Data, Analytics and Technology fuel Andromeda's digital transformation journey
Mr Swaminathan's Andromeda has come a long way during these 30 years to become India's largest loan distributor.
Image Credit: Mr. V Swaminathan
Taking you back to the year 1991, the Indian economy was ready to witness great reforms. These reforms were going to change the very foundation on which the economy had been thriving. Even the Indian lending sector was not going to remain untouched.
While the Indian market was a playground for a few foreign banks that started distributing credit cards, there were hardly any notable Indian players in this lending sector. While the older generation was dealing with its insecurities and apprehensions, Mr. V Swaminathan was all set to jump into this headlong. He decided to launch Andromeda with the hope of riding the consumer credit wave which was about to sweep the market in India over the next decade. Andromeda started off as a Direct Sales Associate (DSA) for Citibank N.A. selling credit card and loan products.
Leaving 1991 behind, Mr. Swaminathan's Andromeda has come a long way during these 30 years to become India's largest loan distributor. Understanding that almost all types of retail loans, including home loans, vehicle loans, business loans, etc., are going to double in the next five to ten years, Andromeda is all set to make use of advanced cutting edge technology to make the most out of this upcoming opportunity.
According to CRISIL, retail loans will amount to Rs. 96 lakh crore by March of 2024, which is double the figures from March 2024. The report also mentions the probability that this massive increase in the loan figures will most like be driven by loans to MSMEs, unsecured loans, and home loans.
Armed with the power of its rich data, Andromeda is ready to use the latest trends and developments in the technology to capitalize on this. Scale is something that Andromeda already has. With a strong distributor network of 3000+ partners, covering over 100+ locations in India through its more than 200+ branches with an employee strength of over 2000, Andromeda has already disbursed more than 1 lac crores of loans and serviced more than 10 lac customers. It now aims to take its service standards to the next level by a process of digital transformation. Andromeda understands that it has a physical presence throughout the country, which is needed. All that is left for Andromeda is to strengthen its digital presence.
