How Shriram Finance has transformed its digital journey to empower every customer
India’s financial services sector is in the midst of a profound digital shift, with non-banking financial companies (NBFCs) racing to meet the evolving expectations of a diverse and increasingly tech-savvy customer base. At the forefront of this transformation is Shriram Finance — a company with deep roots in serving the financially underserved — now harnessing technology to bridge gaps, enhance inclusion, and create a seamless blend of physical and digital experiences.
In an exclusive conversation with Express Computer, Vinod Kumar, Chief Digital Officer at Shriram Finance, shares how the NBFC giant is redefining customer experiences, empowering employees, and building a unified digital ecosystem to serve India’s underserved markets.
When Vinod Kumar took charge of Shriram Finance’s digital strategy, his vision was crystal clear — to create a scalable, intuitive ecosystem that doesn’t just provide customer service but offers a commerce-first experience. “Our goal,” he explains, “is to unify all group products under one umbrella and blend digital and physical touchpoints seamlessly to serve the financially underserved.”
From service to commerce: The evolution of a roadmap
The digital journey at Shriram Finance started with enhancing service delivery, but quickly evolved to focus on intent capture, engagement, and ultimately, commerce. This transformation was driven by deep customer insights and the realisation that retention and acquisition must go hand-in-hand.
A shining example of this shift is the Shriram One app — launched as a simple service portal, it has now matured into an all-in-one platform with 1.8 crore downloads and 1.3 crore active users. Integrated with UPI and Bharat Bill Pay, it’s not just a convenience tool but a major acquisition channel for both urban and rural customers.
AI, automation, and the power of data
Emerging technologies play a central role in Shriram Finance’s operations. AI and machine learning are used for customer segmentation, behavioural analysis, delinquency prediction, and channel optimisation — ensuring each customer gets the right message, at the right time, on the right platform.
“We’ve moved from 80:20 (existing:new users) to 40:60 in favor of new customers on the app,” Kumar notes, highlighting the tangible outcomes of data-driven strategies. Predictive models now guide credit decisions, marketing personalisation, and risk management in real time.
Reaching the last mile with a hybrid model
Catering to India’s diverse population, from the metro dwellers to Tier 3 towns, requires agility. Shriram Finance’s hybrid model captures leads digitally while fulfilling them through its extensive branch network. This model is crucial for semi-formal MSMEs and underserved customers, ensuring that technology complements the human touch.
To further ease adoption, the company has rolled out vernacular-friendly UI/UX, loyalty programs, referral incentives, and is actively working on a fully paperless onboarding process that can bring approval times down to just 20–25 minutes.
Partnerships as a catalyst
Rather than building every capability in-house, Shriram Finance embraces fintech partnerships to accelerate innovation. These collaborations bring agility, alternative data sources, and new customer engagement models that complement Shriram’s on-ground strength and trust.
Kumar adds, “We’re building an omnichannel ecosystem where a customer’s experience is seamless — whether they walk into a branch in a Tier 3 town or transact via the app from a metro.”
People-first digital transformation
With over 79,000 employees, Shriram Finance ensures its workforce is equipped for a tech-driven future. Centralised e-learning, regional training hubs, and a Management Education Scheme for senior leaders have helped embed a digital-first mindset. Field teams are trained to manage app-based leads, handle digital documents, and interpret dashboards, turning digital tools into front-line enablers.
Security, ESG, and the road ahead
Security is embedded at every step with RBI-mandated consent protocols and secure data architectures. On the ESG front, paperless processes are reducing waste and accelerating inclusion — replacing days-long onboarding with instant e-KYC, e-signatures, and digital agreements.
Looking ahead, Kumar is excited about scaling digital-led acquisition, refining the app ecosystem, and implementing group-level MarTech initiatives including CDPs and omnichannel automation. “The next phase,” he says, “is about making digital journeys fully paperless, instant, and intuitive — so that financial access is just a tap away.”
