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How Intelligent process automation helping NBFC evolve beyond Lending?

The “Transformation Evolution” goes beyond the routine of loans, positioning automation as the catalyst for a paradigm shift in their operations.

After Banking, Non-Banking Financial Companies (NBFC) are leading ahead on the Indian government’s mission of financial inclusion and is now gaining traction in the areas of lending and credit system. But have you ever wondered how NBFCs are transcending traditional lending?

We live in a world where customer experience is driven by innovation and efficiency, and intelligent automation is becoming the driving force. However, it is not just about adapting but leading the way in a dynamic financial ecosystem. The “Transformation Evolution” goes beyond the routine of loans, positioning automation as the catalyst for a paradigm shift in their operations.

By automating and optimizing critical areas like account management, risk management, and customer service, NBFCs can unlock a new level of operational excellence, boosting efficiency, reducing costs, and enhancing customer satisfaction.

Beyond Loan Approvals: Redefining Account Management

1. Streamlining account servicing: Imagine agents resolving queries or updating information in minutes, thanks to automated workflows and integrated data access. BPM solutions can empower agents to handle complex tasks efficiently, reducing service turnaround times and improving customer satisfaction.

2. Boosting Collections Success: Automated reminders, personalized communication channels, and data-driven insights can significantly improve collection rates. BPM solutions can analyze potential delinquencies and trigger proactive interventions, maximizing collection efforts.

3. Enhancing Customer Engagement: Personalized recommendations, targeted promotions, and real-time account updates can foster deeper customer relationships. Intelligent BPM solutions can leverage customer data to create personalized experiences, driving loyalty and retention

Proactive Risk Management

1. Automating KYC/AML compliance: Manual KYC/AML verification processes are time-consuming and prone to errors. BPM solutions can automate document verification, risk scoring, and transaction monitoring, ensuring seamless compliance while reducing operational costs.

2. Early Fraud Detection: Machine learning algorithms integrated with BPM solutions can analyze customer behavior and transactions in real-time, identifying and flagging suspicious activity before losses occur. Proactive fraud prevention safeguards both NBFCs and customers.

3. Streamlined Credit Decisioning: BPM solutions can integrate credit scoring tools, financial data analysis, and internal risk models to provide accurate and data-driven credit assessments, minimizing bad debt and optimizing loan portfolios.

Frictionless Customer Service

1. Omnichannel Experience: BPM solutions enable seamless integration of different communication channels, providing customers with a choice of how they engage with the NBFC. From phone calls and emails to live chat and social media, consistent and efficient support builds trust and loyalty.

2. Self-service portals: Empowering customers to manage accounts, update information, and access statements 24/7 through secure self-service portals reduces reliance on agents and enhances convenience. BPM solutions can streamline self-service options for maximum customer satisfaction.

3. Real-time feedback and resolution: Integrated feedback mechanisms and issue tracking systems within BPM solutions allow prompt resolution of customer concerns. Quick and efficient problem-solving fosters positive experiences and strengthens customer relationships

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