Non-banking financial companies (NBFCs) are proliferating in India, thanks to the increasing demand for affordable and convenient financial services. Assets in the NBFC sector, as of March 31, 2021, totalled more than 54 lakh crore, or around 25% of the asset size of the banking sector.
Despite the growing popularity of NBFCs, they face several operational challenges, such as managing large volumes of data, tracking financial transactions, and adhering to stringent regulations. These challenges can be effectively addressed by using NBFC software.
Let’s look at how NBFC software can help financial businesses overcome some of these common challenges!
Overcome Operational Challenges With NBFC Software
The workflow of an NBFC generally involves four main stages: customer acquisition, loan origination and processing, loan servicing, and customer retention. Automating workflow can help NBFCs speed up these processes and improve their efficiency.
Here is how NBFC software can help NBFCs at each stage of the workflow:
Customer Acquisition: The customer acquisition process can be time-consuming and expensive. However, using NBFC software can help NBFCs to automate this process and make it more efficient by tracking customer leads, generating targeted marketing lists, and creating customised marketing campaigns.
The software can also help NBFCs track the results of their marketing campaigns and measure their ROI.
Loan Origination and Processing: No matter how big or small an NBFC is, loan origination and processing can take a lot of time and resources. NBFC software can help to automate this process by gathering customer data, verifying documents, and generating loan proposals.
The software can be used to track each loan application’s progress and other relevant documents.
Loan Servicing: This is one of the most critical stages in the NBFC workflow. It involves managing customer accounts, tracking payments, and ensuring that loans are repaid on time.
NBFC software can help NBFCs to track customer account balances, monitor payment activity, and generate reports, thus increasing efficiency.
Customer Retention: Every NBFC wants to retain its customers and keep them happy. Customer retention is an important stage in the NBFC workflow. Using NBFC software can help NBFCs to automate customer service tasks, such as responding to customer enquiries, resolving complaints, and providing account updates.
The software can also help NBFCs to track customer satisfaction levels and take proactive measures to improve customer retention.
Key Features of NBFC Software
No two NBFCs are alike, and each one has its unique workflow. However, there are some key features that the best NBFC software should have;
- The software should have a user-friendly interface that is easy to use. With a user-friendly interface, NBFCs can save the time and resources required for training their employees to use the software.
- The best software for NBFC should be flexible and offer both on-premise and cloud-based deployment options. This will give NBFCs the flexibility to choose the deployment model that best suits their needs.
- The software should be customisable and offer features that can be tailored to the specific needs of each NBFC.
- The software should help NBFCs generate high-quality leads that are more likely to convert customers. With high-quality leads, NBFCs can improve their customer acquisition rate and grow their businesses.
- A good NBFC software should help NBFCs identify market trends to make better-informed decisions about their products and services. Also, they can develop marketing strategies that are more likely to resonate with their target audience.
Benefits of Using NBFC Software
With the right NBFC software, NBFCs can streamline their workflow and improve efficiency. Here are some of the benefits of using NBFC software:
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Increased Efficiency
The time required for loan processing can be shortened with the help of NBFC software. The documents will be in digital format, which the system will easily access. This will lead to a faster loan processing time.
Automating various tasks and processes will also help free up your time to focus on more important things. In addition, you’ll be able to eliminate errors quickly and handle a larger volume of transactions. As a result, you’ll be able to increase your efficiency and productivity.
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Upgraded Security
When it comes to handling sensitive customer data, security is always a top priority. With NBFC software, you’ll be able to rest assured knowing that your data is safe and secure.
The software offers strong encryption, which defines data accessibility and produces operational transparency. You’ll also be able to easily track and monitor any changes made to your data to quickly resolve any security issues that may arise.
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More Transparency
Operational transparency is important for NBFCs, as it helps build customer trust. With NBFC software, you’ll be able to provide your customers with a clear view of all their transactions.
Customers will be able to see when payments are made and received. They’ll also have access to their account balance at all times. This will help build customer trust and loyalty.
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Improved Customer Service
One of the most significant benefits of using NBFC software is that it can help you improve your customer service. With all of your customer data in one place, you’ll be able to provide a more personalised experience for each and every customer. You’ll be able to quickly resolve any customer service issues that may arise.
Final Word
It can be challenging to keep up with the ever-changing needs of your customers. However, with NBFC software, you’ll be able to function more efficiently with a secure database. This will help you better meet your customers’ needs and grow your business. Given the many benefits of using NBFC software, it’s clear that this is a valuable tool for any NBFC.
Precisa is a leading software provider that offers a suite of features to help NBFCs in their day-to-day workflow. With built-in security checks, customisable workflows, and trend analysis, Precisa is the ideal solution for any NBFC.
Sign up for a free trial to find out how Precisa can boost your lending business!
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