In an exclusive interview with CXOToday, Sumit Sharma, Founder of Radian Finserv, discussed how technology is transforming the operations of Non-Banking Financial Companies (NBFCs). He highlighted that advancements in technology are revolutionizing the financial services industry, with NBFCs leading the way by leveraging technology to enhance efficiency and reach. Technologies such as Loan Origination System (LOS) and Loan Management System (LMS) have been implemented by Radian Finserv to centralize loan operations, streamline processes, and provide customers with real-time access to information through user-friendly apps.
Radian Finserv has successfully used technology to improve customer service and operational efficiency by ensuring consistency across locations, providing convenient digital services, and enhancing financial literacy among rural and semi-urban borrowers. The company has seen success in reaching underserved populations through various loan products, with customers seamlessly transitioning between different types of loans thanks to the centralized data in their app.
Challenges faced by NBFCs in integrating new technologies in rural areas include connectivity issues and the need for customer adoption. Radian Finserv is addressing these challenges by combining technology with a physical branch presence to reach and engage with customers directly. As the company ventures into more remote areas, they plan to ensure connectivity at all branch locations and provide financial education through mobile technology.
Sharma advises emerging NBFCs to focus on customer engagement and comfort in addition to technology to ensure operational efficiency and financial inclusion. He suggests that a physical connection with customers, especially in secured lending, remains crucial, while technology plays a significant role in unsecured lending operations. Radian Finserv aims to continue enhancing financial inclusion through a mix of technology and physical presence as they expand their operations in rural India.
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