India's first mortgage guarantee company on its journey of digital transformation to modify new business
VIKAS ARORA
IMGC
We believe, over a period, we should be able to create or modify new business, risk and pricing models. We are living in times when newer technologies and solutions are emerging on daily basis. Everything is changing and keeps evolving continuously. This means changing everything from the inside out to become more nimble and resilient to adapt to change or innovation. We are already on our journey and have achieved some milestones but there are many more.
As data becomes increasingly critical, privacy and security become paramount within an organisation. Speaking of which, India's first mortgage guarantee company, India Mortgage Guarantee Corporation (IMGC), truly understands that customer or employee data privacy cannot be violated in any way that loses trust. In this process and journey, their objective is to evolve from a state of “business as usual” to a culture of innovation.
Vikas Arora, CIO, IMGC believes digital transformation is not an end goal but a continuous journey. Over the last few years, the organisation has successfully launched centralised operations by implementing solutions such as document management system, loan processing system and financial management system. Almost all their transaction data is available in digitised format which is used today to get insights or analysis on customer profiles, customer behaviour and business volume growth. Some of these insights and volume trends are now being monitored on real time basis due to digitisation.
Digitisation has reaped productivity, efficiency and compliance benefits for the company.
In long term, IMGC is looking at digitising their structured and unstructured data and enable business and all departments to use it for purpose of servicing internal and external customers; automate internal and customer-centric processes to bring in efficiency and productivity benefits; build analytics capability to create or optimise business, risk and pricing models.
“We will continue to engage with external stakeholders such as the government, banks / HFCs and third-party partners who form critical part of the entire eco-system and need to focus on digitisation and availability of data / information for us to succeed in this journey,” says Arora.
IMGC believes it is important to consider an enterprise-wide strategy that requires cross-functional expertise and collaboration to avoid department specific silos and avoid duplication of efforts. Everyone in the organisation must have the same vision for digital transformation to succeed which requires it to be driven by a single conductor but with all stakeholders being actively engaged.
“We have made a conscious effort to not let this happen asynchronously within the organisation which avoids work being performed in silos. We value a culture of experimentation and embracing risk. Our leadership team is committed and on-board towards our digital transformation initiative,” comments Arora.
The organisation has witnessed a profound change in the IT departments of companies which has led to constant evolution of a CIO's role. Most CIOs are now becoming innovators and change agents. They are using digital technology to drive the digital strategy of their organisation and are expected to discover and demonstrate how to harness the power of disruptive technology and implement latest technology in a way that other business units cannot. Furthermore, CIOs will be expected to play the role of an influencer, a transformer and a business strategist.
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