Choice International: Building a Comprehensive Network for Financial Empowerment
The financial markets have been experiencing rapid growth, parti- cularly in online services. This expa- nsion includes a proliferation of startups and a significant shift by traditional brokers toward technological solutions. Increasing consumerism and urba- nization contribute to the adoption of online financial services, enabling consumers to plan their future financial goals more effectively. However, fraud and misselling have become more prevalent with increased scale. Fraud remains a critical concern in financial services, including UPI transactions, and efforts are ongoing to collaborate with stake holders to run awareness campaigns and deploy technology solutions to detect fraudulent activities. To address these issues, Choice International has developed proprietary systems that could integrate with existing ones and manage scalability, while maintaining compliance with industry standards.Choice Techlab is a subsidiary of Choice International/Group, focused on providing cutting-edge technology solutions, primarily in the financial services sector. The division develops and implements innovative technological products and platforms tailored to enhance the efficiency, security, and user experience of financial transactions. “We have a very unique DNA where in we use technology along with human expertise”, says Yogesh Jadhav, CTO at Choice International. As a product led growth company, it supports its services through a strong physical presence, including over 200 inhouse technical experts, more than 165 branches across India, and over 40,000 partners delivering services on the ground. By empowering these agents with technology, the company provides real-time data and analysis to deliver a customized experience to customers.
Choice operates through multiple specialized verticals – a technology division, a government-focused division, and a vertical dedicated to supporting on-ground agents. It focuses on identifying indicators of mis-selling in real-time and has established a dedicated team to act swiftly to maintain customer confidence. In
addition, the company has established a dedicated cybersecurity team to monitor for potential compromises and actively collaborate with agents and customers to enhance cybersecurity awareness and protection. The government division maintains a thorough understanding of policy developments and strategic goals, enabling the company to offer tailored advisory and consulting services. Similarly, the physical network is supported by digital platforms such as Phoenix and Connect, facilitating market penetration beyond metropolitan areas into smaller cities.
The company collaborates with government initiatives to promote financial literacy, exemplified by the ArthNirmiti initiative, which educates young students on personal finance fundamentals. Data aggregation has also emerged as a key development in the sector, facilitating the centralization of financial data and enabling personalized services. The capability, supported by initiatives such as account aggregators, has enhanced the company’s ability to deliver tailored financial services. Furthermore, artificial intelligence plays a pivotal role in monitoring communication and feedback across various platforms, ensuring the quality of service and aiding in the identification of issues like mis-selling and fraud. It has also developed a dedicated in-house regulatory team, complementing its technical capabilities, to ensure compliance and uphold consumer protection standards.
Future Plans
One of Choice's primary goals is to establish a branch in every district of India. It is committed to empowering its regional managers in all areas, from providing exceptional service and building consumer trust to ensuring cybersecurity and promoting financial education. The company aims to equip its network with both technological tools and opportunities for physical interaction and training. Moreover, The company plans to collaborate closely with government initiatives, particularly those related to the digital stack and financial inclusion, to help achieve the set targets at the ground level.
Choice International has developed proprietary systems that could integrate with existing ones & manage scalability, while maintaining compliance with industry standards
The company collaborates with government initiatives to promote financial literacy, exemplified by the ArthNirmiti initiative, which educates young students on personal finance fundamentals. Data aggregation has also emerged as a key development in the sector, facilitating the centralization of financial data and enabling personalized services. The capability, supported by initiatives such as account aggregators, has enhanced the company’s ability to deliver tailored financial services. Furthermore, artificial intelligence plays a pivotal role in monitoring communication and feedback across various platforms, ensuring the quality of service and aiding in the identification of issues like mis-selling and fraud. It has also developed a dedicated in-house regulatory team, complementing its technical capabilities, to ensure compliance and uphold consumer protection standards.
Future Plans
One of Choice's primary goals is to establish a branch in every district of India. It is committed to empowering its regional managers in all areas, from providing exceptional service and building consumer trust to ensuring cybersecurity and promoting financial education. The company aims to equip its network with both technological tools and opportunities for physical interaction and training. Moreover, The company plans to collaborate closely with government initiatives, particularly those related to the digital stack and financial inclusion, to help achieve the set targets at the ground level.
