5 Reasons Why NBFC’S must Embrace Smart Technology Today
The NBFC sector in India is revolutionizing. Industry experts believe that the lending market is as big as $600 million and is further growing at a rate of 19% -21%.Alternative lending firms, popularly known as Non-Banking Financial Company (NBFC) are contributing greatly to the growth of Indian Economy. To ride this growth wave efficiently, it is very important for NBFC’s embrace Smart Technology.
All major NBFC’S have made their way to the top mainly due to the ability to innovate, customize their products based on the needs of their Clients, Agility in workflow and Lowering down operational costs. This ability in them has been born by adopting Cloud based lending software with features like paperless loan sourcing, giving access anywhere anytime, strong Business process Management, Lending Analytics built with Artificial Intelligence, Omni-channel sourcing and Smart Collections.
Here are 5 reasons why Smart technology is important
- India is a very diversified & wide spread Market, and reaching people in rural areas is not a easy task. Build a strong reachability by embracing evolving technologies and by moving from legacy systems to Cloud & Artificial intelligence. that can assist NBFCs to access customers effectively. This will help to expand the customer base and Cut down operational costs.
- NBFCs in todays market have to be creative and offer products that suit the rapidly changing requirements of consumers. A CRM system in lending business can help, understand customer needs, Track leads with real time updates , increase awareness with tailored automated messages & mails and build long lasting relationship with Customers
- Lending companies in Today’s world have to be Agile & Secured, to be away from frauds. Tools like Business process management will help you deploy defined rules for lending and workflow processes for internal team to accept, reject, disburse loans and collections management. From Loan origination to Loan servicing, all runs under define rules and workflows by the senior management. This will save NBFC’s from frauds and help build a fraud free customer base with efficient workflow.
- Competition is increasing in the NBFC market, as everyone is trying to understand customers and needs. How you can be one step ahead of them? By learning lending data efficiently with the help of AI, ML and Analytics , can help you track product performance, Customer performance, customer choices, trends, Behavioral patterns in lending and re-payment. A smart system like this will give you Informed Decisions, new product ideas and strategies to grow your business network.
- Being in lockstep with technology also enables NBFCs to be compliant with new policies and initiatives. RBI initiatives like Direct Benefit Transfer or Aadhaar Pay require extensive use of smartphones and involve a lot of data. Setting up mobile-friendly platforms and data capturing systems is beneficial not just for the customer but also for NBFCs.