NBFC business was going through a tough phase even before COVID-19 and now it is even tougher. During these tough times, the NBFCs who focus on building capabilities, streamlining their processing and investing in leading tech-enabled processes will be ready to reap the benefits when things open up.
Technology and processor to focus on during this downtime will enable them to scale up quickly.
Automation – Automating as much of the loan origination process as possible has and will continue to bring a distinct competitive edge. This will also allow a majority of the loan application, underwriting and closing processes to happen online and remotely. Suma Soft’s RPA capabilities along with the Rule Engine platform helps NBFCs automate their lending process.
Portfolio and Lead monitoring – Technologies to help identify specific loans within a portfolio that could benefit from a refinance based upon current loan rates. Also maintain continual engagement with customers, increasing the chances to retain business.
Actionable Intelligence – Proactively identify and help offset any short-term loss in income associated with the pandemic. As unemployment numbers and potential loan delinquencies rise, underwriting criteria could be tightened further, restricting access to equity for some borrowers. Our data analytics team provides insights into customer data and converts these opportunities to the business.
Mobility – Personalised pricing offers can be delivered directly to the borrower via apps. A mobile solution that gives customers fast, around-the-clock access to loan information that is relevant and easy to understand. There is an increased incentive in making attractive custom offers easily accessible to customers.
Digital – All loan orientation processes will move to, end to end Digital mode. Suma Soft’s years of investment and innovation in digital finance technology have enabled “contact-less” loan origination to the disbursement process.
It is tough to assess the magnitude of the impact of the coronavirus outbreak. In such times it is good to adopt a cautious attitude and beef up your processes and technology to take advantage of the opportunities that open up post lifting of lockdown.