Today, Non-Banking Financial Companies (NBFCs) are reshaping India’s financial landscape as pillars of financial inclusion, driving the shift towards an inclusive economy. The RBI’s Handbook of Statistics on the Indian Economy reveals that NBFCs expanded their aggregate public deposit base by 21% over last year, reaching Rs 1.03 lakh crore at the end of March 2024. By adopting agile, customer-centric models, NBFCs play a crucial role in the economic ecosystem by extending credit and other financing options to underserved segments, particularly small businesses and households. This transformation is largely supported by digitalization that enables greater efficiency, speed and enhanced customer experiences. Technology, business intelligence and data analytics play a key role helping NBFCs thrive in the competitive financial sector.
As India targets to double its economy to $7 trillion by 2030 1, the demand for financing is set to increase, underscoring the vital role of NBFCs in supporting economic growth and development. Keeping pace with business and technology innovations and consumer demands, without compromising on quality or compliance often stretches the operational capabilities of NBFCs. In a competitive landscape where banks increasingly target the same customer base, NBFCs must navigate a multi-faceted ecosystem with diverse payment systems, multiple bank integrations and high transaction volumes.
Montran’s Collections & Disbursement solutions enable NBFCs to handle payment collection and disbursement with minimal friction and optimal efficiency. By integrating advanced business intelligence into solution design, our solutions revolutionize how NBFCs and Corporates handle transactions. With capabilities to dynamically switch between the Corporates’ loan management systems, payment rails and mapped banks, the Disbursement solution helps NBFCs determine and utilize the optimal route for payment disbursement. The Collections module provides NBFCs with advanced Mandate management features, including Open Mandate, which enhances customer retention by enabling future transactions. Mandate consolidation supports operational efficiency, reducing transaction volumes and improving speed for processing banks. Status updates to Corporates’ source systems complete the mandate and transaction journey.
As NBFCs scale, the demand for agile, technology-driven solutions will increase exponentially. Our solutions are designed to continuously adapt and evolve, ensuring that NBFCs can navigate challenges to meet future demands for speed, flexibility, technology and efficiency in payments. By focusing on data-driven innovation, we empower NBFCs to gain a competitive edge in the financial market and deliver enhanced customer experiences, fueling India’s growth story.
1 economictimes.indiatimes.com
