Tell us the inception story of Vidcom. How does it all start?
Mr. Mohammad Tarik and Mr. Sharad Ahuja founded Vidcom Business Solution Private Limited, bringing in extensive expertise with them in banking, payments, and other financial areas and distribution.
Vidcom Business Solution Private Limited was established to deliver basic financial services to the country’s outposts, where actual India can be found. Fintech innovation generally neglected rural people’s difficulties and how they were disenfranchised in the financial inclusion process instead of focusing on meeting the needs of the metropolitan 10-17 percent.
With this in mind, Vidcom Business Solution Private Limit was founded in April 2020 to empower merchants and address the challenge of increasing financial inclusion by developing a hyperlocal agent banking platform and network.
Today, Vidcom’s channel partners are present all across India in a matter of 9 months; and we have added more than 30,000+ Retailers to our network, with monthly GTV transactions reaching 350+ Cr in a matter of 8 months.
Vidcom adheres to a single mantra. Vidcom means #Dukandaron Ka Bharosa
What were the challenges in the financial industry that you thought needed to be addressed?
The pandemic has turned financial industry digital transformation plans from being an opportunity with a long lead time to an urgent necessity, and even a question of survival. Given this dramatic change, the four most important challenges for financial institutions in 2021 are:
- Process & Profitability
- Systems & security
Layered onto these top 4 challenges for banks and financial institutions in 2021 are the additional burdens that come with being one of the most heavily-regulated industries in the world. Banks, insurers, and financial services companies must be compliant with a host of laws and policies.
What are your vision and mission?
We aim to create a thriving ecosystem for our channel partners by helping them utilize the Vidcom platform extensively to earn more and convert into a digital shop.
Our Mission: Vidcom is building the largest network of its business associates and these associates are equipped with technology and connectivity to provide retail financial services via a one-stop payment solution platform for its end customers.
Our Vision: Vidcom brings banking and financial services to millions of Indian consumers who are underbanked and unbanked, to provide banking services at their doorstep.
Tell us about your services.
Vidcom provides One-Stop Financial /Non-financial solutions to all of our Partners’/Retailers’ in order to transform their local store into a “Digital Shop.”
Money transfer, Digital Payment, Cash withdrawal with Aadhar enable payment service (AePS), Micro ATM, Aadhar Pay, Cash deposit, Cash Management Service (CMS), EMI Collection, Account Opening service, Insurance, Travel, Pan Card service, Payment Gateway, and Bill/Utility Services are just a few of the services available to our partners.
How, as a company, did you handle the uncertainty of the pandemic? What are the learnings and practices that you would carry ahead in the future?
Uncertainty, like the virus, never goes away; it alters every time. As a result, assuming that we were able to cure it once and for all would be unjust. Let me give you a few instances. When there is a blockage, we never know how long it will last. As a result, all of our budgets are beginning to shift, and we have no idea where the finish line is. Distributors are beginning to lose investment returns, and many small merchants are being forced to close their doors. We must wait until the lockout is lifted before reintroducing our distribution partners into the trade with ten times their earlier zeal. Even though we’ve tried a few other approaches, my favorite is the tried-and-true “Time Management.” to increase revenue by adding additional resellers and expanding product offerings to all resellers as a result, the time we waste due to pandemic causes is spent on internal brainstorming, data analysis, and decision making, or on better and easier methods of retail acquisition and marketing. product development.