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The NBFC sector in India has witnessed exponential growth over the years. Non-Banking Financial Companies (NBFCs) are financial entities that provide financial services and banking facilities without possessing a banking license. NBFC offers services such as Loan facilities, Insurance, P2P lending, acquisition of shares, etc. NBFCs are playing a vital role in the growth of the Indian economy. To fasten up this growth of the NBFC sector, it becomes imperative for these entities to embrace smart technology. Traditional NBFCs continue to carry on their activities with very little assistance from Technology. India has a very diverse and widespread market. It is not easy for NBFCs to reach the far end areas of the country and provide their services. These entities mostly operate manually. NBFCs should try and use NBFC software to reduce the overall workforce cost, increase customer satisfaction, handle loan inquiry and avail other benefits.
In today’s market, NBFCs have to be creative and offer services that suit the rapidly changing requirements of customers. By embracing the technological advances and using technology in their services, NBFCs can increase their reach and expand their customer base and cut down operational costs. All major NBFCs have made their ways to top because of their ability to innovate, customize their products as per the needs of their clients and lowering down operational costs. NBFC software shall help the NBFCs to simplify their operations and make them more user-friendly. Moreover, NBFC software shall also save NBFCs from frauds and help build a customer base with an efficient workflow.
Read our article:Market Size of NBFC (Non-Banking Financial Companies) in India
NBFC Software helps NBFCs in every step of finance management and loan management. This software is particularly developed to help NBFCs to manage their database. Some of the salient features of NBFC software are as follows:
Transparency and Security: Security and Transparency is always a prime concern for NBFCs. The use of NBFC software ensures security by managing databases with high-level encryption. The admin sets data accessibility in the software for each user group, and customers have access to their accounts. Customers can log in to their account only after password verification. The software is quick to implement and brings transparency in operations.
Vigorous system: NBFC Software can easily manage complex databases with its robust features. Reports made in the software can be easily transferred to Excel, Word, or PDF formats for future references. Loan EMI calculation also becomes more accurate and easy with NBFC software.
Customizable: Software for NBFC can be personalized as per the requirements of the user. Apart from this, the software gives you the option of adding new features to the system as the company expands its services. The availability of customized mobile applications makes it even more accessible for the client to avail of services. Mobile apps and other technological advances in the NBFC sector enhance the chance of growth of NBFCs.
Easily accessible: The software used by NBFCs can be accessed from anywhere. Since it is a web-based real-time system, it reduces the response time and hence delivers instant services. Customers are notified about the due dates through E-mails and SMS. The multi-user system available in NBFC software gives instant access to customers and therefore brings transparency in the operations of NBFC.
NBFC software is transparent, user-friendly, and a smart tool is driven by advanced technology to get the work done with minimum human intervention. NBFCs are benefitted from the software in the following ways:
Paperless work: Use of NBF Software helps in avoiding unnecessary paperwork and reduces the time required for loan processing and sanctions. The software allows access to loans in an easy and hassle-free manner.
E-KYC: KYC of customers is done electronically, hence minimizing the overheads involved. E-KYC helps in reducing the time of application and making the procedure more comfortable and feasible.
Systemized management: The data of the company is collected on cloud storage that allows secured access to sensitive information of the company.
Loan Management: NBFC software helps the companies in processing and managing the loan. The software provides customizable loan facilities, calculates the loan amount and auto-generates receipts for repayments.
Track Defaulters: The software helps NBFCs to track defaulters easily. The software allows companies to go through the details of the consumers more efficiently and therefore, to detect the defaulters.
Also, Read: How can NBFC Software Manage a Loan Portfolio with IT?
The software allows NBFCs to manage loans more efficiently. Some of the ways through which Loan management gets more accessible by the use of software are as follows:
Therefore, we can say that NBFC Loan management software provides seamless processing of loan applications.
Is technology a boon or a bane? This question has been making rounds in society for a long time now. Technology offers us numerous benefits. However, at the same time, it is reducing our physical capabilities of doing something productive.
NBFC sector has been expanding at unprecedented rates over the years. The introduction of NBFC software is further improving the growth rate of the NBFC License Registrations. Various features of NBFC software has made the process of the loan application and other NBFC services a lot easier than it used to be earlier in the absence of software. NBFC software is helping companies in maintaining a huge amount of financial data on a daily basis. Moreover, it offers customizable integrations, ultimately satisfying the requirements of the clients.
Therefore, from the above discussion, we can conclude that technology has been a boon for the NBFC sector.