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.
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