Sujan Sinha, Managing Director & CEO, Shriram Housing Finance Limited
What are the breakthrough ideas that you suggest to India in your industry?
HFCs (Housing Finance Companies) should, today, concentrate on working closely to implement the affordable housing strategy, backed by the PMAY (Pradhan Matri Awas Yojana) Scheme. This is the only way to ensure that the middle and lower income groups get access to formal, structured mortgage credit. Additionally, to ensure well-distributed development, construction of residential real estae should be taken up in a big way in off-metro locations, especially Tier II and III geographies.Public-private partnership should be implemented in the construction industry, especilly in under-served areas of the country
Fully digistised land and encumbrance records and simpler registration processes
Leverge technology for eKYC as well as legal and technical evaluation of the assets for more expeditious credit delivery system.
Realtime sharing of information between the various stake-holders to minimise frauds and abolish unfair practices.
What innovations are you getting in your industry for a better Indian economy?
Innovative basket of Home Loan products, with commitment towards ‘Finding Ways to Funding Ways’.
Aligning to the national vision of “Housing for All by 2022” by especially concentarting on the under-served segment of the society.
Spreading awareness in rural and semi urban India about the advantages of investing in self-occupied residential properties, vis-à-vis other movable or financial asset classes.
Adopting Digital India initiative by leveraging technology for faster turn around and optimal paperless office culture leading to a stronger Go Green mission for the betterment of our eco-system
Adopting Skill India initiative: Generating employment opportunities for the young talent of the country in association with institutions who make this young population suitable for jobs in financial sector.
Define your leadership style and role.
Staying grounded in connecting to my colleagues and being one of them, setings an example in building team’s passion for their mission to cater to the under-served segment.
Believe in open-door policy, thereby also a strong message to the entyire senior management team about remaining accessible by all and not building up a bureacratic culture.
Emphasis on staffing upcountry branches with ‘sons of the soil’ to ensure a deep connect between the company representatives and the target customer segment.
Strong focus on mentoring the next generation of managers, including rigorous training, both in classroom and on-the-job.
Breakthrough ideas from you.
Develop structures and solutions to achieve the mission of ‘Finding ways to Funding Homes’
Focus on financial inclusion and thereby tweaking underwriting processes to depend more on surrogate income and financial evaluations in place of the traditional income document based underwriting.
Evolution of profile-based pricing model for various category of customers.
Leveraging social media behaviour for underwriting.
Tie-up with fintech companies for generating customer base
Suggestions for a Better India.
Act as a catalyst for evolving Financial Independence by providing quality and transparent financial assistance.
Bringing in more affordable housing in rural India, would reduce the burden on already over-stressed cities and metros.
The potential of housing finance now extends well beyond the tier 1 cities in India, which means that scalability, agility & digital connectivity are key business needs.
Housing Finance Companies need to change their strategy, enhance their product offerings, streamline processes & deliver an end-to-end customer experience.
Technology can be an enabler but a successful transformation requires a change in an end-to-end business processes & more importantly a forward-looking customer-centric mindset.