Certainly, in the last few years, Non-Banking Financial Companies (NBFCs) have created a tangible impact on India’s MSME sector, and Aye Finance is proud to have has contributed to this sea change in the economy.
However, despite steady revenues and a tremendous contribution to the Indian economy, MSMEs have been left behind by large-scale financial institutions who are struggling to solve the unique challenges of lending to this sector.
Founded in 2014, Aye Finance wants to be a leading new-age finance company not only because of the services we offer, but also that we combine data, technology, human insight, and innovative processes to reach out to India’s thriving and underserved businesses.
Our vision is “to be a leading finance company in India, admired by Customers, Employees, Investors and Regulators for Service and Innovations.”
For Aye Customers
At Aye Finance, customer service is constantly monitored and we are constantly striving to improve in this sphere. Even though our customer segment has not been served well or efficiently in the past, we provide the best Service Quality to our customers. We employ a dedicated Service Quality team to ensure outreach through welcome calls, and solicit ratings and feedback on various aspects of customer service.
Because of our dedicated efforts, over 95% of our customers have consistently rated us as having surpassed their expectations. Consequently, a high percent of our customers look for repeat loans once their old loans are paid and we are committed to making their experience hassle-free.
We are also looking at providing value-added services like a customer mobile app that can be used for daily bookkeeping and recording business data in a structured manner in order to address the issue of asymmetrical documentation at the root. This app will help our customers maintain formal business records in a systematic and convenient manner along with building client credit histories to increase access to larger ticket size loans.
For Aye Employees
We are proud to have an increased presence in the Tier 2 and Tier 3 cities of India. By providing local employment in these cities, we are able to have a diversified and engaged employee workforce.
We provide exposure to technology to even our grassroot level staff by equipping them with an Android-based loan origination system, and this will go a long way in creating a skilled workforce who is tech savvy and embraces technology to get things done.
Moreover, mentoring is one of our core values, and we believe in creating leaders out of our employees. Through Taleem, a mentoring program at Aye, we closely monitor the progress and development of mentees with the intent to help them grow in their professional careers.
Additionally, we believe in the power of feedback in order to keep all employees engaged. “I want us to be a team that celebrates the good achievements of our team members. Giving feedback is one way of celebrating achievement. If you find yourself to be too busy, setup some time every week to recognize the good deeds in your team and give them the feedback thru Unnati”, says Sanjay Sharma, our MD.
Unnati, the internal feedback app for Aye employees, allows participation from all stakeholders, laying a foundation for a 360 degree holistic feedback.
For the Economy
MSMEs being a thrust area for nation building, our core business is providing capital to this sector. Our target group – the missing middle: a notch above the MFI customers, but well below the medium and small organized enterprises being catered to by big NBFCs. The sheer volume of this group carves our path ahead and the boost to this sector will impact the economy to a large extent.
By deploying various cashless repayment methods like UPI and ACH, we hope to benefit from the digital revolution that India stack promises to move towards creating a less-cash economy, if not cashless economy.
The Aye Impact
Although the last few months have brought more recognition to the Aye Finance growth story, we feel our impact is most prevalent in the lives of the people who have benefitted from the change we have initiated. So far, our numbers look something like these:
- 72 branches
- 10 states of india
- 1000+ employees
- 50+ industries
- 30,000+ customers
- 750,000 lives impacted
Aye Finance is committed to its vision of enabling the inclusion of MSMEs into India’s mainstream economy, empowering our customers and employees, one loan application at a time.
