CXOToday has engaged in an exclusive interview with Mr. Siddharth Agarwal, Founder and Managing Director, Mobicule
- Mobile first approach in software is surging and expectations are high, will this sustain?
To put it simply, we have all become addicted to surfing on mobile devices. At present, the total traffic on the web is driven via mobile phones and this trend will continue to rise in the upcoming years. Taking this into account, software companies are cashing in on the power of mobile-first design to improve user experience. As a debt collection platform, Mobicule, too, has always remained focused on leveraging mobile technology with the intent of digitizing the process and increasing efficiency. We understand the need for mobile tech to go hand in hand with other existing processes and accordingly take measures to improve this domain. All in all, a mobile-first design can transform an unpleasant experience into a systematic and traceable empathetic solution, which makes it reliable. Moreover, taking this approach propels brands and business owners to consider which interactions or features are essential for users, especially those with low bandwidth and small screen sizes. This helps customize the design and streamline pages. The end result is users get what they want without any distractions or hindrances, making the mobile-first design strategy sustainable.
- How can mobile-first/field-friendly software deliver efficiency to the BFSI and Telecom sector?
Prioritizing a mobile-first strategy has become a necessity for a reason. Globally, users want to have an engaging experience. Realizing this market gap, businesses operating in the BFSI, Telecom, and other sectors are embracing new innovations that can grasp their most pressing challenges and assist them in resolving the difficulties the industry faces. Mobicule did just that. We have not only developed products that are mobile-friendly but in fact, everything we do has a mobile-first approach at its core. To put it simply, consider the BFSI industry where loans get originated, KYC needs to be updated, or money needs to be collected and there is direct engagement with customers; having a mobile-first strategy brings efficiency, as you can generate proofs, identify locations, and monitor other activities, which saves time and fastens processes.
- Does strong R&D and adopting the latest, upcoming technologies help establish a niche market position for software product player like Mobicule?
Certainly yes! R&D fro us in not an option its part of the product development life cycle and having the best resources invested in understanding the market trends. During the process, gathering inputs from various stakeholders and monitoring the industry, coupled with a robust tech team, helped us establish and advance a first-of-its-kind product. Our unique offerings and understanding of the target market have given us an upper hand in this space. Moreover, since this is a niche market segment and yet to be sized in terms of competition gives us an added first-mover advantage. For now, we are focused on widening our presence in India mainly in the North and South, as these markets have a higher penetration of rural and vehicle loans, but eventually, we will expand beyond the borders.
- What kind of disruptions are there in loan collection and debt recovery space?
Right now, this industry is going through its early stage of disruption. But the silver lining is there is a clearly recognized need in the banking / NBFC space for a centralized and digitized collection and recovery process. Over time, as the market evolves, there is likely to be a demand for stronger KPI management to make decisions and the role of AI/ML will grow in significance. Importantly, the loan collection process will also become more streamlined and uniform. Besides these changes, the biggest disruption will occur when customers start realizing that the debt collection and recovery system is meant to help them pay faster, better, and on time.
- How is cloud technology shaping the future of the industry?
Cloud-based debt collection technology has changed the equation of the industry. Where once this was frowned upon has now emerged as a robust collaborative unit strengthening the debt collection and recovery process. Another good thing is, the application of cloud technology has made things more accessible and affordable, which largely benefits the end users. With time, we are also witnessing the role technology is playing in not only enhancing the collections and recovery process but also in delivering a satisfying, engaging, and positive user experience. We are certain that cloud-based technology will continue to improve customer experiences while also empowering debt collection organizations like ours to work smart and efficiently and boost overall performance.
- Mobicule is offering three different products – mCollect, NetraScan and Neeti addressing the diverse needs of various sectors. How does the company integrate technology innovations across the products?
Though these are three diverse products, the foundation, technology platform, and features are quite similar and interlinked. Despite the commonality, they cater to a different set of clienteles and business needs. Let us take an example of a bank. They onboard customers on a day-to-day basis and this process involves collecting and feeding their details into the system. Here is where NetraScan comes into play. Out of the many offerings, the customers that have availed of loans of any kind are subject to repayment. For this, banks are required to monitor their repayments and conduct a collection and recovery process in case of a delay or default. mCollect plays a significant role at this juncture of the cycle. In regard to Neeti, it ensures there is complete visibility of KPIs across the organization and measures company-wide performance against the target. So, even if mCollect, NetraScan, and Neeti are disparate products, there are implementations where we use all three. They are a perfect add-on to each other.