What sets them apart from the multitude of players within the financial sector is their ground-level understanding of customer profiles and their ability to customize the product as per their credit needs.
In the last decade, the BFSI segment witnessed large-scale technology adoption in order to make the process agile, eliminate customer pain points, and provide a seamless lending experience. The findings of a recent survey published by FICCI and PWC underscore the importance of technology in improving the customer journey. According to this survey, 83% of Indian financial organizations say Al helps enhance their customer service.
Some of the key challenges faced by organizations in the sector are outlined below:
1) Simplifying operational complexity
As NBFCs perform a wide range of functions like offering loans and advances, credit review, interest accrual and foreclosures, keeping a tab on these various financial operations could be difficult. Lenders working without an agile and well-defined process may face heightened operating risk.
An efficient CRM system can potentially revolutionize and reduce many difficulties associated with manual procedures.
As per a PwC survey, the operations and finance functions have seen increased RPA adoption and demonstrated a remarkably high ROI.
A major NBFC recorded a 25-30% reduction in turnaround time for their loan application process through digital channels after it leveraged Robotic Process Automation to reduce administrative effort and the bulk of paperwork.
This story is from the August 2023 edition of BANKING FINANCE.
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This story is from the August 2023 edition of BANKING FINANCE.
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