Any business can thrive only when there are customers to drive that growth. Irrespective of the industry, organizations all across are embracing new and upcoming technology to stay relevant amidst competition. NBFCs are no different! Non-banking financial institutions are adopting business models to facilitate and launch personalized products to attract potential leads and increasing their customer base.

Furthermore, investing in new technologies will allow NBFCs to service existing customers and reducing the risk factor while they try to rise up in a growing economy. They have already proved their mettle by empowering several people through credit and loans. It is time for them to use the potential of digital channels and new age applications to grow their reach as well as market.

Here are some of the top benefits of deploying technology in the financial market:-

#1 Acquiring New Customer Data

One of the major reasons for rise in NBFCs is reduction in risk undertaking by public sector banks. PSBs are keeping an eye on their bad debts, mounting loan base and NPAs. NBFCs can make use of the right technology to gather all these banks rejects and make them new leads to target.

This presents a great opportunity to NBFCs which they can use to expand their market and develop an understanding of their actual needs. The right technology to accurately capture, analyse and leverage this customer data will help them in making the right lending decisions. Managing customer accounts is easy with a tool that can provide a unified view and gives direct access to communication history.

#2 Customization

In order to rightly target the correct set of customers, NBFCs need to strategize beyond regular car/home/personal loans. The demographic is huge and varied and to do the right customer mapping, NBFCs need to customize and personalize their offerings. For instance, what may appeal to a low income farmer may not drive the interest of a local shop owner.

Here technology can help in effective segregation of the market to enable NBFCs to develop tailor made solutions and customize their service offerings. Sending out targeted messages and developing a more personal level of interaction will put things into perspective.

#3 Extensive Market Reach

The present day technology has helped in reaching out to elusive customer base that may not seem reachable at first glance. By empowering agents with new technology NBFCs can target all such customers and make them potential leads. For instance, use of tablet devices and smart phones can help in capturing all the customer data that is not readily available and which the field agents can recognize and capture. This also helps the end customer and makes them feel connected via technology. This can help in getting the right pre-loan leads and increase chances of lead to conversion ratio.

#4 Better Customer Service

From timely alerts to email updates and automated calls for various scenarios can help NBFCs drive better customer service. Using this kind of technology will further help in building better customer relationships and a chance to gain more business. For instance timely reminders of overdue payments or automated calls for immediate due payments will help customers in timely payment submissions.

Conclusion

Adopting technology might seem intimidating, especially for small NBFCs due to the cost involved; however, the benefits surpass the investment. Right technology solution helps in management of all leads and also increases  debt collection . Moreover, deploying technology makes it easier to digitize services and in the long run reduces expenses owing to better usage of available resources. Today, on demand technology solutions are available at competitive prices, so everybody can benefit from them.

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