4 Incredible Ways FinTech is Transforming NBFC Operations
Did you know? As of March 2023, there are 9,443 RBI-registered NBFCs in India.
With NBFCs supporting MSMEs and aspiring entrepreneurs as well as the supply chain at large, their role in the Indian economy is indispensable. But with increasing clients comes the responsibility of managing every client’s needs efficiently, without compromising on quality or speed of service.
Cutting-edge FinTech solutions can help NBFCs achieve this goal seamlessly, ensuring customer satisfaction and increasing productivity for these financial institutions.
Quick loan approvals
Manual approval of loans can take anywhere from a few days to several weeks, making it a cumbersome process for staff members and an inconvenience for clients. FinTech platforms leverage data analytics and algorithms to assess clients’ creditworthiness and help approve or reject loans instantly. This way, NBFC employees can cut down on painstaking manual work and focus on other, more meaningful tasks while ensuring client satisfaction.
Automated underwriting process
Underwriting is an unavoidable aspect of evaluating risks, but it can be highly time-consuming for financial institutions. Hiring a professional underwriter is an additional expense; moreover, there’s always a possibility of human error. By leveraging a FinTech application, one can have the entire underwriting process automated. Essentially, the platform assesses the loan applicant’s profile thoroughly and completes the risk evaluation accurately and quickly. So, NBFCs can ensure utmost safety while saving time and effort.
Data-driven decision-making
Financial institutions rely on sound decision-making at every level, from daily business operations to company expansion at large. At every step, decision-making forms the basis for the institution’s success or setback, and quick, sound decision-making is integral. FinTech applications provide real-time data analytics and reports to NBFCs, giving them not only an idea of where they currently stand but also what’s their best course of action. Such inputs help NBFCs make the right decisions instantly, saving decision-making time and ushering them in the right direction.
Enhanced client experience
The success of an NBFC largely depends on the satisfaction of its clients. Although financial institutions might set out to communicate regularly with their clients through emails and calls, regulation of the activities of each client and coordinating with multiple persons might become challenging, especially as the institution grows. Lack of coordination with clients might eventually lead to their dissatisfaction. Also, manual processes are typically time-consuming and error-prone, which can add to clients’ woes. FinTech applications resolve these issues by ensuring real-time integration of NBFCs with their clients and eliminating errors in business processes.
FinTech has changed the face of the BFSI sector significantly, making it a win-win situation for financial institutions as well as businesses that approach them. The Zuron application is one such game-changer that helps NBFCs make data-backed decisions, reduce manual effort and time, and ensure client satisfaction. The interface is incredibly easy to use and highly secure, as it is powered by cutting-edge technology. Moreover, since the platform is cloud based, it ensures real-time connection between NBFCs and their clients located all over the world. If your NBFC requires assistance with its financial processes, we would love to kickstart your FinTech journey. Click here to connect with us!
