Nilesh Dange, the Chief Digital Officer of L&T Finance, has been instrumental in driving the company’s digital transformation. In an interview with People Matters India, Dange shared his insights on the company’s journey from a traditional BFSI (Banking, Financial Services, and Insurance) organization to a tech-powered enterprise.
According to Dange, the digital shift at L&T Finance began about four years ago, when the company realized that it needed to adapt to changing customer behaviors and technological advancements. The goal was to create a seamless and personalized experience for customers, while also improving operational efficiency and reducing costs.
To achieve this, L&T Finance embarked on a multi-pronged strategy that involved investing in digital technologies, such as cloud computing, artificial intelligence, and data analytics. The company also established a separate digital team, led by Dange, to drive innovation and experimentation.
One of the key focus areas for L&T Finance has been the development of digital platforms and channels, such as mobile apps and online portals, to enable customers to access financial services remotely. The company has also leveraged digital marketing and social media to engage with customers and build brand awareness.
Dange emphasized the importance of data analytics in driving business decisions and improving customer outcomes. L&T Finance has invested in advanced data analytics tools to gain insights into customer behavior, preferences, and needs. This has enabled the company to develop targeted marketing campaigns and personalized financial products and services.
Another significant aspect of L&T Finance’s digital transformation has been the adoption of emerging technologies, such as blockchain and the Internet of Things (IoT). The company is exploring the use of blockchain to enhance security and transparency in financial transactions, while IoT is being used to develop innovative financial products and services.
According to Dange, the digital shift at L&T Finance has yielded significant benefits, including improved customer engagement, increased operational efficiency, and reduced costs. The company has also seen a significant increase in digital transactions, with over 70% of its customers now using digital channels to access financial services.
Overall, L&T Finance’s digital transformation journey is a testament to the power of technology in driving business growth and innovation. As Dange noted, the company’s goal is to become a “tech powerhouse” in the BFSI sector, and it is well on its way to achieving this vision. With its focus on digital innovation, customer-centricity, and operational excellence, L&T Finance is poised to remain a leader in the industry for years to come.