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PaisaPower.com launched PaisaPower Network,
India's first integrated, multi-product,
web-enabled, vendor-neutral distribution
company for financial products and services.
Through its Network,
PaisaPower plans to gain strategic control
over the financial services distribution,
a key success factor in the financial services
industry. The expansion helps to plan
and take up distribution of Insurance products
and services - an industry that is opening
up offering unprecedented opportunities.
It has over 50 institutional
relationships offering a wide range of financial
services products and services. The hybrid
online direct and indirect distribution
business model allows the company to address
a large market by including those finance
consumers who are not yet internet users
while still capturing the efficiencies offered
by the net on the supply side clearly creating
a huge entry barrier for other players.
Paisa Power Network will be a blend of
a captive team and franchisees. PaisaPower's
captive team will be located in 6 cities
(Chennai, Bangalore, Hyderabad, Pune,
Mumbai and Delhi). PaisaPower
already has a 60-member captive team, a
network of 15 franchisees, and 1300 investment
sub-brokers. PaisaPower.com will leverage
on its relationship with multiple vendors
to provide opportunities for the supply
chain to cross-sell a variety of financial
services products and services.
The Paisa Power franchisee network will
operate in 20 upcountry locations in Southern
India and Maharashtra within the next 45
days. The Company has already
identified franchisees in most of these
locations and is in advanced stages of appointing
and inducting them. In the second
phase, franchisees in additional 15 locations
would be appointed and this process will
be completed by 31st March 2001.
Paisa Power Network will link franchisees,
institutions and its own team through the
Paisa Power Extranet (url: www.network.paisapower.com),
a common web-enabled platform.
The partners of the supply chain can reach
out effectively to a large consumer base.
A centralized operations team of the network
(COPS) will process all transactions and then
forward these to the institutions. This
benefits all players in the supply chain besides
saving time on transaction processing.
The Paisa Power Extranet will be an interactive
forum and not a mere information source.
The supply chain will benefit from a technology-enabled
back-end centralized operation.
For e.g., it can track status on consumer
applications, work out repayment schedules
(for asset products), order online for application
etc.,
Speaking on the launch, P.M. Austin,
CEO, PaisaPower.com said, "Paisa
Power Network is the most efficient way
of reaching out to the consumers who are
not yet online, through web-enabled intermediaries.
This insulates Paisa Power.com from the
risks of low Internet penetration and also
relatively slow adaptation of the Net. At
the same time, Paisa Power.com leverages
on the Internet-based technologies and captures
all the advantages of doing business online."
By Rahul Surkund
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