Challenges that Automation can Solve for NBFCs
NBFCs face challenges in managing collections, particularly in cases where borrowers default. Developing effective collection strategies and processes require innovative solutions
With high volume data generated, credit assessment is a challenge to determine the creditworthiness of borrowers. Ensuring the accuracy of the credit assessment with manual error is tough
Loan Origination Process
The loan origination process is a critical challenge due to the multiple steps involved like credit assessment, documentation, status update and sharing information
Maintaining Regulatory Compliance
NBFCs need to comply with various regulations related to loan origination, such as KYC/AML norms, disclosure norms, and fair lending practices. Failure to comply with these regulations can result in penalties and damage the company’s reputation.