Covering the major reasons why there was healthy loan growth in Manappuram Finance:
a) Online gold loans: Increasing the operational efficiency with single operated system with all the compliances backed with 600+ engineers for a smooth interface.
b) Digital Marketing: Creating various social media activities, contests like Top Manappuram Finance fans, various educational loan schemes unique campaigns.
c) Celebrity Marketing: Appointing regional and nationally recognised celebrities who’ve promoted various finance firms before with good credibility
d) Business Associates: Lowering teh queries and choosing the right plan with the duration & 100% clear of terms & conditions in customer’s mind
e) Doorstep Gold Loan: Easy to schedule, apply and receive your loan in the least expected time
The co. is also increasing the collection efficiency returned to pre-COVID levels for with and without pre-payments. And intensifying focus on asset quality in loan accounts by payment status.
Manappuram catering the largest gold business from south India with total 2214 branches, west with 341 branches, north with 590 branches, east with 362 branches and UTs with 17 branches.
In 2021, the 5 Year Plan Of Manappuram Finance Was Like This:
Gold Loans: Get 10-15% growth in AUM with required diversification
Exploring new channels like door-step, direct sourcing agent (a reliable way in this digital age to give in detailed explanation of gold loan) and online media too
MFI Loans: Cross cycle (moving fast with small steps) with 20% consistent growth
Did geo diversification to de risk microfinance loan section
Plus a boost to other loan types as per the requirement in each season (during this Digital India, startups are seeking good demand)
CSR activities in education, auto donations, covering children needs, medical support, etc. showed a spike in the profit growth period.
Other considerations:
a) CRM System: Digital payments platform with dedicate in our location collection team for EMIs
Penetration in the tier 2 & 3 cities through govt subsidy schemes ground level marketing.
b) Training: Developing the manpower through online mode who’re just graduates, to become familiar with dematerialisation for learning and innovation.
c) Decentralisation: Focus on lower sized ticket loans across all verticals. Establishing centralise credit monitoring for any default with enhancing the security levels (in offline branches) by multifold.
d) Upgrading digital infrastructure: Auto, micro finance, gold, education, business, small scale industries, health care, etc. loan types becomes more accessible with IT infrastructure and executing smarter automated solution.
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