VAKRANGEE 2.0 - A PROMISE TO UNSERVED - JUNE 2020 - GRANT THORNTON INTERIM REPORT

VAKRANGEE 2.0

A PROMISE TO UNSERVED

JUNE 2020

Grant Thornton has surveyed all vakrangee kendras and has submitted its interim report in June 2020. The brief summary of the same is hereunder : 

·       Till date 3660 vakrangee outlets in 17 states have been surveyed in Jan-Feb 2020.

·       Covered 559 vakrangee outlets in UP, Haryana, Punjab, Rajasthan, Delhi, MP, WB, Odisha, Bihar,Jharkhand, Chattisgarh, Chandigarh, MH, Guj, Karnataka, HP, TN.

·       Focused on rural population for banking, e-commerce, and other requirements.

·       In 46% outlets, nearest ATM is 5 kms and above from Vakrangee outlets. In these 46% outlets, 70% outlets owner comment atm as the most utilized service. Vakrangee has become most favoured outlet for atm and banking services in rural areas.

·       Service + skill attracts customers. 

·       Trg has been successful. 25% are yet to receive such trg.

·       Services are = ATM, banking, e-commerce,e-governances.

·       Customers want driving licence,LPG Connection,electricity bill payment, income tax service also

·       Vakrangee has Banking, ATM, financial services,insurance, e-governance, logistics, and e- commerce,

·       Trained professionals, trust factor, customer proximity, are big plus factors

·       More than 65% of outlets are in tier V and VI regions of the country

·       Vakrangee has introduced Bronze model with 65 sft and 1 counter in addition to silver with 100 sft and gold with 300 sft

·       Till date 3660 surveys have been conducted.

559 franchisees were physically surveyed

1.         Observations on physical location  :  521 outlets were reachable with the given location. 38 were within 5-10   kms  radius of gps location. 64 were non compliant and received less foot fall also. 93% compliance

2.         Standard look and feel :- 495 or 89% are compliant. 64 or 11 % are non compliant

3.         Skill capability of employees :  90% compliant. 10% non compliant

4.        Service availability :a. ATM machine / card acceptance : 99% compliant; b. E commerce services : 91% compliant; c. Insurance services : 99% compliant; d. e-governance : 82% compliant; e. Logistics and delivery services : 38% compliant; f. Home loan services : 28% compliant; g. Core banking services : 71% compliant

5.  Most used services : 65% ATM; 17% cash deposit/withdrawal;

6.         ATM is the most utilised service

7.         Customer trust on critical services : 90% compliance.

8.         Average foot fall of the outlet : not validated by Grant Thornton; but taken by franchisee info.

9.     Is vakrangee outlet a successful venture : 73 % compliance

10.     Vakrangee outlet creating awareness about GOI and other related schemes : 81% compliance

11.     Remarks/suggestions :

12.     Being in remote locations, connectivity may become a challenge some times. So, Vakrangee should allow franchisee to carry out transactions on offline mode also

13.     139 cases where  only basic trg is given and so not aware of all services and so may lose potential service

14.     All Franchisees must go through case studies given by Vakrangee. Vakrangee must also Introduce mini quiz games

15.     161 outlets do not have activated banking service. This is needed to increase foot fall

16.     Train outlet executives to do first level maintenance of ATMs – to prevent business losses