Chennai Auto Rickshaw: A Potential Gold Mine For Banking & Finance(BFSI) Sector

WTF!! Is that you reaction after reading the title.Please bear with me till the end of the post and i might just be able to convince you that the title is apt.And if you belong to the BFSI sector, you can thank me for opening your eyes to a brilliant growth market :-)

For those who have been in Chennai might be able to relate to the title.However, for the uninitiated let me get you familiar with the circumstances and the potential benefits of Chennai Auto Rickshaw for the BFSI sector.

For the record, I am going to consider two species of auto rickshaw that are prevalent in this part of the world. One is your usual Auto Rickshaw which we have come to call as Dedicated Auto :-) .No, dedicated not because i have a relation with a specific auto.It is because of the other species known as Share Auto , a close relative of the Tempo which is more prevalent in the northern part of India.So Dedicated Auto seemed like an apt name to differentiate with its Counterpart Share Auto :-)

That's fine but why does Auto Rickshaw in Chennai is an untapped opportunity for the Banking,Finance and the Insurance sector.Allow me to put forward the most outrageous theories courtesy my genious mind :-)

Insurance : Ever seen the VISA ad with Pierce Brosnan pulling stunts in an Auto.Do see it here . Now, i am sure the actors were trained for the advertisement.But, had they shot the same in Chennai, no prior training would have been necessary.The way Auto Drivers drive their Autos here , you wonder if its a Ferrari or Lamborghini steering they are maneuvering :-) I hope those who have experienced will agree.

The share auto guys take the stunts to a different level and can give the folks who showcase their skills at the Independence Day parade a run for their money.The Share Auto is marginally bigger than your normal auto but the driver seems to think he is driving a effing bus.The average number of people in share auto can be anything from 8-10 with a few adventurous drivers stretching the limits by sacrificing their seating space too :-)

Every single time i sit in an Auto here, i have my fingers crossed.People talk about living life dangreously , and here in Chennai I just have to sit in an Auto to live the dangerous life :-)

Potential For the Insurance Vertical :

• Instead of having your salesman randomly rolling out pamphlets at weird locations, get them posted at Auto Stands.People will be able to instantly realize that they sure as hell need Life Insurance :-) . Moreover, to justify the cause tie up with a few Auto Wallah's to pull some stunts every time they stop their autos near the stand or take off on 2 wheels alone. That will get the Insurance guys the maximum buck for their marketing dollar.


• Advertise on the Autos: This is a no brainer. Have your designer create a relevant advertisement and stick it behind every single auto. The punch line could very well be , " Taking An Auto, But Do you Have Life Insaurance" or have a picture of poor bloke in a Auto Crash with the line " It could be you, Act Now, Insure Your God Darn Life " :-)

Banking: If you think a rented Mercedes is the most extravagant ride you can afford to travel from one place to another, you have never experienced Chennai Auto travel.The Autokars (as they are known here) have been bestowed with the gift of demanding exorbitant sums of money to take you from Place A to B.What's more, they do not know that a device known as METER exists.If at all its there, its because it was factory fitted and adds to the aesthetics of the auto.If you can't imagine the scale of price charged, have a look at one of poor bloke's grievance at the Consumer Forum



What's more.If you thought you will end up paying the price you settled on before parking you arse in the Auto, think again.The Auto guy will evidently realize that he has not been given the right price after reaching the venue and he shall not accept the pre decided amount.If you do not know Tamil, prepare to listen to an unending saga of how you are not giving the Auto Guy the amount he so rightfully deserves.

Potential For The Banking Sector( Credit/Debit Card)

With the prices the Chennai Autokars demand and the way they will never settle for the amount you agreed on the first place, i beg to wonder if the banks should install Swipe Machines in the Autos.Hell, the meter could be replaced with a Swipe machine, which will accept the Credit/Debit cards.The denomination will never be a problem since most of the times your fare will be in denominations of 100 :-) .

This will also come as a blessing in disguise for folks who have to get their travel bills reimbursed. if you intend to travel by Auto and plan to get the amount reimbursed from the finance dept in office, you sure as hell will get laughed at the amount you ask.No one will agree to the amount in the bill you produce and you will not have any way to prove it.

With payments by Credit Cards, you will have a bill as a testimony that you were indeed travelling in an Auto and not a MERC :-)

So, you think that the BFSI sector has not monetized a potential market.Chennai Auto is the Holy Grail for any Banking /Insurance company looking to convert prospects into customers :-)

Disclaimer : I do not intend to malign Chennai or its people in any way. I have been here for a good bit of time and the place has been super nice to me.It was an attempt to add some humor to a true and unjust practice of the Auto Wallhas in Chennai.

Comments/Brickbats all appreciated :-)

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