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Saurabh Mittal, CTO, Piramal Capital & Housing Finance Limited spoke to Dataquest along the sidelines of the launch of its Innovation Lab
Piramal Capital and Housing Finance Limited, which is a wholly owned subsidiary of Piramal Enterprises Limited, has launched a new ‘Piramal Innovation Lab’ at Bengaluru. The company says that the new state-of the-art centre will complement and support Piramal Group's commitment to innovation and growth. The 'Piramal Innovation Lab' is an extension of the company’s goal to create innovative products, which meet the various finance requirements in the under-served and unserved 'Bharat' market, added the company.
By the end of FY23, Piramal Finance aims to have a team of over 300 professionals at the Piramal Innovation Lab in Bengaluru for various tech and business intelligence positions, and will complement the existing large pool of professionals led by Saurabh Mittal (Chief Technology Officer) and Markandey Upadhyay (Head of the Business Intelligence Unit) across Mumbai and Bengaluru.
Saurabh Mittal, chief technology officer, Piramal Capital & Housing Finance Limited spoke to Dataquest about the objective behind launching the new centre, the hiring plans that the company has for the laboratory, and the innovations that they plan to work on. The company plans to attract talent for roles across software engineering, product management, user experience (UX) and data sciences from the thriving tech industry and the best engineering and management colleges across India.
The company says that, Bengaluru was the preferred choice for the ‘Innovation Lab’, as the city has established itself as a vibrant ecosystem for technology with a solid digital infrastructure that attracts tech talent from across the country. The thriving start-up culture in Bengaluru provides well for driving disruptive innovation to improve customer offerings. Piramal Innovation Lab also plans to host regular Hackathons, which will provide a competitive setting in which engineers from all across India may use leading-edge technologies to solve hard customer problems.
As part of its phygital strategy, Piramal Finance has developed a multi-product retail-lending platform to enhance its ability to serve the people of Bharat. To revolutionise how lending operates for underserved customers, the technology and business intelligence team develops tech products that heavily use Data, Artificial Intelligence (AI) and Machine Learning (ML) to provide personalized experiences for consumers and enterprises. Further, the company aims to work closely with technology ecosystem to leverage game-changer innovations like India stack to deliver lending solutions to millions of Indian at scale.
Saurabh Mittal said: “Digital-led innovations are likely to continue disrupting the business models of financial services companies in India's 'Techade' - technology-driven decade. This seismic shift is part of a continuous business evolution – putting the customer at the heart of lending through seamless digital embedded journeys, improved customer experience and better credit decisions. As we continue making deeper inroads as the lender of choice in Bharat, we aim to attract the best tech talent for our Innovation Lab and encourage the vibrant culture of innovation and experimentation in everything that we do.”