The Indian Non-Banking Financial Companies (NBFC) sector is witnessing a significant transformation in their day-to-day business transactions. Not just the NBFCs in the upper layer as classified by the RBI's scale-based classification, but the NBFCs in the middle and base layers too are leveraging the power of artificial intelligence (AI) and machine learning (ML) to enhance customer experience and provide optimal financial solutions across diverse customer groups. The strategic adoption of AI and ML is upgrading how NBFCs interact, assess, and serve their customers, resulting in an optimal, efficient, and more personalised financial journey.
In this article, we look at the ubiquitous role AI and ML algorithms play in positively shaping the customer experience and the operations of NBFCs themselves.
STREAMLINING CUSTOMER ONBOARDING
Traditionally, NBFCs have relied on manual processes for customer onboarding, assessments, and loan approvals, leading to lengthy turnaround times for customers. From the organisational side, increased scalability often implies larger teams, larger offices, and increased subjectivity at every step. However, with the deployment of AI and ML, the scenario has changed for the better in the following aspects:
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