Introduction

NBFC’s or Non-Banking financial institutions comprise an inseparable component of the Indian financial system. They facilitate the bank and finance-related services without having to meet the legalities of a bank. NBFCs are enveloped under the regulations that are governed by the Reserve Bank of India. It provides many services like:

• Loans
• Credit facilities
• TFCs
• Retirement planning
• Investing
• Stocking etc.

They are, that being said, prohibited from accepting any kind of deposit from the public at large. These organizations play a vital role in the economy, providing services in both urban and rural areas, and granting loans to help new businesses expand.

To be able to remain ahead in time, NBFCs must abreast itself with the newly developed technology and initiatives like NBFC software which shall ensure its rapid growth.

By incorporating the NBFC software, they can rapidly mine bulk amounts of data at one go and enjoy easy accessibility for users.

Why do we need NBFC Software?

Adjudging the fact that still there exists prevalence of the conventional course through which NBFCs operate, it remains doubtful as to whether NBFCs have maintained their reach in all avenues of the market. The use of manual techniques in their working methods has put a halt to their efficiency and made them rather less stirring.

NBFC must focus on the new modes to adopt the NBFC software that shall increase its performance, play a crucial role in reducing major costs, be customer friendly and reap other benefits for its holistic development.

IN order for NBFCs to expand its work area operations, the need of the hour is to tap on the untouched market and that can be done only when it fosters the habit of welcoming to the use of NBFC software.

Through the use of NBFC software, a check can be placed on frauds and enable the NBFCs to increase the size of its customer base. It shall also make it more productive in its working norms.

NBFC Software: Salient Features

NBFC software is clubbed with numerous features that make them quite useful in the overall mode of operations. Some salient features can be enlisted as follows:

• Financial accounting is integrated
• Collection of late fees
• Deposits of installments
• Payment of loans
• Intimation of due installment
• Allotment of policy
• Quarterly or monthly statements
• Accurate and powerful

NBFC Software: Key Highlights

NBFC software can stimulate the growth of NBFCs by helping in building a robust infrastructure. The database of NBFC is managed effectively through its use. The key highlights of the NBFC software are enumerated below:

• Customer-friendly
• Flexible to diverse needs
• Guarantees the maintenance of high-level security
• Ensures simplified managing system
• Facilitates automatic loan-related management system
• Keeps records of pending documents
• Provides data-driven details on loan payment due dates and interest rates.

NBFC Software: Benefits

The major benefits of the NBFC software can be listed as follows:

• Enhanced security: Security is of utmost priority when it comes to NBFC software. The crucial element lies in making NBFC databases accustomed to preventing security breaches. It lets the user to have private accounts which can be accessed using login credentials.
• Transparency: Use of NBFC software renders more transparency while it is operating.
• Verification made easy: It entails verification of the customers by inputs of details like address, KYC and Aadhar verification.
• Creation of report: The NBFC software can help in generating reports that are sent to RBI
• Tracking system: It enables the tracking of pending documents and also of insurance. Further it keeps a tab on the list of defaulters and tracks the same.
• Check of fraud: The NBFC software renders the tab on checking frauds.
• User friendly: The software can be accessed by all customers through a customer friendly interface. It also helps with providing timely information to customers via mail or SMS. 
• Minimize the use of paper: Since the software can be accessed online, the work is reduced to being paperless thereby helping in protecting the environment.
• Shelters sensitive information: The database is managed in a way that reduces the possibility of leak of sensitive information.
• Increases efficiency: With the introduction of e-KYC, the verification procedure has become more easy and reliant.

NBFC Software: Managing Loan Effectively

The NBFC software acts a fine medium through which the loan-related activities can be easily managed without any hindrances. Varied aspects of the loan can be taken care of without any problem which are given below:

• Facility of applying for loan online
• Easy calculation of EMI
• Robust approval system
• Analysis of credit
• Collection of EMI through automated way
• Calculation of interest facility
• Easy transfer of payment and collection

Conclusion

It can be concluded that it is the need of the hour that the NBFCs must work upon the realization that they have to bring changes in their working methods so that they are more impactful.