The financial services industry operates with an implicit degree of calculated risk that arises from multiple levels of uncertainties in their operational ecosystem. When it comes to debt collections processes, the regular inflow of new debt, dynamic business scenarios, and the evolving regulatory environment add to the complexity. Moreover, changes in the economic landscape and the transition toward customer-centricity have…
Debt collections comprise a number of processes to collect overdue loan repayments from borrowers. These mechanisms can be lengthy and complex, especially when the borrower becomes inaccessible through the primary contact details. Banks and other financial institutions at times face a huge challenge in re-establishing contact, particularly with defaulting borrowers for loan accounts. Due to this gap, the recovery time…
A multifinance company (MFC) is a type of financial entity that provides a range of financial services and products to businesses and individuals. They offer consumer loans, working capital loans, lease financing, and factoring. In some cases, they may also offer investment services and insurance. MFIs exist as standalone companies, although prominent banks have their own multifinance programs and services.…
The banking and Financial Services industry has adopted mobile-based platforms/apps extensively to increase its customer reach, simplify operations, and leverage the power of digital connect. This is where Field Service Management (FSM) for the automation and monitoring of numerous field processes, such as KYC, document collections, and drop services, is gaining momentum. The field loan collections teams have implemented multiple use…
The easy accessibility of digital banking services has strengthened India’s initiatives to bridge the economic gap between rural and urban areas. Multiple initiatives from the Government of India, Banks, NBFCs, and Fintech players to promote digital transactions and online capabilities for financial services have come a long way. With the benefits of convenience, speed, and security, the impact of digital…
Digital banking is the process of carrying out financial transactions using electronic devices that are connected to the internet, such as computers, tablets, and mobile phones. Digital banking offers a wide range of benefits to both customers and banking institutions. Customers can experience convenient and efficient banking with features like 24/7 access to accounts, bill payments, fund transfers, foreign exchange…