Non-Banking Financial Companies (NBFC)

Introduction

Managing a huge amount of assets and subscriber base, Non-Banking Financial Companies or NBFCs are becoming more and more popular in developing countries. NBFCs are involved in activities like hire/purchase finance, equipment lease finance, consumer/personal finance where there is a gap between the demand and supply of funds.

Situation Analysis

The key role and importance of NBFCs lie in delivering credit to unorganized sector and to the small borrowers.

• Operations field staff carrying customer details collects the installment, raises a manual cash receipt.
• Only cash is accepted by the operations staff
• Possibility of mismanagement of the cash in the field
• Willful wrong or underreporting of cash collected
• Every day, cash receipts are manually entered into a PC connected to the central server via leased line/ISDN.
• Delays in reconciliation of cash collected and customer record update.
• Possibility of wrong data entry

High Level Solution

The operations field staff to carry an POS terminal connected to the central server through GSM/GPRS or CDMA network. On providing a unique 'Agreement Number', customer and loan details displays on the POS terminal.

The field staff accepts loan installment from the customer, and feeds in the payment details. The POS terminal instantaneously updates the central server and a transaction receipt is generated.

Bottom Line

VISIONTEK solutions help the Non-Banking Financial Companies not only to reach their customers at lower overheads but also ensure safe, secure and foolproof transactions with updated data on central servers always. This approach enables NBFCs to focus on their core business strategies instead of daily operational challenges.

Case Study

Payment Collection
Absolutely no scope left for paper-pen based voucher that cause more

The VISIONTEK Advantage

• Better Revenue Realization
• Consume less time than pure cash transactions
• Data visibility at all levels with administrative controls
• Easy to maintain, fast, and fool proof
• Efficient tackling of last mile operational issues
• Increased and improved customer reach
• Low cost of ownership, and overhead costs
• Minimize administrative and transaction cost
• Online process prevents mismanagement on the field
• Significantly reduce turnaround time
• Supports both online and offline transactions
• Track executive activity
• Transactions updated real time on the central server

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