Rachit Chawla stresses making LMS more real-time & customer friendly
Loan Management Systems (LMS) supports multiple facets of loan portfolio starting from prospecting to closure and monitoring. A comprehensive loan management solution facilitates banks and financial institutions to automate the procedures for achieving cost savings and better customer experience.
ACTIONS TAKEN IN LMS
The LMS software is not directly impacted by the changes in customer experience as most consumer loans are either term loans repaid in EMIs (like a personal loan or auto loan) or lines of credit (like a credit card or overdraft). Prithvi Chandrasekhar, President, Risk and Analytics at InCred Finance says: “The basic LMS level requirements for these products have not changed for a long time. Where there will be changes is in enabling features (eg. rewards on a line of credit product, or more flexible repayments on a term-loan). These were less common a few years ago. LMS systems across the industry will be upgraded to address these needs.”
Rachit Chawla, CEO, Finway, using an LMS, hands-on features should be provided to customers on a real-time basis. They should be able to download their SOAs and real-time receipts. It is highly crucial to keep their data safe so that they can access it. For certain NBFCs, TDS is a big issue wherein the credit in the customer’s account happens with a delay, which ideally should be in real-time. Businesses need to think from a customer’s perspective.
この記事は Banking Frontiers の September 2021 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です ? サインイン
この記事は Banking Frontiers の September 2021 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
It's a bank and a brokerage - FinecoBank
FinecoBank of Italy is a highly tech-enabled bank that is a combination of a bank and a brokerage:
A model for cloud adoption - Zurich Cantonal Bank
The bank is had opted for cloud to offer better service to its customers:
RBI Governor urges NBFCs to adhere to fair practices code
The Reserve Bank of India (RBI) Governor has urged Non-Banking Financial Companies (NBFCs) to strictly adhere to the Fair Practices Code, emphasizing sustainable growth and robust risk management in the sector.
Automated, Adaptive, Al-enabled Architecture is a must
Security heads from 2 BFSI companies reveal the key cyberfrauds and strategies to combat them:
Fraudsters too gain ground as real-time payment systems grow
There is a need for the technologies behind the real-time payment systems to gain a march over the methods of fraudsters:
Ethics & Challenges of AI in Cyber security: Navigating the Moral Maze
Even as AI is finding its place in the cyber security domain, an entirely new frontier of ethical challenges awaits.
Bangladesh Finance: 25% faster customer service; 15% higher customer retention
Bangladesh Finance, established in 1999, is a leading financial institution in Bangladesh.
Fino sparkles with technology & brand upshift
Fino Payments Bank started operations in June 2017, providing banking services to mass market customers, who are largely rural-based.
Savington Upshifts: 48% Faster, Churn down 31%
Savington International Insurance Brokers LLC, founded in 2006 by Dev Maitra, is a prominent insurance provider in the UAE.
Zoroastrian Bank: Multiple awards for being the Best
Established in 1927 by Sir Hormusjee Cowasjee Dinshaw Adenwalla, Zoroastrian Bank is a prominent urban cooperative bank headquartered in Mumbai, India.
