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5 Reasons Why NBFC’S must adopt the today’s Smart Technology

5 Reasons Why NBFC’S must adopt the today’s Smart Technology

The NBFC sector is reorganizing in India. Industry experts trust that the lending market is as very big as $600 million and is further expanding at a rate of 19% -21%. Another lending firm, generally called a Non-Banking Financial Company (NBFC) is providing greatly to the growth of the Indian Economy. To manage this growth wave effectively is a very major step for NBFC’s Smart Technology.

All important NBFC have made their way to the top mainly due to the capability to invent, customize their products based on the requirements of their Clients, workflow agility, and Lowering down the costs of operations. This capability in them has been inherent by acquiring Cloud-based lending software with characteristics like paperless loan sourcing, giving the 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 very important!!!!

1. India is a very diversified & widely spread Market, and reaching the people who are in rural areas is not a easy task. Building a strong reachability or approachability by adoption of developing the technologies and by moving from legacy systems to Cloud & Artificial intelligence. that can guide NBFCs to access the customers successfully. This will help to enlarge the customer base and Cut down costs of operations.

2. NBFCs in today’s market have to be very creative and provides products that suit the quickly changing demands of consumers. In lending business a CRM system can help, understand the needs of customer, can track leads with real time updates , increase awareness with tailored automated messages & mails and build long lasting relationship or interaction with Customers

3. In Today’s world lending companies have to be Agile & Protected, to be away from cheating. Tools like Business process management will helps you to place the defined rules for lending and workflow processes for internal teams to accept, reject, hand over the loans and collections management. From Loan origination system to Loan servicing system, all management runs under defined rules and workflows by the senior management. This will save NBFC’s from cheaters and helps to build a fraud free customer base with effective workflow.

4. In the NBFC market day by day competition is increasing, as everyone is trying to understand customers and their requirements. How you can be one step forwards of them? By learning lending data effectively with the help of AI, ML and Analytics , can help you to track the performance of the product, performance of the customer, customer choices, trends, Behavioural patterns in lending and re-payment. A smart system like this will give you Informed Decisions, ideas and strategies for new products to grow your business network.

5. Being in lockstep with technology also allows NBFCs to be compliant with new policies and initiatives. Initiatives by RBI like Direct Benefit Transfer or Aadhaar Pay required huge use of smartphones and includes a lot of data. Setting up mobile-friendly platforms and data capturing systems is advantageous not just for the customer but it also helps for NBFCs.

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