Data is now more accessible than before and plays an important role in improving the efficiency of business processes.
Data analytics is a valuable way for NBFCs to refine their marketing process and improve business management. It tells about the health of the organization and whether you are on the right path to achieve your business goals or not.
Whether it is increasing the customer base or servicing existing customers, data can be used by NBFCs in many ways. Today, companies are widely embracing data analytics to streamline operations and improve work processes.
Customers are vital for every business. Hence, NBFCs all over are focusing on developing innovative products to cater to customers of all kinds. Investing in data analytics can help NBFCs to lower their cost while overcoming the credit penetration issues in a growing economy. Here is how Data Analytics can help NBFCs –
1. Introduce customized services and products
To reach the target audience, NBFCs need to work constantly on a host of strategies to bring out a wide range of customized and innovative products. With the help of Data Analytics, NBFCs would allow customers to transact the way they want, rather than following a standard set of protocols.
2. Expand customer base
Implementing big data analytics will help financial institutions to reach customers who are difficult to reach through traditional methods. Incorporating big data tools will help NBFCs to focus more on rural business and handle various loan processes instantly without any hassle. Moreover, it is a cost-effective way to bring new customers – as data analytics can bridge the gap between customers and financial institutions.
3. Reduce operational cost
Data Analytics make operations much easier for NBFCs. It allows proper utilization of digital and traditional assets without the need for additional resources. The biggest challenge faced by NBFCs in this regard is the higher cost. With the introduction of SaaS and Cloud-based models, the Analytics solutions are available on-demand at a much lesser price.
4. Improved customer service
The best way to serve the customer is through email updates and text messages. Digitization will help NBFCs to engage their customers and build a personal relationship. A satisfied customer is likely to offer references and word of mouth advertising – which is the best way to bring in more business. Big Data Analytics give NBFCs to an opportunity to understand their target audience and expand further to reach their goals.
Typically, NBFCs have a small IT team and have to deal with tons of data. NBFCs may face challenges when there is a change in the data infrastructure or data migration. The array of data visualization tools can aid in setting up a cost-effective analytics platform that will prove decisive in the growth of NBFC organizations.
With multiple use cases, ML and AI would be a huge leap in data analytics. Starting from customer feedback to credit risk modelling, AI-based Data Analytics model can prove convenient for loan disbursements, PAR Reports, Loan Collections and more.
If you are looking for an extremely agile and tailor-made analytics solution, get in touch with us.