Business
Experian invests in Vserv to enable friction-free digital onboarding experience of consumers for the BFSI sector
Another step towards driving financial inclusion through data, analytics and technology
Mumbai, November 5, 2019: Experian, one of India’s leading data, analytics and decisioning companies today announced a strategic investment stake in Vserv, a pioneer in smart data platform for mobile marketing. This investment is in line with Experian’s vision to boost financial inclusion by enabling a friction-free digital on-boarding experience to consumers. This is the seventh in Experian’s series of investments in Asia Pacific over the last two years, which demonstrates its ongoing commitment to the region.
This partnership creates a new synergy with Experian’s data, analytics and technological prowess coupled with Vserv’s smart targeting solutions backed by a rich repository of mobile internet user base. With over 45% of India’s adult population having no access to credit, one of the biggest challenges faced by the Banking, Financial Services and Insurance (BFSI) sector in tackling financial inclusion is the lack of information in acquiring such customers. The BFSI sector will now be able to effectively reach out to specific consumers, offer access to financial products and services and facilitate last mile reach. These consent-driven solutions will also help in removing friction in the consumers’ on-boarding experience. This adds a whole new dimension for financial institutions since they can now look beyond traditional data to gain more insights about consumers.
Sathya Kalyanasundaram, Country Head and Managing Director, Experian India said, “We’re excited to partner with Vserv to drive this next phase of growth for both organisations. Vserv’s mobile marketing platform and access to authentic telco datasets through their unique data management platform ensures immediate synergies to our core product propositions.
Experian currently has records of over 940 million unique loans in India. This partnership builds on our initiative to enable financial inclusion by expanding scoring to new-to-credit (NTC) customers by leveraging our in-house analytics capabilities. This is yet another step for Experian in championing alternate data partnerships clubbed with deeper engagement in the BFSI sector, which aligns with our long-term strategy of scaling India to new heights through organic and inorganic growth opportunities.”
Dippak Khurana, Co-founder and CEO, Vserv added, “We are delighted to partner with Experian, a global leader in the data and analytics space. This partnership shares our vision of driving effective consumer outreach through innovation in digital marketing technology. We will focus on rolling out smart products for the BFSI sector across the marketing stack as their key business partner. Indian consumers have a huge appetite to adopt friction-free digital sign-ups for financial products. Vserv and Experian will work closely with the BFSI sector to enable it.”
Commenting on the tremendous value that this partnership brings, Ravi Santhanam, Chief Marketing Officer, HDFC Bank said “Experian and Vserv platforms coming together creates a unique and compelling value proposition in mobile marketing, particularly for the BFSI sector. We are already working with both companies and look forward to partnering with them to accelerate our digital transformation.”