How the Festivities Helped Financial Services Players Increase Their Reach – A Snapshot

The holiday season opens a window of opportunity for the financial services industry to drive reach, sales and deliver a seamless festive shopping experience to their customers.

According to a report by Redseer Strategy Consultants, offline sales will be charged up to nearly US$15.2 billion, while online sales in the 2022 holiday season are expected to reach US$11.8 billion. .

Beyond digital payments, this financial services sector is expected to see demand for micro-loans, personal and home loans, and pay later modules, to meet consumer buying behavior, especially when the biggest brands e-commerce, retail, FMCG, FMCD and automotive sectors open their doors to annual festive sales.

BNPL (Buy Now Pay Later) businesses also saw a 50-60% increase in demand compared to the holiday season in 2021, which boosted the existing demand pipeline in the financial services sector. This rise in consumerism is one of the major factors driving the need for robust and technologically enhanced financial services.

With this surge in demand, it becomes imperative for these organizations to improve their delivery reach and innovation, as well as offer a personalized customer experience to meet this sudden surge.

While a full-time workforce can support these sectors on regular days, additional human talent is needed during the festivities. Traditionally, businesses start preparing for the holiday season in advance when the first e-commerce sales begin. Next comes the main period of Diwali and Dhanteras, when customers indulge in major purchases, including durable consumer goods, gold, and assets such as automobiles or homes.

Managing this demand requires the allocation of resources including management bandwidth, money and human talent to build a flexible and on-demand workforce across all geographies of India, train her and manage her results during the seasonal holiday season. Additionally, an organization would also need proper workforce management systems to manage the additional workforce and measure its performance.

In addition to this, speaking about the overall impact of the gig economy on India’s GDP, Annanya Sarthak, CEO and Co-Founder, said, “With the changing workforce dynamics, the gig economy presents itself as a boon for businesses as well as job seekers.

In fact, the gig economy workforce is expected to triple from 7.7 million members in 2021 to 23.5 million in 2030. The gig economy is poised to create new opportunities jobs and grow exponentially in the years to come.

For example, the live music industry has the potential to employ 2.35 million people by FY30 and has the potential to add US$455 billion to the Indian economy at a CAGR of 17% by 2024. The gig economy is now rewriting the future of work – boosting employability, financial growth for partners and businesses, and the economic impact on India’s GDP. »

Opportunity for businesses

To solve these challenges, companies in the financial services industry have quickly engaged with on-demand work execution platforms that allow them to seamlessly scale up/down, scale quickly, reduce time to market and get the job done across different skill levels efficiently.

An on-demand workforce managed on a technology platform gives them access to a pool of high-impact talent, with the right skills, ready to deploy.

Companies are now looking to an end-to-end managed workforce as an efficient and fast time-to-market solution for work execution that allows them to offload critical business functions on demand while eliminating related hurdles. high fixed costs, long recruitment cycles, training, retention and other compliances.

While any business function can be gigified, the financial services industry can greatly benefit from having a fully managed contract workforce to perform different business functions such as business development, last mile operations, due diligence and… customer experience to meet festive demand.

Gig platforms offer a plug-and-play proposition that becomes a profitable and fast channel for businesses. Although a company can initiate recruitment and work independently with a concerted workforce, it may struggle to manage a large workforce and its results without proper technology or tools.

To solve this problem, a gig platform leverages technology to resolve any problem statement for the business, enabling real-time visibility, end-to-end management of work in progress, as well as maintaining quality control to ensure accountability for the results generated.

There’s no denying that the holiday season brings with it an opportunity for growth. Working with an on-demand work execution platform can help companies in the financial services industry take advantage of the holiday season and achieve their annual business goals.

It also helps businesses better connect with customers and streamline their experience with convenient services. Through this method, businesses can also leverage concert labor to achieve 20-40% profitability and ensure their service is on top with technical support and management and execution. end to end.

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