The client was a fast growing and privatised bank focused on select domains of expertise including financial inclusion and agriculture. The management had viewed electronic national agricultural market (eNAM) as a strategic space to compete in. The client engaged UC STRATEGY to develop a digital strategy and assess its role in the value chain, given the interests of the stakeholders in the market.
UC STRATEGY conducted the engagement in a collaborative manner adopting the lens of the ecosystem of the banking and eNAM than the lens that would benefit only our client. Our approach consisted of the following key components of work:
- Developed stake holder map that examined the history, roles, responsibilities, interests, challenges and aspirations of the various stakeholders in the space such as NCDEX, MoAFW, SFAC, WDRA, NFCL, NCML, CDSL, RBI, etc.
- Developed an understanding 417 agriculture mandis (farmer markets) in 13 states across the country and developed an understanding of the key bottlenecks such as essaying, trade and payment settlement, participation of key commodities, middlemen and farmers, etc.
- Assessed how the digital solutions could be leveraged by linking the understanding from the stakeholders to the value propositions or functionalities of the solutions
- Defined the potential actions by our client by aligning the value propositions of digital solutions to key stakeholders, prioritising whom to partner with and defining the political alignment given the financial inclusion goals of the government, the farmer income directive of the Prime Minister’s Office and RBI guidelines
- Defined statewise and stakeholder specific plan of action, implementation roadmap and expected risks; defined the risk mitigation plan.
The client was able to progress rapidly in connecting with the Prime Minister’s Office (PMO), prioritised stakeholders and the beneficiaries such as farmers and stakeholders as part of their ecosystem; internally, management was able to obtain more resources to expedite the returns on investment in digital solutions. Finally, the client saw its role differently than earlier given the deep understanding of the stakeholders we developed during the study.