NBFC Automation
Embracing Automation to Create Better Customer Experience
The Non-Banking Financial Companies are facing significant challenges due to various factors such as growing regulatory requirements, higher business risks, the impact of technology-driven changes in traditional business models, and increasing customer expectations. These trends are leading to a shift in the way Non- Banking Financial Services, with customers playing a more prominent role in shaping the industry.
Automation is one such path that can help NBFCs to enable better financial services like easy loan disbursal, flexible repayment options, and a lot more.
Challenges that Automation can Solve for NBFCs
Collection Management
NBFCs face challenges in managing collections, particularly in cases where borrowers default. Developing effective collection strategies and processes require innovative solutions
Credit Assessment
With high volume data generated, credit assessment is a challenge to determine the creditworthiness of borrowers. Ensuring the accuracy of the credit assessment with manual error is tough
Loan Origination Process
The loan origination process is a critical challenge due to the multiple steps involved like credit assessment, documentation, status update and sharing information
Maintaining Regulatory Compliance
NBFCs need to comply with various regulations related to loan origination, such as KYC/AML norms, disclosure norms, and fair lending practices. Failure to comply with these regulations can result in penalties and damage the company’s reputation.
NBFCs face challenges in managing collections, particularly in cases where borrowers default. Developing effective collection strategies and processes require innovative solutions
With high volume data generated, credit assessment is a challenge to determine the creditworthiness of borrowers. Ensuring the accuracy of the credit assessment with manual error is tough
The loan origination process is a critical challenge due to the multiple steps involved like credit assessment, documentation, status update and sharing information
NBFCs need to comply with various regulations related to loan origination, such as KYC/AML norms, disclosure norms, and fair lending practices. Failure to comply with these regulations can result in penalties and damage the company’s reputation.
Challenges that Automation can Solve for NBFCs
Collection Management
NBFCs face challenges in managing collections, particularly in cases where borrowers default. Developing effective collection strategies and processes require innovative solutions
Credit Assessment
With high volume data generated, credit assessment is a challenge to determine the creditworthiness of borrowers. Ensuring the accuracy of the credit assessment with manual error is tough
Loan Origination Process
The loan origination process is a critical challenge due to the multiple steps involved like credit assessment, documentation, status update and sharing information
Maintaining Regulatory Compliance
NBFCs need to comply with various regulations related to loan origination, such as KYC/AML norms, disclosure norms, and fair lending practices. Failure to comply with these regulations can result in penalties and damage the company’s reputation.
NBFCs face challenges in managing collections, particularly in cases where borrowers default. Developing effective collection strategies and processes require innovative solutions
With high volume data generated, credit assessment is a challenge to determine the creditworthiness of borrowers. Ensuring the accuracy of the credit assessment with manual error is tough
The loan origination process is a critical challenge due to the multiple steps involved like credit assessment, documentation, status update and sharing information
NBFCs need to comply with various regulations related to loan origination, such as KYC/AML norms, disclosure norms, and fair lending practices. Failure to comply with these regulations can result in penalties and damage the company’s reputation.
How can Automation Help NBFCs?
Loan Processing
Process loans faster-using automation in loan applications, analyzing credit scores, and sharing data with underwriters to make lending decisions
Fund Transfer
Create autonomous electronic fund transfer with automation, integrate payment gateway with banking system without any overhead cost, and quickly identify fraud attempts
Reconciliation Process
Monitor and compare banking system data using automation in the reconciliation process and maintain the database with accurate information
Asset Management
Facilitate smooth workflow with automation in multiple processes like investment analysis, risk management, reporting and forecast risk to identify potential mitigating actions
Benefits of Automation in NBFCs
AutomationEdge Ready Solution Workflow (SolFlos) for NBFCs
