Not too long ago, traditional businesses would attempt to build internal proprietary solutions and would dignify the production of such internal developments. It allowed them to distinguish themselves from the clutter and emerge as a leader by virtue of their catalogue of internal technological developments.
While partnering with Fintech helped traditional businesses to fill their digital restraints, make use of legacy data effectively and scale their business, it reciprocated by allowing Fintech to display their technological agility, allow market penetration and ensure acceptance owing to their brand recognition hooked to it.
Where a majority of us highlight how businesses have leveraged this opportunity, Fintech has equally grabbed growth and progress opportunities through these partnerships. As various business ecosystems continue to evolve to become more complex and crowded, it is rudimentary to pick the right partner to ensure equitable growth for both counterparts. A profitable arrangement between the incentives and alignment of the strategic objective of both counterparts is the key to designing a successful partnership.
Niyogin, a one of its kind public listed Fintech, devises effective ways to leverage partnerships that provide an enriching journey to both. By ensuring stickiness in 3 critical ways, Niyogin strives for a long-lasting partnership –
- Platform integration
Being a technology-first firm that deeply believes in the potential and growth of digitization, Niyogin ensures that its infrastructure is smoothly and deeply integrated with its partner’s platform. This enables both parties to undertake tasks efficiently and transparently.
For instance, Niyogin provides vigorous training to its Village Level Entrepreneurs along with providing its solution to ensure the end users avail the platform’s benefits to the last mile. Furthermore, given that rural individuals lack basic digital literacy, this training educates them to use technology efficiently and to their benefit. Although this process is time-consuming, it ensures seamless service delivery.
- Platform capability
Niyogin is continually enhancing its platform’s capability to ensure the best-in-class customer experience. By ensuring frictionless and high success rates at the time of transactions, the platform not just helps in building trust among rural individuals, but also helps build the trust of partners and quality of service.
Underpinning Niyogin’s commitment, it launched its proprietary switching platform “iswitch” on NPCI’s NFS network, in partnership with IndusInd Bank to provide a frictionless end-user experience at scale, whilst remaining fully compliant with regulations.
- Broadening of the product stack
Niyogin is focused on building a larger product stack to provide customized solutions and augment network monetization for partners by increasing the prospects to cross-sell.
For instance, Niyogin’s insurance leg markets insurance policies for some of the industry leaders. While it acts as a promising partner to these alliances, it ensures the end customers can avail of all financial products on a single platform – NiyoBlue. This is a classic case of expanding its product stack by leveraging partnerships.
Interest-aligned partnerships ensure both counterparts remain focused and ahead of their competitors through collaboration, technology leverage and a cut-throat strategy accelerating engagement with end clients. The collaboration is not just between two businesses but it’s the coupling of skills and opportunities furthering each stakeholder’s growth!