5 Technology differentiators for NBFC midst COVID-19 crises

5 Technology differentiators for NBFC midst COVID-19 crises

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.

Related Posts

Suma Soft Completes 20 years

28

May
Blogs

Suma Soft Completes 20 years

Suma Soft completes 20 years this month. We thank our clients, employees, and partners for their contributions to our continued success. When we started in May 2000 the technology industry was booming, and we were enjoying a strong wave of growth and innovation.  Reflecting on the past two decades in business and what comes to mind are […]

celebrate Suma Soft’s 20th Anniversary

28

May
News

Celebrating Suma Soft’s 20th Anniversary

I am immensely proud to celebrate Suma Soft’s 20th Anniversary. Since our establishment in the year 2000, Suma Soft has delivered extraordinary industry-specific, technology-enabled solutions to clients from different industry verticals across the world. Our focus on customer satisfaction, timely delivery, flawless execution and transparent communication with clients has made Suma Soft, a most-preferred IT services vendor[…]