Familiar but digital, with Rohit Bhargava (BOMTech)

How to Lend Money to Strangers

Brendan le Grange

Credit, Fintech, Management, Lending, Banking, Business, Careers

5 • 2.6K Ratings

🗓️ 6 July 2023

⏱️ 20 minutes

🔗️ Recording | iTunes | RSS

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Summary

When I lived in Hong Kong, which was not all that long ago, there were these rather complicated-looking ATMs around town, covered with instructions to help you correctly feed a passbook into them without the staples causing problems. I never actually saw a passbook in the flesh, but they were explained to me as a paper-based statement of record that you updated as needed, like an automated receipt stamp after a significant deposit or withdrawal, rather than the statements the bank sent to you on month end. Since I had internet banking, I never looked any deeper. But not everyone has internet banking.

Rohit Bhargava started his career in banking the year I was born, so he experienced passbooks in their prime, and he was running a retail bank in Malaysia when they were phased out. The arrival of text messages had made them less popular for most customers, and now only a shrinking segment of less tech-savvy consumers relied on them. As a result, the economics went underwater from the bank’s point of view.

Rohit realised that, so he helped the bank convert to monthly statements. But Rohit also realised that that shrinking segment relied on their passbooks. Relied. So when he retired, he set his mind to solving that problem with the BOMTech. I think of it as a Kindle, but for your loan data.

BOMTech is Banking on Mobile + Tech so you can learn more at https://bankingonmobile.com/

Or reach out to Rohit directly on LinkedIn (https://www.linkedin.com/in/rohit-bhargava-849aab5/) or through me if you’d like to have a chat.

You can learn more about myself, Brendan le Grange, on my LinkedIn page (feel free to connect), my action-adventure novels are on Amazon, some versions even for free, and my work with ConfirmU and our gamified psychometric scores is at https://confirmu.com/ and on episode 24 of this very show https://www.howtolendmoneytostrangers.show/episodes/episode-24

If you have any feedback, questions, or if you would like to participate in the show, please feel free to reach out to me via the contact page on this site.

Regards, Brendan

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Transcript

Click on a timestamp to play from that location

0:00.0	What happens if I can manage on mobile for which finding out what the record is, what the
0:05.6	conbalances.
0:07.1	Because we are sending out the SMSes, giving them details of the withdrawal and things like
0:12.2	that.
0:13.2	So, which you have done, you have to basically requirement what are delivered, updates,
0:17.8	new password.
0:19.8	Often, when we think about innovation, we think about pushing the status quo further away
0:27.7	from the past.
0:29.0	But sometimes that can leave people behind.
0:32.0	Sometimes the past actually worked pretty well for them.
0:35.2	It was just inefficient.
0:37.4	So in this episode, we look at innovation to preserve a classic format, not to replace
0:42.8	it.
0:43.8	And as an aside, this also completes our first ever Father Daughter Bearing on the show.
0:48.9	Because Nihaarika Bargava, Rohit's daughter, was one of the three voices on episode 24
0:54.4	of the show, when I spoke about Confirm You, the startup that I'm a part of and our
0:59.4	gamified Psychometric Credit School.
1:02.3	Welcome to How to Lin Money to Strangers, with Brendan LeGrange.
1:19.5	Rohit Bargava, founder of Bomtech, welcome to the show.
1:23.2	If I was to take your career and plot it on a chart, it wouldn't have the steady progression
1:28.3	of a full-time career man, but it also wouldn't have the ups and downs and lifts and rights
1:33.4	of a serial entrepreneur.
	...

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