Moneywise Financial Services Private Limited, a wholly-owned subsidiary of SMC Global Securities Limited, was established in 2008, has positioned itself as a pioneer, offering a wide bouquet of loan products i.e. SME loans, loans against Property, Unsecured Business Loan, Medical Equipment Finance, IPO finance and others to meet the growing credit requirements.
Empowering SME lending portfolios to lead by secured products and increasing the book granularity, Moneywise has enjoyed many successes up to this point. Stemmed out as the crown jewel from SMC Global Securities Limited, the retail credit institution branched out from a two and half-decade-old pioneer, Moneywise is registered with RBI as a Non-Deposit taking Systematically Important Non-Banking Finance Company. It has Existing Lenders including HDFC Bank, SBI, RBL Bank, BOI, Canara Bank, Indian Bank, IDBI, TATA Capital and others.
The key objective behind the formation of Moneywise is to diversify and expand the existing customer base of the SMC group, a market-leading provider of diversified financial services. It offers services in investment banking, wealth management, distribution of third-party financial products, research, financing, depository services, insurance broking, and clearing service.
FUTURE OBJECTIVES OF MONEYWISE
The team is actively performing to enable and empower the in-house IT team to capitalize on technology. And with respect to that, they have created applications for tracking and easing out physical discussions with their customers. Recently, they have developed a SALES APP which once launched in complete phases shall digitalize and automate the end-to-end loan journey for their Internal and external customers.
The team then intends to diversify Moneywise’s loan portfolio by adding the gold loans. As part of the current business plan, they are adding new branches in untapped locations like Rajasthan, Gujarat, Haryana and others.
DIFFERENTIATING FACTORS OF MONEYWISE
Moneywise has enabled competitive disruption for its clients by establishing itself as a specialized finance facilitator. It has an AUM of around 719 Crore, a clientele of more than 26000 people throughout India, and leverages the Group’s Pan-India network of branches and associates. It has received ratings of A- (Stable) from CARE and A- (Stable) from ICRA. Below is the list of a few other factors that make Moneywise stand out
- Ease of access to the credit facility
- Market-
- driven ROI% & Other charges
- Transparency in customer dealings
- Customized Credit Decisioning and fund allocation
- Optimized TAT of service delivery
NEW MARKETS, ACCELERATED INNOVATIONS
Recently, there has been a significant shift in the NBFC industry, as institutions now use innovative strategies to access credit facilities in remote industries. Such institutions concentrate on utilising banks’ inefficiency to increase operations quickly and change strict restrictions. It places a strong emphasis on reforming lending services through partnerships with other commercial entities, which lowers costs and establishes pricing uniformity. The goal is to replace antiquated processes with innovative ones.
DEALING WITH THE UNPRECEDENTED PANDEMIC
The leadership team at Moneywise has redefined its growth over the last two years, which have been among the most unpredictable periods in the market. Some of the actions are defined below –
- Employee Productivity enhancement – To enable an easy Work from the Home environment for the employees, they implemented G SUITE, which is a comprehensive communication medium with emails, office organization, workplace collaboration, virtual meetings, real-time chat, and other productivity enhancement features.
- Automated Customer Engagement Tool – They deployed a fully automated customer engagement solution via a web-enabled mobile application. It has features of structured customer information recording through prefilled forms, onsite document collection, photo, and video uploads, geo-tagging, time stamping, and real-time information sharing across the organization.
- Digitization of the employee on boarding process – The team has moved a step ahead in the direction of an automated, contactless, and fast onboarding process using technology and optimized utilization of resources by digitizing vital steps like Interviews, Document collection, joining letters, Appointment letters and other allied activities in recruitment and on-boarding by incorporating HRMS.
- In-House LOS – To have a better user experience along with the speed and accuracy required to process a large number of loan applications with existing resources they have instilled the robust in-house LOS (Loan Operating System).
THE SPIRITS BEHIND THE SUCCESS
Himanshu Gupta – Director & CEO Moneywise
Himanshu Gupta, Director & CEO of Moneywise is a Fellow Member of the Institute of Chartered Accountants of India (ICAI) having a great understanding of the nuances of the capital market and a wealth of expertise spanning about 12 years in the financing and securities industry. Along with overseeing the general operation of the Group, he is in charge of the core NBFC business at SMC as well as the fixed income securities and bullion business. He is in charge of planning its fundamental business strategy, risk management, and technological advancement.
Ajay Garg – Director
The Director of the SMC Group is Ajay Garg. He holds a merit designation and is a fellow member of the Indian Institute of Chartered Accountants (ICAI). He possesses a strong understanding of the nuances of the capital market in addition to broad and diverse expertise spanning about 25 years in the markets for securities, commodities, and currencies. In addition to managing the NRI & FPI businesses for the company, he is in charge of the core Broking & Clearing services at SMC. He is in charge of all Group business development, risk management, technology advancement, brand-building, and marketing initiatives.
Pranay Aggarwal – Executive Director
Pranay Aggarwal holds a degree in commerce from the University of Delhi and is a licensed chartered accountant from the Institute of Chartered Accountants of India (ICAI). He was associated with Price Waterhouse Coopers until he joined SMC in 2016. He is a creative, moral, devoted, and dedicated individual. He is a brilliant young talent that was instrumental in the start-up of Stoxkart (Discount brokerage platform). He excels in conducting difficult tasks thanks to his sharp business acumen, result-oriented approach, dynamic leadership, and attributes like effervescent, focused, passionate, sincere, hard-working, and dynamic.
K.M Aggarwal – Independent & Nonexecutive Director
At SMC Global, Kundan M. Agarwal holds the position of Independent and Non-Executive Director. He has professional experience that spans more than 40 years in the financial services sector and is a fellow member of the Institute of Chartered Accountants of India (ICAI). Mr. Agarwal chairs the company’s stakeholder relations committee and serves on a number of other statutory committees. With his extensive and rigorous exposure to and knowledge of taxation, business issues, and the securities market, he is enhancing our Board. He also serves on the boards of NBFCs and other businesses.
Satish Chandra Gupta – Independent & Non-executive director
Satish Chandra Gupta graduated with a Bachelor of Arts from Agra University and a Master of Business Administration from Meerut University. He sits on the board of Moneywise Financial Services Pvt. Ltd. as an Independent Non-Executive Director. He has more than 50 years of experience and is a doyen in the banking industry. He is an Indian Bankers Association accredited member.
THE FORMULA BEHIND EMPLOYEES’ MOTIVATION
There is an open-door policy and regular communication between the management team and the staff. At Moneywise, professional motivation is still largely based on advice, assistance, and information exchange. The Quarterly Samman awards show how much their efforts are valued by diligent colleagues. Time-to-time interoffice competitions and outings are organized for employee motivation.
CEO’S MESSAGE TO THE READERS
He sends his best wishes for happy fiscal years to all of the CEO Story readers. He further says, “Let everyone make a small positive difference in their area of work so that we can have a domino effect on the entire ecosystem and progress.”
