Summer Internship Project Report

On
FACTORS AFFECTING THE RENEWAL OF CREDFLOW

Completed At

CREDFLOW

By

Shivam Nirwal

FA21037

PGDM 21-23

Under Joint Supervision of

Dr. Bhavneet Kaur and Mr. Uddeshya Srivastava

Presented in Partial Fulfillment of the Requirements of

Post Graduate Diploma in Management

3, Institutional Area, Rohini, Sector-5,

Delhi – 110085, India
 Jagan Institute of Management Studies
3, Institutional Area, Sector-5, Rohini, Delhi-110085

CREDFLOW
Avanta Business Centre,
Ambadeep Building, 13th floor,
KG Marg, Connaught Place,
New Delhi, Delhi 110001

CERTIFICATE

Certified that the summer internship project report on “Factors affecting the
renewal of CredFlow” is the bonafide work of Shivam Nirwal, Roll No:
FA21037, pursuing PGDM, Batch (2021-23) of Jagan Institute of Management
Studies, 3, Institutional Area, Rohini, Sector 5, New Delhi - 110085. The work
has been done under my supervision during 02/05/2022 – 30/06/2022.

Date: 05/08/2022 Signature of

the Mentor
Mr. Uddeshya
Srivastava

Manager- Training and

Development
CredFlow
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CERTIFICATE

This is to certify that the summer internship project report on Factors affecting
the renewal of CredFlow” is the bonafide work of Shivam Nirwal, Roll No:
FA21037, pursuing PGDM Batch (2021-23) of Jagan Institute of Management
Studies, 3, Institutional Area, Sec-5, Rohini, New Delhi – 110085. The report
was prepared under my supervision during 02/05/2022 – 30/06/2022.

Date: Signature of the faculty Guide

Dr. Bhavneet Kaur
Professor
JIMS, Rohini, Sector 5, New Delhi - 85

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STUDENT’S DECLARATION

I declare that the Report on “Factors affecting the renewal of CredFlow” is

an original work done by me in accordance with the guidelines prescribed by
the Dean’s office for the preparation the of Summer Internship Project Report
and the work has not been submitted anywhere else for review.

I understand that if the content of the work is found to be plagiarized at any

time of its evaluation, my report can be rejected and disciplinary action may
be initiated against me.

Signature of the student

Shivam Nirwal
FA21037
PGDM Batch 21-23

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Acknowledgment

This internship has taught me many things and with times like covid, it was
more important to focus on tasks given requiring mental stamina and strength
while keeping details.
I take this opportunity to express my deep gratitude and appreciation to
everyone who has helped me, directly or indirectly, to successfully complete
this project. My sincere thanks to Mr. Uddeshya Srivastava, our industry
mentor, for his continued support and the opportunity to understand product
concepts and deepen our understanding of the healthcare industry. I would also
like to thank CredFlow for their support during my internship. Thank you,
Professor Dr. Bhavneet Kaur, a faculty mentor who provided ongoing support
and guidance during the internship, and Jagan Institute of Management
Studies, JIMS Rohini for this opportunity. I consider it to be an important
milestone in my career. I will try to apply my skills and knowledge in the best
way possible and continue improvising myself.
Also acknowledging the websites for providing me with the correct
information and deepening my understanding of the industry.

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Table of Contents
Page No.
Certificate (from the organization) 2
Certificate (from the faculty mentor) 3
Author’s Declaration 4
Acknowledgment 5
List of Tables 6

Executive Summary 7
Chapter1: Introduction 8
1.1 Overview of the Industry 8
1.2 Overview of the Company 12
1.3 Introduction to the Project/ Research 17

Chapter 2: Research Methodology/ Methodology 18

2.1 Objectives and scope 18
2.2 Research design 19
2.3 Sources of data collection 19
2.4 Sampling Design 19
2.5 Data analysis - tools/techniques 19
2.6 Limitations of the study 20

Chapter 3: Conceptual Background 21

Chapter 4: Data Analysis and Findings 24
Chapter 5: Discussion and Conclusion 26
Chapter 6: Recommendations 28
Chapter 7: Learnings from Summer Internship 29
References 31

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Executive Summary

A brief study on the factors influencing the renewal of a fintech startup was done and collected
using expert interviews and primary data analysis, to accomplish the study's objectives. This
research article tries to understand factors that determine the renewal of the software by existing
software in any geographical location. In the world of customer retention, renewal plays a crucial
role for fintech companies as it is a huge source of revenue for the company. This helps companies
maintain good relations with their customers so they achieve their loyalty towards the company.
Unsatisfactory support, technical glitches and usage difficulties, and software unable to solve basic
problems have been a major concern by the customer, hampering the renewal of the software. The
ability to answer questions/ queries on time has been seen as lacking, hassle-free technical support
of the software has been seen as a rising concern, and providing quality to prime features is a basic
requirement
In several industries, renewal of the software is a make or break of the company. Today customers
prefer timing availability of customer and technical support. Implementing good marketing
strategies can also have transformative effects.

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Chapter1: Introduction

1.1 Overview of the Industry:

What is Fintech (Financial Technology)?

Fintech is a combination of the words “finance” and “technology.” Although it’s a blanket term
that can mean many different things, broadly speaking, it describes the evolution of an industry
where new technology use-cases are developed and deployed to streamline more traditional-
looking finance functions. While the general public typically associates fintech with really cutting-
edge new concepts like blockchain and algorithmic trading, the term applies to a very wide variety
of much more “boring” applications. They include but are not limited to, everyday banking,
insurance, and other back-office risk management functions. Mobile banking – something that
hundreds of millions of people around the world take completely for granted – is actually
technology supporting the delivery of traditional banking services (aka fintech). Even your
Starbucks app is a form of financial technology in that it facilitates payments and a proprietary
rewards program using a mobile device. Fintech is considered by many to be a relatively recent
development, which is not entirely accurate. While it has evolved very quickly over the last decade,
that’s mainly due to advancements in technology, more generally, which are now being applied to
the finance sector. Financial institutions have sought to streamline service delivery and cut costs
by using technology for many decades, including the advent of the first automated teller machine
(ATM) as far back as the 1960s. Even credit cards, which predate ATMs, were a revolutionary
technological advancement in the payments space relative to cash and cheques.

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The technologies that underpin fintech business models vary considerably. They include
blockchain technology, artificial intelligence (AI), machine learning, and other big data functions
like robotic processing automation (RPA). Each use case is unique, but the underlying theme is a
collective effort to disaggregate the financial services sector, which, historically, has enjoyed a
highly protected status due to high levels of regulation. The Global Fintech Market is anticipated
to grow at a CAGR of around 20% over the next four years. The market value is expected to reach
around $305 billion by 2025, according to GlobeNewswire.

Additionally, this year marked a watershed moment for the fintech sector, with the once clear
distinction between fintech and financial services proper now blurred significantly. Virtually every
incumbent financial institution is now looking inward and engaging in an innovation drive, spurred
on by competition from fintech amid the coronavirus pandemic. As such, incumbents are now
actively investing in, acquiring, and collaborating with their fintech rivals. Since 2018, fintech has
sparked maximum interest among venture capital investors, keen to put their money in Indian
startups. The rising demand for technology-enabled fintech products across a fast-growing
addressable market is the primary reason behind sustained investor confidence toward fintech
startups during the past four years.

Consider this. In 2021, the country’s fintech startups raised around $8 Bn ($7.97 Bn, to be precise)
across 280 funding deals, a record high in both cases, while the average investment ticket size
stood at $33 Mn. Among the fintech subsectors, lending tech and digital payment startups bagged
the most venture capital inflow in 2021. Together, they accounted for 68% of the total funding
amount and 44% of the deal count. India’s overall fintech market opportunity is estimated to be
$1.3 Tn by 2025, growing at a CAGR of 31% during 2021-2025. Of this, lending tech is likely to
account for 47% ($616 Bn), followed by insurtech at 26% ($339 Bn) and digital payments at 16%
($208 Bn). Among these three, insurance tech is the fastest-growing fintech sub-segment in terms

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of market opportunity, growing at a CAGR of 57%, followed by investment tech (44%) and fintech
SaaS (40%).

Source: Decoding $1.3 Tn Fintech Market Opportunity For Indian Startups by Sandeep Singh.

The Fintech Market in India: Emerging Trends

The growing adoption of financial technology products and services in India has given rise to the
following trends.
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• Neobanking

Neobanks in India currently work as a layer2 fintech solution sitting on top of existing legacy
banks. But with fintech firm BharatPe acquiring the PMC Bank and the UK-based fintech company
Revolut entering India, a full-fledged digital bank may emerge soon.

• Investment Tech

As of 2019, only 3% of the Indian population participated in the national stock market compared
to 55% in the US. In FY21, the estimated value of total equity in the Indian stock market was $990
Bn, and the same is expected to increase 2.3x to $2.2 Tn in FY26. A combination of growing
demand and awareness among the people towards financial securities and a huge addressable
market portray investment tech as a lucrative business opportunity in India.

• Insurtech

Among other fintech subsectors, insurtech is the fastest-growing in terms of market size. From $87
Bn (2022) to $339 Bn (2025), the addressable market is estimated to surge 4x. The rapid adoption
of non-life insurance covering health, education, vehicle and other areas will spearhead the growth
of insurtech for the next three years.

• Fintech SaaS

The Covid-19 pandemic has accelerated the adoption of digital financial products and services
among India’s SMBs, driving the demand for fintech SaaS solutions such as app-based accounting
& bookkeeping, no-code payment aggregation and equity cap table management. The market size
for fintech SaaS in India is expected to see a 2.7x surge in the next three years, from $4.6 Bn in
2022 to $12.6 Bn in 2025.

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• Market Consolidation

Many established fintech startups in India are eyeing IPOs this year, including MobiKwik, Navi
Technologies and Pine Labs. Understandably, the greater a company’s market share, the better the
chance of a successful IPO, which helps raise investor confidence. In fact, a substantial market
share is one of the critical indicators that analysts use to determine a company’s competitive
position. Hence, a rush of M&A deals is on the cards. Moreover, the requirement of full-stack
solutions to capture potential customers and new markets at the earliest will also send these top
players on a shopping spree.

1.2 Overview of the Company:

CredFlow evolved from the founders' expertise in the B2B aggregates industry, where they
realized that sourcing is first and foremost a finance problem, with cashflow and cashflow
optimization being the main pain areas. We understand the basic challenges that businesses face
while sourcing and selling materials because we co-founded a B2B input materials collection
platform. CredFlow is the result of that understanding, with the mission of revolutionizing credit
flow throughout the supply chain in order to help businesses develop tremendously - one aspect at
a time.
CredFlow is a cash flow management solution for a certain market. CredFlow is a cash flow
management service that uses technology to provide personalized credit alternatives and automates
receivable collection.

Major Challenges faced by SMEs?

• Due to late payments and funds stranded in receivables, there is a lack of cash flow.
• No follow-up system (CRM)
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• Internal coordination problems (issues and control)
• Business Reports and Insights are not accessible from any location.
• Reminding debtors manually takes a long time.

How does CredFlow help the SME’s?

CredFlow is assisting SMEs in addressing two of their main challenges: working capital
management (especially recovery and financing of receivables) and the ability to estimate their
cash flows by developing a digital platform that gives them more visibility and insights into
company finances. CredFlow is a case of digital innovations that address the fundamental needs
of SME entrepreneurs, who make up the majority of the Next 1/2 Billion employers.

CredFlow Funding: Seed Funding - $2.1M

CredFlow Investors: Omidyar Network India, Stellaris Venture Partners, Flourish

Ventures.

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Source: The internal data of CredFlow.

Porter’s Five Force Analysis of CredFlow:

1. Industry Competition – If we talk about the industry competition of CredFlow it’s huge. There
are a number of competitors in the market in which the CredFlow is working and all of them are
solving the same need of the customers that they are facing regarding the cash flow management
of the Small and Medium Entrepreneurs.

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2. Threat of New Entrants – As there are many financial software solutions that SMEs use to
manage their financial entries and keep their ledgers updated for the businesses, the danger of new
entrants is also considerable in the industry.

3. Power of Suppliers – Due to the company's provision of a software service and the resulting
fixed number of customers in the market, suppliers' power is limited in this situation.

4. Power of Buyers – Due to the limited number of buyers and the intense competition, buyers
have a significant amount of influence in this market.

5. Threat posed by Substitute Product – The threat posed by the alternative product is as great
as the threat posed by the market's high level of competition. By combining several services with
their software, each market competitor is aiming their services at the same customers.

MAJOR COMPETITORS OF CREDFLOW:

• Biz Analyst - Biz Analyst is a software device that securely syncs using Tally ERP 9/Prime
software, allowing users to access company data via TALLY ERP 9/Prime software at any time
and from any location, even when Tally is not available. Biz Analyst is available for both the
iPhone and Android platforms.

• Magenta Bi - Magenta is a Business Analytics Platform that helps IT, Telecom, and Electronics
distributors uncover sales, purchase, inventory, and payment (SPIP) gaps direct from their
accounting information systems such as Tally, Busy, Marg, SAP, and others.

• Slate.ac - With the aid of its Text Processing engine, SLATE.AC assists businesses in managing
their finances by offering real-time actionable information. Slate helps a business owner get entire

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control over their financial standing by processing permission requests, categorizing payables and
receivables, and guaranteeing that a company owner has full control over their financial status
across all departments.

• FloBiz - FloBiz produces the Flo Books smartphone billing and inventories management app.
FloBiz is India's first techno platform, designed for small and medium-sized businesses. The
simple mobile billing app from Flo Books may be used both online and offline. One of the most
popular aspects is the online store.

Source: The internal data of CredFlow.

1.3 Introduction to the Project/ Research

.
Nowadays Indian economy is going digital in every aspect from the old school methods no matter in which
industry one belongs to. One of the most important sectors that almost shifted to digital platforms are the

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financial services from banking to tax/audit consultancy. With the growing startups across the country, it is
important to analysis the challenges that will come onboard. This project on ‘Factors affecting renewal of

Credflow’, will enable us as well as the fintech startup to identify the factors that they should work upon
enable to maximize customer retention.
Since Credflow is a SaaS tool, which syncs with accounting software (currently Tally) providing insights
of an organization to automate AR. Therefore, in a growing fintech startup like CredFlow, it is important
to get fresh leads and a customer base, and even more important to sustain them. Customer retention and
renewal of the software are extremely important in order to expand its operations and as well as to achieve
its profits.

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Chapter 2: Research Methodology / Methodology *

2.1 Research Design

Since Credflow as a software company are dealing in the Fintech industry and it is all related to
the money of the people and they are also handling the money and helping the SME’s to get their
money on time so that they can grow their business.
After working in the company for 2 months the researcher decided to find out what are the major
factors that affect the Renewal of Credflow whether it is positive or negative. If positive then what
are the factors that lead to the renewal and if negative then what are the factors that restrict the
customers to take the renewal of the Credflow software?
So to have the proper factors and have a clear-cut idea of the project the researchers decided to
take Expert Interviews so that we can have the exact factors. The experts of designation across
CredFlow include the Founder & CEO of the company, Business and Operations Head, AVP,
Renewal Team Managers, etc.
After taking the interviews of all these experts the researchers came across lots of factors that affect
or influence the renewal intentions of the customers. The factors which could be important
according to the experts are Ease in access to Tally Data and Tailored Reports, Good Quality of
Support, Automated Payment Reminders and Online Payment options, Technical Glitches, and
Usage Difficulties, Other Software that seems more useful, Auto Invoice Sharing and Auto
Reconciliation of payments on Tally, Software Unable to solve the basic problems, Unsatisfactory
Support. Therefore, the formulation of the questionnaire was done.
Since the software works with Tally so there are some factors that are related to Tally as well.

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2.2 Objective and Scope

To study and find out the main factors affecting the Renewal of Credflow. Since the company was
started in 2019 and its services are pan India so our study is not limited to any geographical area.
The customer base will include the pan India customers.

2.3 Sources of data collection

Since the researcher was working on the factors affecting the renewal of the Credflow so the target audience
for the data or the source of data is the existing customers of Credflow who are using the software for a
certain period of time.
The data was collected with the help of a questionnaire containing the factors suggested by the experts
which could be the possible reasons behind the renewal and non-renewal of the Credflow. The questionnaire
was floated for one week so that the researcher can have the maximum responses possible.
The questionnaire contains all the factors in the form of checkboxes so that customers can select the multiple
factors which are important to them while taking or not taking the renewal of Credflow. The target of this
is to get the factors that play a major role.

2.4 Sampling Design

We floated our questionnaire to 100 existing customers of Credflow out of which 60 people responded.
Sample Size: 100.
Sample Design: Convenience sample design.
Here we have used the probable sampling technique i.e, the study is not limited to any kind of gender, age,
race, etc.

2.5 Data analysis - tools/techniques

To analyze the data and have proper results researcher have used Microsoft Excel with the help of which
he/she has made a graph representing the most important factors in percentage based on the responses.
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2.6 Limitations of the study

The current study is limited to the 60 customers of the Credflow only which is a small number of
all its existing customers. It doesn’t give the idea of other customers of the Credflow. So to have
a concrete observation it is advisable to take the study further and have the data of other customers
as well.

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Chapter 3: Conceptual Background

Credflow is borne out of the founders experience in the B2B aggregation space understanding that
the procurement is a finance first problem with working capital and cashflow management being
the key pain points. Having cofounded a B2B raw material aggregation platform we understand
the core problems affecting the businesses while procuring and selling materials.
Credflow is a product of that understanding with the vision to revolutionize credit flow through
the supply chain to help businesses grow exponentially- one vertical at a time. Credflow is a
vertical-specific cash flow management solution. Credflow is a comprehensive cashflow
management solution that leverages technology to build customized solutions and automated
receivable collections. Basically, the company was started by an IIT-Delhi graduate Mr. Kunal
Aggarwal in 2019 with a vision to solve the problem of cash flow for SMEs. Actually, the father
of Kunal had a business of building materials and the maximum amount of business was on a credit
basis. But the problem he analyzed is that the debtors are not paying credit money on time and the
reason he found out behind it was that the debtors used to forget about the payment on the day
they have to pay. So he found out that this was happening in other businesses also and most of the
businessmen were facing the same problem, the creditors were not getting their payment and
money both on time which was creating a negative impact on their businesses.
There are other companies also which were helping the businesses to solve this problem but they
were mainly focusing on the large businesses. So, Mr. Kunal Aggarwal decided to help the SMEs
to receive their payment on time with the help of software that can send automatic payment
reminders to the debtors on time so that they can make their payments and creditor receive their
money on time. Basically, the Credflow software works in the integration with Tally only for now.
Credflow software fetches the data from Tally and since it is a software as well as app-based
product so it will make your Tally data available on the owner’s mobile phone so that the owner
could have full insight of his business and can have an easy check from which debtor he has to
take the payment. So with the help of Credflow the dependency of owners on their accountants
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and CA’s also reduced to some extent and they don’t need to call them every time they need
something about their businesses related information.
Delayed payments are a major cause of financial stress for many of India’s 63 million small and
medium sized enterprises (SMEs) who still use archaic manual processes to collect money. While
contributing approximately 30% of the country’s nominal GDP, these businesses remain woefully
underserved by advances in financial technology. For too long, fintech innovation has focused on
large enterprises, retailers, and micro enterprises while the needs of the mid-market B2B players
remain largely unaddressed.
Credflow’s simple dashboard provides real-time data on customer invoices and services like:

Timely payment reminders via email, text, and automated Interactive Voice Response telephone
messages so customers can stay on top of their finances wherever they are:
• Negotiated discounts for early payments and
• A streamlined process for reconciling payments and invoices

With Credflow, customers are getting paid at least 15% faster – helping cut down working capital
cycles by 25-30% while bolstering profitability, liquidity, and time savings.
With the rise of digitization and mobile adoption, embedded financial services companies like
Credflow have the potential to provide small- and medium-sized Indian businesses with better and
more relevant financial services at lower costs. Credflow’s business model aligns with the mission
to advance a fair financial system for all and also participated in $2.1 million seed funding from
Flourish Venture and Omidyar Network India and Stellaris Venture Partners. This innovative start-
up team is leading the way for Indian SMEs to better leverage the advantages of Fintech innovation
and help advance the financial health of their customers and their own businesses.
Now let’s have a look at the reason why Omidyar Network invested in Credflow. So, as per
Omidyar Network’s official website The 63 million small and medium businesses (SMBs) in India
today, are often referred to as the backbone of India's economy. A well-earned moniker

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considering these enterprises account for almost 30% of the country's gross domestic product
(GDP) and employ over 110 million people, which is second only to agriculture.
Like with most small businesses, cash flow and delayed payments is a very real headache daily.
Over the past two decades, the average collection period for Indian SMBs has consistently
exceeded 90 days. This capital stuck under the receivables column in accounting books has been
a major cause of financial stress. The process of collections is fraught with both internal
inefficiencies as well as communication issues with the debtors. While Indian SMBs have begun
to formalize and digitize rapidly post demonetization and GST implementation, most of these
businesses are still using archaic, offline processes to manage their receivables and payables. Only
20% of India's SMBs are GST registered and fewer than 5 million (i.e. 1 in 13 businesses) use
standard accounting software such as Tally.
Today, as a new generation of digital-native business owners takes over traditionally run family
SMBs, there is strong demand for technology tools that provide greater visibility and control over
cash flow and finances. The pandemic has accelerated the need for digitization as working capital
cycles have elongated even further and liquidity remains tight for SMBs. Being part of a small
business family and co-founding a B2B procurement platform, Kunal Aggarwal, CredFlow's
founder, had first-hand experience of the challenges that Indian SMBs face daily. This served as
his inspiration to build CredFlow, a cash flow management SaaS platform that helps SMBs
manage their finances and improve collection cycles. It does this by providing a dashboard of
pending amounts by customers, sending timely payment reminders to said customers, validating
invoices, and negotiating discounts for early payment, thus enabling these businesses to speed up
their collection cycles by nearly a third! The platform syncs with the customer's accounting
software and provides real-time insights related to cash flows, payments, and collections that can
be accessed by the business owner anytime anywhere, without relying on accountants or advisors.
This empowers SMB business owners with a greater degree of access, control, and convenience.
It also helps them build accountability, transparency, and efficiency in managing and forecasting
cashflows and making smarter business decisions, aiding faster growth.

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Chapter 4: Data Analysis and Findings

Data analysis is the process of uncovering patterns and trends in the data. Data interpretation is the
process of assigning meaning to the data. It involves explaining those discovered patterns and
trends in the data. Chronology. Data analysis comes first, followed by data interpretation. In this
project, the researchers were enable to analyses among three prominent factors influencing the
renewal of CredFlow.

1. Unsatisfactory support:

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The major concern seen by respondents was the concern of unsatisfactory support provided by the
startup. The concern was the problem of maximum respondents as 57.9% voted for the same.
According to the researcher problem might be due to lack of people with technical abilities in the
support department. The ability to answer customer queries on time and rectify the problem is one
of the drawbacks which needs to be given the most attention to.
Customer service = Customer retention.

2. Technical glitches and usage difficulties:

CredFlow being a software which eases the usage of tally has known to encounter as a desperate
need of its customers to work upon technical glitches and usage difficulties. Through the analysis
we can see around 47.4% people expressed their need to improve this aspect in their software. It
can be understood that technical factors can make or break the working of a company and whereas
easy usage is a must for developing a refined customer base.
Therefore, it is very important to have hassle-free technical support of software for a fintech
company.

3. Software unable to solve basic problems.

The third concern with 47.4% of respondents opting for it is software unable to solve basic
problems. CredFlow helps its customers to provide a simple solution to their tally problems.
Hence, this being one of the backslashes of the software is an alarming rate to work upon its basic
yet impactful features.
According to the researcher the problem might be incurred as the startup needs to add quality to
its prime features and not establish some new ones without the test of previous ones.
In addition to these, there are some other factors that are also influencing customer behavior to
some extent Ease in access of tally data and tailored reports is a rising concern with 21.1%
followed by auto invoice sharing and auto reconciliation of payments of tally with 15.8%.

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Automated payment reminders and online payment options are a major concern of 15.8% of
the respondents only. Ironically, the Unique Selling Proposition (U.S.P.) of the startup revolves
around the same. In point of view of the researcher, for the customers the foremost thing they
expect from the software is to first solve their basic problem like syncing the tally data and make
it available at software on time and if the software is not able to solve the basic problem then for
the customer - Automatic payment reminders (USP) would not be important as well.
Only 10.5% of people gave importance to good quality of support and 5.3% of people think other
software seemed more useful to them.

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Chapter 5: Discussion and Conclusion

This chapter offers suggestions for improving the renewal process of CredFlow. After doing all the
research and analysis the researcher came on conclusion that there are three main factors which
are responsible for the renewal and non-renewal of Credflow.
There were other factors also but they don’t hold that much importance for the customers. Because
the researcher were working on the renewal of the software so their respondents were the existing
customers of credflow, the people who are using the software for a certain period of time and have
knowledge about the software.
The factors that hold importance for customers that can influence their behavior for renewal or
non-renewal of Credflow came out are:
• Unsatisfactory support
• Technical glitches and usage difficulties
• Software unable to solve basic problems

So it is important for the company to work on these factors so that the customers who are giving
negative feedback about these factors can turn into positives. These three factors which came out
to be important for customers are also verified by other researchers in their paper. Like
Unsatisfactory support came out be most important factors and it is found out in an article on
(Catalin Mihail Barbu, Dorian Laurentiu Florea, Dan- Cristian Dabija and Mihai Constantin
Razvan Barbu, 2021). Studies provide us:
Press reports of financial and public institutions include customer experience among the success
factors that explain the recent fintech sector development. However, the academic literature is
scarce on this topic. Customer experience in fintech is mentioned only tangentially in a few studies.
According to a study of digital banking in the UK, customer experience has a positive relationship
with customer satisfaction, while customer experience has a positive impact on customer loyalty.

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The fintech sector comes with newer technologies to enhance customer experience that make the
traditional model of the financial-banking sector obsolete, based on the proximity to customers.

Therefore there is a major need for analysis of proper customer support in the field of fintech
companies.
Technical glitches and usage difficulties are also the reason of concern which includes so many other
related factors which are also discussed in a study. These are some concerns stated by the article
(Ryan Randy Suryono, Indra Budi, and Betty Purwandari, 2020) which are as follows:
• Rapid developments in artificial intelligence (ai), machine learning, and blockchain.
• Need to ensure the quality of the software system at fintech.
• The design of big data-based lending markets.

Therefore, it is very important to have hassle-free technical support of software for a fintech
company. The third factor “Software unable to solve the basic problem” might be the reason why
people did not give that much importance to “Automatic payment reminder” which is the USP of
the software. These are some concerns stated in the article (Moshe Sharabi and Moshe Davidow,
2010) which are as follows:
Both small and large businesses are required to become more efficient and participate in a competitive
global market (virtual and real) where client expectations are continually increasing. In this new reality,
quality is critical for success. While the economic benefits of quality have been long established, many
managers still ignore them at their own risk. This is especially the case for service quality.

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Chapter 6: Recommendations
The ways by which company can increase the percentage of renewal of CredFlow suggested by
researcher are as follows:
• The company should work upon these 3 concerned raised by the questionnaire which were
answered by the existing customers who are also the respondents.
• The company should increase their customer support and technical support team so that the
customers can get their queries and problem solved on time. This will be costed to the company
but it is important to understand that the retention of the customer is also important and this
will also create a positive word of mouth about their services.
• To reach the maximum audience they can collaborate with the famous YouTubers as per their
software and can reach the mass audience.

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Chapter 7: Learnings from Summer Internship

CredFlow is a startup based company and therefore it provided us various business insights with a
freshers point of view. The internship was 6 week long and interesting where we had the privilege to
not only enhance our hard skills but also sharpen the soft skills with industry experts as well as people
with comparatively less corporate experience.
This internship provided us a golden opportunity to establish the new vertical - Channel Sales and we
worked closely and directly with our founder on the same. The tasks which we had done during the
internship period of 2 months involved:
• Data collection and approaching potential clients enable us to enhance the quality of my speech and
confidence level to a major extent.
• Exploring the markets of Chandni Chowk, Nehru Place, Mayapuri, Janakpuri, Wazirpur, Naraina,
Okhla, etc which enable us to understand the market analysis and customer behavior of the
businessmen.
• During field visits we provided demos to clients who showed some interest in our software which
helped us boost our verbal communication and teleological ability, through this time we understood
some basic concepts of tally and its working.
• We also contacted our leads to buy our software via call and email which later on helped us draft a
formal email, prepare a sales pitch and improve our negotiation skills.
• We went to Pragati maidan for "Cable & Wire Fair 2022" for expanding our database, where we
understood how big companies target their audience and understood how data is present everywhere
and lead generation takes place.
• Generated data through the medium of various portals just as Justdial, Google search engine, India
Mart, and also via primary data such as directories and visiting cards. Here, we understood how data
collection takes place and how to refine the data.
• We drafted the data on Microsoft Excel and learnt how filter data can be created and read through
this horizontal.

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• We were taught how potential customers can be converted through various methods keeping in mind
the frequency of days contacted, understanding the need of the customer and molding the pitch of our
sale.
• Through these strategies we were able to establish the new Channel Sales vertical and contributed to
reaching a great height of customer conversion.

The challenges which we faced during the internship:

• Inability to handle rude customers.
• Physical challenges include walking in extreme weather conditions, running out of water, food, and
a proper place to sit.
• Directly answering the founder in case of any discrepancies.
• Handling rejection after qualifying for the second last level.
My achievements include contributing 13% of the total sales of CredFlow for the months of May 22-
June'22.

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References

• https://www.omidyarnetwork.in/blog/an-smb-focused-solution-for-cash-flow-woes-why-we-invested-
in-credflow
• https://flourishventures.com/perspectives/credflow-empower-indian-business-owners/
• https://www.researchgate.net/publication/351229738_Customer_Experience_in_Fintech
•https://www.researchgate.net/publication/347650380_Challenges_and_Trends_of_Financial_Technol
ogy_Fintech_A_Systematic_Literature_Review
• https://www.analytixlabs.co.in/blog/data-analysis-and-interpretation/
•https://www.researchgate.net/publication/235271349_Service_quality_implementation_proble
ms_and_solutions

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