‘Indian non-banking financial companies (NBFCs) are growing their market share, however, they will have to keep pace with new technologies’, says a recent joint study by the ASSOCHAM and PwC. Nbfcs are becoming game changers with an expected CAGR of 18% till 2020, according to CRISIL. But to ride this growth wave efficiently, NBFCs must embrace technology and keep pace with the times. Here are five reasons why it’s important.

(1) Customers in India are spread far and wide, and reaching people in rural areas is not an easy task. Setting up a seamlessly connected network can assist NBFCs to access customers effectively, which will also expand the customer base.

(2) NBFCs need to be creative and offer products that suit the fast-changing requirements of customers. By setting up a personalized CRM system, NBFCs can send out tailored automated messages to inform customers of the latest products and in turn, the responses can help in increasing awareness about customers’ needs.

(3) Embracing pay-as-you-go systems or simply enabling multiple payment methods will ensure that NBFCs can cater to a wide range of customers. Convenient and fast service is what the customer wants and the ability to make payments from any location on any device is a surefire crowd pleaser.

(4) While the initial investment in technology may not be very pleasant the dividends are very much so in the long run. The efficient use of AI or the cloud can enable NBFCs to cut costs significantly by reducing manpower and time taken for tasks, and by making operations seamless.

(5) Being in lockstep with technology also enables NBFCs to be compliant with new policies and initiatives. Government initiatives like Direct Benefit Transfer or Aadhaar Pay require extensive use of smartphones and involve a lot of data. Setting up mobile-friendly platforms and data capturing systems is beneficial not just for the customer but also for NBFCs.

Suma Soft’s expertise can do all this and more for NBFCs with our bouquet of services that include IT risk and management, software solutions, CRM systems, and tech support. Better tech means happy customers.