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Pankaj Tyagi
| Updated: 02 Apr, 2021 | Category: NBFC

NBFC Software: Empowering NBFCs to Streamline Workflow

NBFC Software to Streamline Workflow

In India, the NBFC sector is thriving at a rapid pace. Non-Banking Financial Companies (NBFCs) are financial avenues that facilitate fiscal services & banking facilities without having a banking license. NBFC offers services such as P2P lending, credit facilities, insurance, acquisition of shares, etc. NBFCs are playing a significant role in the development of the Indian economy. To speed up this growth, these entities need to adapt latest technology and programs, including NBFC Software.

NBFC Software Empowers NBFCs to Overcome Hindrances

At present, most NBFCs still rely on traditional working modes to carry their operations. Non-adoption of the latest technology not allowing them caters to an untouched section of the market. Manual intervention is quite prevalent in their working protocol which makes them inefficient and less impactful. NBFCs should emphasize the adoption of the NBFC software to increase efficacy, minimize overhead cost, improve customer experience, tackle loan inquiries, and avail other benefits. 

Given the prevailing market situation, NBFC has to be agile and subtle when it comes to meeting the diverse customer requirements. 

By adopting the latest technology, NBFCs can capture new markets and expand their customer base. NBFC software empowers NBFCs to overcome hindrances within their operation and makes them more productive. Furthermore, NBFC software can let these entities mitigate frauds and help build a stronger customer base. 

Read our article:Impact of NBFC on the Vehicle and Housing Loan Sector in Recent Times

What are the Salient Features of the NBFC Software?

NBFC Software empowers NBFCs in building solid operational infrastructure and services portfolio. This software also ensures the seamless management of their database. Following are the key features of NBFC Software: 

  • User-friendly, versatile, and precise
  • Simplify the management system
  • Ensure the highest level of security
  • Render subtle estimation on late fees/penalties
  • Imparts data-driven information on due payment and interest on loan amounts
  • Automates the loan management system
  • Real-time tracking on customer queries and prevailing services, including insurance
  • Monitors Pending Document Tracking (PDD)
  • Preparing loan disbursement text file as per the bank format

What are the Potential Benefits of Leveraging NBFC Software?

Automation is the next big thing for financial companies that seek improved customer experience. After implementing NBFC software, the private lenders can avail the following benefits:-

Benefits of Leveraging NBFC Software

Transparency and Security

Security and Transparency always remain a primary matter of concern for NBFCs. NBFC software leverages a high-level of encryption, thereby ensuring unparallel protection for the NBFCs database. The software allows the admin to sets data accessibility for each user group. It also lets clients open their private accounts by setting up login credentials. The software is easy to install and imparts transparency in operations. 

Robust System

NBFC software ensures seamless management of complex databases with its robust features. Reports prepared in the software can be easily transferred to MS office files for future references. Loan EMI estimation also becomes more subtle with NBFC software. 

Customizable

NBFC software can be tweaked as per the user’s requirement. Besides, the software renders you the option of adding new functionalities to the system as the company expands its services portfolio. The exposure to the customized mobile applications is also helping clients to avail services with a minimum of hassles. 

Easily Accessible

The NBFCs software offers remote accessibility feature to the client all across the nation. It helps in ensuring quick turnaround time and increase customer satisfaction rate. Also, it provides timely intimation to clients regarding the due payment via Email and SMS. This software’s multi-user system renders prompt access to clients and ensures transparency within the NBFC’s operation. 

Significance of NBFC Software in Present Situation

NBFC software is robust, easy to use, user-friendly, and an intelligent tool that runs on the latest technology and seeks minimal human intervention. NBFCs avail of the following benefits from the software: 

Minimal Paperless

 The NBFC software helps NBFCs overcome unnecessary paperwork and speed up the loan processing and sanctions. The inclusion of the NBFC software empowers NBFCs to facilitate hassle-free credit to the customers. 

E-KYC

The overhead cost linking to Customers[1]‘ KYC can be reduced after installing the NBFC software. The use of E-KYC speeds up the verification process and improves overall efficacy. 

Systemized Management

The data of the firm combined on cloud storage reduces unauthorized access to sensitive information. 

Loan Management

NBFC software instantly overcomes potential errors that are responsible for delayed loan processing. The software helps professionals tweak the loan services as per the customer’s requirements. It also gives an accurate figure of loan amount after processing the given input and auto-generates receipts for repayments.

Track Defaulters

The software keeps constant tracking of defaulters responsible for delayed or non-payment. The software enables firms to check the customer’s details more efficiently and pinpoint the defaulters. 

In What Sense NBFC Software Improve the Loan Management?

The NBFC software enable firm to handle loan services more efficiently via data-driven information. Following are the different facets of loan management system that can be effectively managed by the software:

  • Online application for eligibility of loan
  • EMI Calculation
  • Document management system
  • Credit analysis
  • End to end disbursement management
  • Approval System
  • Customer dashboard to check loan status, EMI Schedule, etc
  • Automated EMI collection

Therefore, we can conclude by saying that the NBFC software facilitates the error-free and seamless processing of loan applications.

Conclusion

The non-adoption of the latest technology can put any company in a stressful scenario, considering the prevailing market trends and customer choice. With so many customers at the doorstep, companies always find it hard to entertain them with seamless services. Automation keeps them ahead of potential delays and empowers them to facilitate quality services to the customers.

Implementation of NBFC software can offer a win-win proposition for the private lenders of this country. Apart from streamlining the Workflow, this software is very good at managing a diverse portfolio of financial products. Also, it renders data-driven information to the professional for detecting the pain point within the system. 

Read our article:Types of NBFCs in India – An Overview

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Pankaj Tyagi

Pankaj has a diverse experience of writing research papers, blog, and articles during his college time. Earlier, he was working as a tax consultant in a financial firm, but his interest in writing drives him to pursue a career in the writing field.

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