India’s Leading BFSI and FinTech Companies 2021

59 India’s Leading BFSI and FinTech Companies 2021 Experts’ Views 25 BUILDING TRUST YEARS OF AU Small Finance Bank Limited Kindly share with us the origins and journey of AU Small Finance Bank. In 1996, AU was started by a Chartered Accountant and a first-generation entrepreneur, Mr. Sanjay Agarwal. Taking a big risk, he forayed into the financing business without any capital. His passion convinced a fewHNIs to fund his venture, which would later attract funding from the likes of Motilal Oswal, Warburg Pincus and the International Finance Corporation (World Bank Group). AU was founded as an NBFC that effectively worked towards funding economic growth, especially for the under-served and un-served low and middle-class individuals. In 2015, when RBI came out with Small Finance Bank licensing guidelines, AU was the biggest entity and the only asset- based NBFC among the top 10 selected contenders. With its strong foothold and proven track record in tier-2 and tier- 3 towns for two decades, AU received the RBI license and transformed into a Bank in April 2017. Within the very first year of starting banking operations, AU became a scheduled commercial bank, a Fortune India 500 Company and a listed entity with 25 years’ legacy of being a retail-focused institution. Having now completed almost four years as a bank, it is serving more than 18.8 lakh customers through its 730+ banking touchpoints across 15 States & 2 Union Territories and has built a solid net worth of more than ` 5,400 crore. What makes the company stand out against its peers in terms of its key offerings and solutions? AU’s growth story has emerged from the hinterlands of India. Its solid business model consciously served the unbanked and under-banked segments. Therefore, right from the beginning, the Bank has focused on offering products and solutions to make banking simple and more convenient for its customers. The first and the foremost step in this direction was to minimize paperwork. Therefore, AU Bank came out with the concept of no cash withdrawals and deposits without slips. Besides, over 95% of the Bank’s Accounts are opened through Tabs. The Bank was also among the first to start giving monthly interest payouts on Savings Accounts. Other features like extended banking hours and no Home branch concept further enrich the customers’ experience. How has the company leveraged digital technologies to meet its business objectives and enhance customer experience? AU is building a resilient and trusted institution that can withstand the test of time. To build a bank which will last forever, AU is investing in developing a new age digital Bank which will make banking convenient and simple. With this vision, AU Bank has started offering instant Savings Account opening through WhatsApp, remote onboarding of FD and Savings Account customers through video KYC, payment solutions with QR code and POS, BHIM UPI, bill payment through BBPS, paperless two-wheeler and Consumer Finance Loans, missed call banking, Chatbot and customized mobile apps for various products. Uttam Tibrewal Executive Director Dun & Bradstreet