Not fully or exactly recognized as banks yet serves fast, do you know any such bliss in today’s context? NBFCs are one such boon which is fast and furious in providing funds for any type of business specifically for manufacturing and infrastructure. Today in the market of banking, finance and insurance, NBFCs are ahead and popular than any other recognized banks. In terms of business, when there is support from NBFCs, why to worry? Exactly! Now-a-days, digitalization has advanced every step pertaining to requesting for funds and disposing of funds. Just one step away, upload the authentic documents, NBFCs are at your service.

The usual known banks label you as un-served or underserved, but NBFCs are always ready to hold your hand and uplift your business in very less time. Henceforth your financial needs are met efficiently, quickly and swiftly. What matters the most is your real documents and paper work, these two are very important when it comes to finance and banking. So, what’s the trend in today’s cut-throat market? Everyone wants to get into business world and earn like any other startup which has been promising and has shifted dramatically to Unicorns or Dragons. But, currently, most of the NBFCs are focusing in catering the needs of trendy and most demanded business in urban and rural areas. So, NBFCs always keep an eagle eye to analyze and understand whether the business idea has actual potential to excel in the market or not. And for this, technology is playing the major role in escalating the standards of new, innovative business and identifying good talent.

NBFCs are profoundly adopting business and operational models powered by technologies that seamlessly facilitate the design, launch, implementation and execution of tailored products and services. The motto is to invest on the products and services that will indeed be useful to the consumers and also help in growth and development of Indian economy.Thus, investing in new technologies and strategic partnerships with incumbent financial institutions and FinTechs also allows NBFCs to lower their costs when it comes to increasing their customer base, lowering customer acquisition costs, servicing existing customers or de-risking the portfolio while trying to overcome the increasing formal credit penetration in a growing economy.

Technologies like AI, ML, IoT, and big data have equipped lenders to measure individual customer insights and build alternative credit scoring models. Advanced gadgets like smartphones are helping NBFCs to connect with customers having low incomes, who can use their mobiles devices throughout the lending cycle of application, engagement, e-KYC and e-signature for disbursements. The progress has no end and barriers in today’s next generation world where Robotic process automation (RPA) enabling and thoroughly streamlining of operational workflows, increasing productivity, accuracy and cost savings. NBFCs are also experimenting and beta testing with distributed ledger technologies for various use cases such as e-KYC, data exchange, loan disbursement and collection and cyber security. And application programming interfaces (APIs) are being built and tested for robust connected ecosystems of various institutions and stake holders.

As a whole the collaboration of fintech and NBFCs will surely prove productive. As technology is the strongest enabler helping in getting automated results and help the needy based on their authentic papers and profile. NBFCs will surely secure are future more effectively by leveraging high-end technology and strategizing innovative ideas.