Is Compliance Killing The Speed Of Your NBFC? AutoCloud Can Help!

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Adhering to legal and regulatory compliances with agility has been a never-ending effort for NBFCs. With the governing bodies such as RBI regularly introducing new norms in the industry, it is a juggling task for NBFCs to focus on business and fulfil compliances without a compromise on either of them. Many a time, the growth of the business is restricted by the shackles of mandatory compliances, thus decelerating the speed of operating a profitable lending business.

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“Compliance overload is killing us” is the unanimous call of the cry of Indian fin-tech industry.

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Mr Rahul Jain, the CEO of AllCloud feels that though the compliances are formed in the interest of the economy, it shouldn’t become a roadblock in speeding up digital lending in the country; after all digital lending is the future of Indian financial system. He says, the technology can in fact aid in keeping the growth of the business and the fulfilment of compliances integrated yet mutually exclusive. As a passionate Tech-Fin company we understand your pain points. Hence, we’ve built up lending software, AutoCloud that can automate the fulfilment of most of the compliances. We constantly update our system to keep up with the regulations, thus bearing the burden of your organization operating in a fully legally-compliant environment without thwarting the pace of your business.

We think of ourselves as a technological think-tank, striving hard to bring innovative tech solutions, to offer you the luxury of time to focus majorly on the business side of things, while we take care of the rest. Our belief is reflected in our leadership, products, as well as the company culture.

Here are a few of the many ways we ease your burden -

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E-KYC

AutoCloud fulfils all your KYC requirements in seconds through digitalization. Periodic update of KYC is mandatory by the RBI, and we automate the entire process. This results in faster disbursement of loans at a lower cost.

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Anti-money laundering policy.

RBI has strict AML compliance in place to prevent terror financing and violations will lead to hefty penalty and punishment. AutoCloud helps you to fulfil the regulatory norms and avoid negligence on the organization’s part that can put the existence of business under risk.

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Filing tax returns

Autocloud has an in-built accounting engine that is configurable according to your accounting process. It will automate the entire accounting of your organization through digitalization and smart AI. Hence, the organization can file returns as mandated by the law in minutes without any hassle to avoid late-payment penalties.

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Risk management

Our system has a risk management administration portal that helps a company become compliant-ready for various risk management and code of conduct norms as laid down by the RBI. It also helps an organization to effectively mitigate risks, spot areas of concern through predictive analysis of consumer behaviour, and decrease the opportunities of Bad debts and defaulters.

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Client confidentiality through restricting accessibility

According to the recent introduction of the code of conduct norms by the RBI, access to consumer information by the staff of the organization will be on a “need to know” basis. AutoCloud is strictly against the exposure of customer data and allows you to monitor the accessibility of information only to parties who need it to perform his/her role, as approved by the board members.

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These are just a few of the many capabilities of AutoCloud, a comprehensive digital lending software solution offered by AllCloud. No business can escape compliances and legal regulations. However, it need not be a reason for restricted business growth and massive costs often associated with their fulfilment. AutoCloud enables you to maintain the speed of your business while being a fully-compliant organization at a much lower cost.

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