competitive with, or even exceeds, that of traditional bank clients. This challenges the traditional wisdom in the banking sector and underscores the necessity for innovative lending models that consider the unique circumstances of all customers. Recognizing and addressing these misconceptions can cultivate a deeper understanding of customer potential and broaden market opportunities.
The Journey of Building Customer Loyalty
Establishing a sustainable relationship with customers involves not only providing loans but also ensuring a seamless customer experience. The typical lifecycle of a loan starts from an effortless application process through digital marketing and can expand into long-term financial relationships. Factors beyond pricing significantly influence customer loyalty, including the ability to provide quickly accessible credit and personalized services. By actively engaging with customers and leveraging data analytics, a business can effectively foster loyalty and satisfaction.
The Strategic Growth Vision for the Future
Future success is tied to the strategic merger of product offerings to create a consolidated financial service experience. The vision includes broadening the customer base while maintaining profitability through innovative lending solutions and partnerships. Additionally, cultivating a culture of empowerment and meritocracy within the organization plays a significant role in navigating the evolving business landscape. Ultimately, the goal is to craft an ecosystem where every customer can access various financial services seamlessly, enhancing their overall experience.
Join us as we talk to Ranvir Singh, the Founder and CEO of Kissht and Ring about their story.
Ranvir completed his B.Tech in Mechanical Engineering from IIT Bombay in 2001 and his MBA from IIM Bangalore in 2005. He served as an associate partner at McKinsey & Company, held the position of Managing Director at Si-Creva, and established Kissht in 2016.
He is also the founder and CEO of Ring and a founding member of FACE.
🏢 About Kissht & RING:
Kissht is a fintech platform that provides instant, seamless credit to consumers for purchases at both online and offline points of sale. This next-generation financial technology company strategically aids individuals in increasing their borrowing capabilities.
RING is a top fintech company in India, emerging from the success of Kissht. It excels in data-driven lending and serves over 11 million customers, with 40% from tier 2 cities and beyond. RING provides both short and long-term loans for business, personal, and recurring needs.
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