Learnings from COVID-19

for Financial Services Sector

My first stint in FMCG sector started with the Golden Rule from my seniors and I quote “sales is not complete without collection of money’’. This has remained a sacrosanct for me all these years having worked in financial services sector for more than two half decades. It continues to be more important now as entrepreneur working with FIs in the digital learning space. We found that the digital module

’Art of Collections” on our Virtuoskill platform ( clocked more than 697 hours of learning in few weeks-time to help professionals from HFCs, NBFCs and Banks to get skilled and implement the learnings immediately on the job. 


Let me flag of following questions to create an appetite for you to go further.


1. In the first phase and partly in the second phase of COVID-19, what has been the learnings for professionals across the roles in sales, credit, operations, technical, legal, and obviously collections in calling up the customer for payment of the EMIs?

2. What has been your learnings in COUNSELLING effort in explaining the positive and negative side of taking COVID-19 package?

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Overview of Course

I believe the answer to above questions would be interesting as each one of them would have experienced the art of communicating and would have good insights to customer’s present situation and also the ability to educate the fall out of extending tenure and the positive side of repaying the instalment if they are financially comfortable.


In fact, now, collection role is the most sought off role by banks and financial institution plus sales role at this point of time.


My thought is ‘’can organizations capture this learning and encapsulate this as one of the DNAs of the organization for bottom line and top line growth for origination of new businesses.


For financial services and more so for housing finance companies it is a relationship of 20 to 30 years with the customers. Probably an insightful professional will be able to see members of three generations of the customer’s family and cycle of customer’s working life from inception to retirement and beyond. In a few years’ time, Reverse Mortgage will usher in new learnings for mortgage professional in India.


A new housing finance company or emerging FI focuses on origination of business to create the assets on the balance sheet and then slowly the collection team joins the organization. Further, the business model of majority of the banks and FIs adopt functional division of roles and people end-up working in silos without in-depth understanding of other roles.


Based on the learnings in the COVID-19 era, is it possible to make mandatory movement of people in various roles to develop a well-rounded professional rather than ending-up in one role which is a norm for majority of us in the industry.


Would it not be important for collections and legal or technical team members to learn about other aspects of mortgage business? Keen to know your views.

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