Going Only Digital Poses Multiple Challenges

By integrating APIs for government and third-party data sources with physical expertise in compliance and underwriting, we aim to bridge the gap between digital innovation and the human touch, ensuring holistic financial solutions for our clients globally -- Roshan Shah, Co-Founder and CEO of VoloFin

Mumbai: Going entirely digital presents challenges such as limited access for customers in remote areas, lack of digital literacy, and the risk of excluding certain demographics. Additionally, maintaining trust in financial services often requires human interaction, especially for complex products or services like supply chain financing. Ensuring data security, compliance, and fraud prevention also becomes more critical in a fully digital ecosystem.

Talking to Bizz Buzz, Roshan Shah, Co-Founder and CEO of VoloFin says, “We recognise the importance of blending digital efficiency with physical touchpoints. Our strategy involves leveraging cutting-edge technology for faster on boarding, real-time credit assessments, and seamless operations while offering personalised assistance through relationship managers. This hybrid approach helps us cater to MSMEs in diverse geographies, ensuring accessibility and trust.”

By integrating APIs for government and third-party data sources with physical expertise in compliance and underwriting, we aim to bridge the gap between digital innovation and the human touch, ensuring holistic financial solutions for our clients globally. As financial institutions embrace technology to drive efficiency, there are certain challenges to navigate, including maintaining data privacy and combating the risks of fraud.

Vishal Jain, CEO, Manipal Business Solutions says, “At Manipal Business Solutions, we have developed a phygital approach to help financial institutions navigate these challenges effectively, ensuring end-to-end support and robust data security. For instance, services like KYC, while digital solutions are convenient and quick, may face challenges such as poor internet connectivity or digital literacy gaps, leading to drop-offs. This is where our doorstep services make a difference.”

By combining the efficiency of digital tools with the trust and reliability of in-person interactions, we provide services directly at customers’ doorsteps. Using our phygital approach, we are committed to upholding the highest standards of data privacy, ensuring all customer data is handled securely and in full compliance with data protection regulations.