When we think about lending businesses, the financial institutions that immediately pop into our minds are Banks and NBFCs. And when we think about getting a loan, we most probably might choose NBFCs over Banks for obvious reasons. Like :
- Eligibility criteria of NBFCs are pretty relaxed if compared with banks.
- Rates of interest are usually fixed in banks and are monitored by the RBI whereas interest rates in NBFCs are quite flexible and competitive making it a viable choice for those seeking loans.
- And ofcourse we are aware of the strict paperwork formalities that banks have. However documentation and paperwork are minimal in case of NBFCs giving loan seekers the main reason to prefer NBFCs over Banks.
- The most impatient part of getting loans from the bank is loan sanction time. They really have a lengthy loan approval and sanction process. On the other hand this process is quite lenient with NBFCs.
- The lengthy and stringent process of loan disbursement also is too time consuming However, minimal formalities and less documentation leaves NBFCs with seamless disbursement process
- The most important advantage NBFCs have is free hand in technology. NBFCs can use technology boundlessly whereas banks are usually standardized in a structure and any change in them is very time-consuming and less probable to implement throughout as RBI governs them. We are going to emphasize more over this point today.
Overview of a Good Software
A good software can change the whole narrative upside down. And there’s no better utilization of technology than developing softwares. The key quality of a software is determined by what it offers and how easy it can make the workflow. Although, we can say that every software encapsulates some fundamental functionalities and some product specific functionalities which may vary from product to product.
Some fundamental functionalities that every software must include are :
- User-Friendly : Learning how to use it should require less effort and time.
- Efficient : The basic expectation from any software is efficiency. It should have the ability to utilize the system resources as effectively and efficiently as possible.
- Reliable : Reliability means ability of the software to operate without failure. It is measured as the availability of the software.
- Maintainable : Maintenance of a software goes throughout the lifecycle of the software. It should therefore be integrated into the development for effective maintenance.
- Portable : The ability to use software in different environments shows its portability.
- Integrity : Integrity demonstrates security safety and maintainability of the software. Software also needs to be compliant with industry regulations.
How Can Software Make your Lending Business Easy?
With the help of software, you can convert your conventional lending business into a digital lending platform.The use of manual working methods puts a halt in the efficiency of lending solutions. Some of the basic operational benefits of NBFC software are :
- Unnecessary manual workload gets eliminated when you use software. You can do everything with a few clicks.
- As after installation of software, some manpower and conventional machines will get Freplaced, the companies save a lot of money in this.
- Data in lending companies plays an important role, in fact in any industry data is a game changer. To keep the data secured, and to manage the vast amount of data, software is a good option. This also makes the data accessible from anywhere and everywhere easily.
- Manually or we can say without softwares, reaching customers across different places is next to impossible. This is another advantage of having NBFC software, reaching customers from different places becomes easy and hence customer expansion becomes easy.
- End to end automation is the appropriate and ultimate benefit of technology advancement. Manual interventions have stopped, saving time for everyone.
- Tracking defaulter’s is one hell of a process if we operate manually but with the help of a good loan management system, tracing them becomes comparatively easy.
- Lack of Customer satisfaction brings the need of assistance in resolving customers’ issues efficiently and effectively. And what better way than integrated customer support system in the software.
How Can Wind Finance Make your Lending Business Easy?
Since there are numerous NBFCs in the market. Choosing the right software to beat competition and get THE one that understands your needs inside out by giving its implementation becomes important. It has become increasingly vital for NBFCs to get apt software which can meet your expectations in the prevailing market condition. With the assistance of Wind Finance, you can achieve what you have set in mind.
To make it easier for you to decide, let me give a few insights of what additional benefits you might get with Wind Finance:
- Proper loan lifecycle management module is available with us with an end-to-end automated process to streamline workflow from beginning to end.
- Customers can get notified for paying EMIs on due dates and prior to that as per their choice. This will add value to customer service and also will also be beneficial for the debtor.
- You can pick and choose the modules we have as per your needs. Plus our lending solution can modify it as per your choice. No need to fill up your dashboard with unused and unnecessary modules.
- We have incorporated enach setup where customers can send a request for enach setup and we will check their eligibility criteria. After knowing that they are eligible we can communicate with their bank and set it up for automatic payments.
- The HR module is also incorporated in the software. This module will be helpful in assigning tasks, administration, payroll, tracking tasks and work hours etc.
- There is also a panel of latest RBI guidelines and relevant news that may impact the industry and hence your NBFC. You can get the necessary information from your dashboard only.
- You can also set your panels and modules as per your convenience. As in which module and how many tabs are to be placed where etc will be decided by you. Wind Finance works to give exactly what you need.
Wind Finance is quite optimistic that it is the most adaptable and extendable loan management system. It is a modern digital lending platform which puts software’s control in your hands. With simple UI and excellent user experience Wind Finance has everything you need to make your NBFC achieve milestones.
TO KNOW MORE KINDLY VISIT OUR WEBSITE https://windfinance.in/