NBFC

Main Characteristics of an Ideal NBFC Software

With high competition in the loan market in India and where borrowing cost is very high, there is a need for the development of a software which makes the business players follow the systematic business practice. A lending business that has technological integration and innovations gives an edge to its consumers. In this article we have discussed the Characteristics of an Ideal NBFC Software.

Need for an Ideal NBFC Software

To reach the broad spectrum of the country’s customer support, the NBFC required a more tech-savvy help. Today the customers are technology-driven. Considering India’s diverse economy and the demand for credit, NBFC is not able to expand the credit facilities to other parts of the country. By leveraging Ideal NBFC software, it can reduce the overall workforce cost, it can increase customer satisfaction, and one software can handle numerous customer and loan inquiries.

Simply speaking, the purpose of this software is reduce the overall cost of the workforce and customer support to users, and give a satisfaction to clients on the computation of loan amount.

What are the main characteristics of an Ideal NBFC Software?

To make the Ideal NBFC software usable, it must have the following characteristics:

• Customer support

Customer support is one of the essential characteristics of Ideal NBFC software. The critical point in customer support is that the queries or inquiries which are arising must be resolved within a reasonable period.

The customers coming towards the NBFC are the ones who are rejected by the rational banking institution.

The important part is that, due to the rise in applications, the customer support requirement needs to be met. The software fastens the slow process by completing the loan processing and loan servicing on time. An NBFC is known to give the credit facilities instantly to its consumers.

So, anyways, the credit facilities which are instantly provided, when met with technological support, will remove the hindrances for the customers.

The software gives reminders for the timely payment of the installment, personalized messages to the borrowers, share loan bill payments, and forward statements. Further, Customer support helps in establishing an interpersonal relationship with the customer.

• Automatic process

The most significant advantage of the NBFC software is that it makes the operations very quick and easy.

Usually, getting a loan would require spending a good number of days and involves a lot of paperwork. However with the software it has stopped the manual calculations and saves its users’ time.

• Efficient Loan Processing

It is because of the traditional banking system, and its drawbacks, which has led to the growth of NBFCs in India. The development of NBFCs is due to the increase in rejected clients from traditional banking and failure to get loans from them. The customers who failed to obtain a loan from them approach NBFC.

With the use of the Ideal NBFC Software, it helps to identify them their correct market share and capture them. Further the correct NBFC software helps them to identify their potential users to scale up. The use of data and analysis help NBFC software navigate unorganized sectors in the population.

The correct NBFC software gives the customer the correct usage plan according to their current needs and helps in taking well-informed lending decision.

• Customized Lending

In general practice, it is hard for the NBFC to give a customized plan of loans as per the desire of the customers. With the rise in competition, the NBFCs use a different method, to attract the customers and impress them.

The new software would make the NBFCs to bring the tailor made borrowing plans that are as per the needs of users. The software developed project would bring the personalized and customized borrowing which suits their needs.

Artificial Intelligence and tailor-made algorithms for NBFCs help to find specific solutions for their clients as per their needs.

Personalized and automated messages ensure that personal access and efficient service to borrowers and reducing the number of NPA for the lender.

• A new Debt Collection Tool

According to the new tools developed by NBFC software, it helps in the collection process and ease process for them. With these tools, the lending company forgoes the need to maintain heavy paperwork files. The new NBFC software helps to calculate the real-time updates about repayments to the borrowers to keep the follow-up tracks and location of customers. It reduces the burden of the field collection agent also.

The Ideal NBFC software sends timely regular updates to the customers and reduces human error.

This tool/NBFC software is a great measure, as NBFC are under the regular supervision of the regulatory authorities like RBI^[1]. To earn a better return of income, NBFCs have always strengthened their procedures of debt recovery.

Conclusion

It can be concluded by stating that loan/ borrowing is essential to today’s economy. The loans are a primary part of the funding. It is a vital part or product of any bank. It can be evaluated that today’s loan from any NBFC comes from the NBFC software with an integrated loan scheme generator, and it can be revised as per the consumer needs. NBFC software helps in the loan management starting from receiving the loan application, checking the eligibility for getting a loan, checking the documents, setting the loan amount and disbursement and collection of EMI. It is error-free and affects the profit directly.

As it does EMI Calculations very fast, every NBFC who sells loans faces difficulty in marketing the product, and customers feel cheated with incorrect calculations. But today, the NBFC software helps to calculate the interest and amount instantly with great precision. NBFC software helps to know the customers about their due dates of payments in advance and reminds to make timely payment of their borrowings. The customers are free to access their accounts without visiting the banks.

Read our article:How can NBFC Software Manage a Loan Portfolio with IT?