India’s Leading BFSI & FinTech Companies 2024

[ NBFC SECTOR OVERVIEW ] India’s Leading BFSI and FinTech Companies 2024 33 disruptive technologies like AI, ML, and big data more to measure individual customer insights and build alternative credit scoring models. There will be increased use of robotic process automation (RPA) for streamlining of operational workflows, increasing productivity, accuracy, and cost savings. NBFCs will also be experimenting and beta testing with distributed ledger technologies for various use cases such as data exchange, loan disbursement and collection and cyber security. NEXT-GEN CUSTOMER EXPERIENCE In the next five years, NBFC are expected to leverage AI mainly to simplify operational complexity and understand evolving customer expectations. The focus will be on integrating customer communications platform with CRM software that can help NBFCs deliver personalised engagement at scale. With the help of digital technologies, NBFCs will also aim to build better communication strategies and identify smaller segments of customers to whom a specific product/service/ feature of product can be offered. CYBERSECURITY REVOLUTION In the post pandemic era, cybersecurity has gained tremendous significance as the dependence on digital channels has increased manifold. Thus, the sector would continue to lay significant emphasis on building tight information security controls in the coming years. REGULATORY SANDBOXES The RBI is expected to further push regulatory sandbox, Trade Receivables Discounting System (TreDS) and co-lending models for NBFCs to increase credit flow to the MSME sector. The entire NBFC sector will be brought under the TreDS platform that aims to facilitate payment of receivables from corporates to MSMEs. Dun & Bradstreet