It is often said that foraying into financial sector requires immense dedication as well as re activeness. Well both these traits are synonym with Sukanya Kumar. She has over a decade of expertise when it comes to home loans and financial markets. Her foray into financial sector started when her company was chosen by ICICI bank for marketing & sales of various financial products. From that point she did not look back and went on to achieve effluence in her domain. People who have worked with her find her to be extremely practical and proactive. She often takes personal interest to see that the client gets best deal on their loans and also helps them in choosing the right property.
RetailLending.com, her brainchild is a one stop finance solution provider built on solid foundation of relationships and trust. It serves home buyers across India through its pan-India office network. Over the past decade RetailLending.com has gained a deep-rooted understanding of the financial and real estate markets which enables them to deliver the best home loan solutions to its substantial customer base in India.
Please provide a brief overview of your product/ service.
Retaillending.com is a web-based portal which enables the browser to get an almost perfect eligibility after a guided advisory on what suits his requirement the best. This portal not only offers the comparison between lenders, but also opens the option of choosing the right product from the very lender. An almost perfect user interface and provision to track the progress of the application online makes the experience of the borrower completely stress-free. The beta launch will be in a couple of months. Unparalleled advisory service for the Elite will make all the inhibitions go away.
What inspired you to build the above product/ service?
Financial services market was always un-organized. Borrowers used to feel unsafe with the commitments made to them. This lack of transparency was bothering the growth in the industry and those who opted for the service were mostly unsatisfied. The need of a transparent deal with unbiased advisory and pure commitment towards the borrower was well-awaited.
What is your life mantra?
Be in a business which not only has growth potential for you, but for all associates in the business. If you want to go far, you should take all your partners along with you and make them grow too.
What was the most challenging part of your journey till now?
People could not believe that they can buy a loan product online and can get to choose between options. The challenge was to convince them that a ‘meeting’ is not required to explain the products as they were all used to a physical interaction. Even bigger challenge was to make our own team believe that they can close a loan deal online or on phone.
How did you overcome those challenges?
It took time. Our team gave seamless information, prompt response and adequate input to the prospective borrowers and those clients understood the value behind getting those input promptly and correctly without a bias, which was way better than meeting someone whose voice was the only thing they were depending on, without having any documents to back up their claims. Our e- mail confirmation and correspondences with clarity helped people understand the difference and they started referring others for our service.
Share some details about the investments that you have been able to fetch for the business till now.
Till now, this is a zero-debt company, run by the funds generated through the business done.
How do you protect yourself from the problem of Brain Drain?
Honestly, our product has a very strong back-end engine which does the credit appraisal and the documentation support. We do not require any expertise there. The core team is with us for many years and hence we have never really faced such problem till now. But, when we increase the team, we may have similar issues the industry faces and will have a solution too. Let the time come.
According to you, what are the three qualities an individual must have to achieve success?
1. Clear and sharp memory
2. Problem-solving capacity
If the third one is not there, the first two won’t matter. This is a small world and if you don’t show strength in your character by holding onto a principle, people remember it.
Share any one habit which you think makes you more productive.
I read a lot. New products, features, international trend on mortgages…. these subjects interests me. Strong knowledge-base on Indian mortgage industry, understanding the policy of each lender we sign-up with is most important for me. I am not from the technology background and believe that this industry needs more of domain knowledge than tech. I can hire tech-knowledge, not domain experience is the aspect which makes our team good advisers and more productive on delivery.
Answer in less than 50 words
One tip to success:
Teamwork. There is no replacement of that if you want to create something big.
One mistake you believe every individual must avoid:
Do not forget the mistakes you made. The more you remember them, more it draws you closer towards the success.
One most important lesson that you have learnt till now:
There is nobody bigger than the client in a service industry. All other parties will fall in place if your client is with you.
What are your plans for next 3 years?
Our new portal will beta launch in couple of months. It will be a whole new experience for the Home Loan borrowers. Very different than what you have. Ours will be easy to use and will bring the borrower closer to the perfect eligibility calculation unlike the standard calculators available online today. This will enhance the chances of him being leveraged by the lenders better with the help of various exotic products in home loan which people are mostly unaware of. A great experience with the web-tool with never-before mathematics accuracy.
We will launch in 2 cities initially and spread in 8 gradually. Funding is an option we will look forward to for the purpose of scaling up.
We want to attain a market share of 5% in 5 years, wherein our competition is at less than 1% market-share after almost eight years’ of operation.
If you get a chance to start your career again what would you do differently this time?
This question sounds like I’m being offered a ride on a time machine! On a serious note, I would sign up my clients on online platform in more numbers and will be more confident myself that a web- based application will be the future and put my own doubts behind sooner. I will convince the lenders on my online product more aggressively and request them to partner with me sooner.
What are your top three getaway destinations?
Greece, Mauritius and Munar(Kerala).
Share a quote that inspires you the most.
“If you don’t go after what you want, you will never have it. If you don’t ask, the answer is always No. If you don’t step forward, you are always in the same place.”—-Nora Roberts (American novelist).