Mobicule Technologies was at the India NBFC Summit & Awards 2022, hosted by Synnex group.
Our Founder & CEO, Siddharth Agarwal moderated an insightful conversation around "Digital Loan Collections - The Next Big Thing in NBFC".
6 key takeaways from this fascinating discussion -
Loan collections geared towards automation and digitisation are becoming more popular in the NBFC industry. This process will allow for loans to be verified, collected automatically with minimal human intervention which can increase efficiency as well decrease risk due time limitations while also lowering costs associated with this manual laborious task
Lenders have the opportunity to be proactive about their debt by taking advantage of delinquency management. This includes reaching out or reminders with every payment, which can help creditors avoid costly late fees and higher interest rates on loans that go into default.
The use of artificial intelligence and machine learning can help automate a lot of the processes involved in running an allocation strategy. This will enable you to focus more time on your core competencies instead, such as analyzing market trends or identifying investment opportunities that may not have been readily apparent otherwise
The NBFCs are in need of systems that can handle cash and deposits well. This is because these types of loans tend to be more rural or small-ticket, which means they have higher risk profiles than larger commercial bank portfolios.
Collection strategies should be tailored to the customer's needs, credit type, ticket size etc. That said, there will always need an overall approach that can work no matter what type of client you're looking at!
The need for an automated system that scores customers based on their collection patterns is becoming more and more apparent. This would allow better credit decisions in the future.
For a more detailed discussion - the full video can be viewed here.
Mobicule is a pioneer in products focused on mobile field force and has successfully deployed and managed some of the largest mobile field force implementations across Sales & Distribution, Telecom, BFSI.