One major challenge in attracting talent is that many see NBFCs as simple fulfillment businesses, but there’s a big emphasis on customer focus too.
Prashant Utreja, Chief People Officer at TVS Credit, explains that NBFCs are straightforward in their operations, but that simplicity can be tricky. How does an NBFC work? At a recent event in Mumbai, he shared that TVS Credit raises funds from banks and their own reserves. They then lend money to customers and stay engaged until the loan is fully repaid. Their profit comes from the difference between what they lend and what they collect.
He added, “To succeed, you need to find the right customer segment, offer suitable products, help fulfill their goals, and recover the money.”
A recent challenge is the large number of NBFCs offering similar products and competing for the same clients. Differentiating through products alone is tough. That is where having the right talent becomes very important.
Utreja points out, “On the surface, it looks simple. But the real question is, how do you keep customers coming back?” TVS Credit operates in multiple product areas. Their goal is to serve customers beyond their initial need, so if they are happy with one product, they will return for others. This builds customer loyalty, improves efficiency, and reduces costs.
The main challenge for talent leaders is ensuring staff understand the customer-first mindset. Utreja notes, “Many believe NBFCs are just about giving loans, but customer-centricity is vital. The industry is working on embedding this deeper focus, and senior leaders are pushing this message.”
He emphasizes that understanding customers’ real needs is essential. “Our products aren’t very unique. The real difference is how well staff connect with customers and understand their problems,” he said.
Providing a positive experience through relationship managers is critical. These managers build trust and keep customers coming back. Utreja highlights that these employees are three or four times more effective when they prioritize customer service.
He stresses that customer focus is a key part of the business. “Because many NBFCs target the same segment, personal relationships and human touch matter a lot. Knowing the customer’s main problems helps build loyalty.”
Utreja believes attitude change exists but keeping employees engaged and growing is key. Offering more learning and growth chances helps retain top talent.
When it comes to hiring, TVS Credit values Trust, Value, and Service. Their hiring and leadership standards focus on these qualities. They also recognize employees who demonstrate these traits through appreciation and rewards.