How Data Analytics can help NBFCs Grow?

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.

Use of Data Analytics in NBFC

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. By analyzing the data, 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.

Wrapping Up!

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 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.

5 Ways in which Organizations Benefit from DevSecOps

Organizations are under constant pressure to speed up the delivery and innovation of new capabilities. As organizations continue to shift towards cloud and other similar services, there is an increase in the number of cyberattacks.



Many companies have decided to adopt “DevSecOps” to help them increase cybersecurity, work efficiency and flexibility. It is not just about using specific tools but is investing in the practices and culture to deliver new features and stability.




With the increasing number of vulnerabilities and security breaches, it makes sense for developers to focus more on the security of code. Besides this, organizations need automation to manage a complete set of multi-vendor devices in a multi-cloud infrastructure. There is no better time for organizations than now to start developing additional security.





What is DevSecOps?



DevSecOps is the logical extension of DevOps to provide security to the application. It ensures the application or infrastructure is less vulnerable to cyberattacks. DevSecOps act as a defence system that draws an idea of protection and does all that is required to excel in defending against attacks.




The objective of DevSecOps is to secure the application by redesigning the dev lifecycle to different aspects like – automation, data breach, collaboration etc. It involves applying security at different stages of the application development lifecycle.




How Organizations can Benefit from DevSecOps?




In an environment where 70% of the software components of every application are reusable, it is essential to find a way to eliminate inherited vulnerabilities. It isn’t necessarily the only option for cybersecurity but is a methodology that helps improve security and prevent data loss.




Here are ways in which organizations can benefit from DevSecOps :


1.     Spot Vulnerabilities


DevSecOps teams can reduce the time to detect and resolve open source issues. Developers get access to real-time analytics to spot the vulnerability & compliance issues before they cause serious data loss or damages the application. Instead of waiting for security at the end of development, DevSecOps allows to include it seamlessly within the developer’s workflow.




2.     Complete Visibility


DevSecOps gives the system engineers a comprehensive view of the network infrastructure and the apps that run on it. One can easily identify incorrect configuration, expired certificate or change firewall settings etc to support the new application. Automation makes it easier to identify and diagnose the network infrastructure in minutes.




3.     Multi-vendor Support




DevSecOps gives you a platform to integrate the workflows that support multi-vendor and multi-cloud ecosystem of technologies. DevSecOps automation gives an application-centric view of the infrastructure, even when the network is supported by different vendors.



4.     Effective Resource Management




The dependencies during software development post a problem and shape the entire workflow. DevSecOps help developers avoid dependencies by providing details of risk at a very early stage. Eventually, the developers can search for better alternatives and design secured application from the start, rather than waiting until after a release.



5.     Self-Service




The need to update applications to add new features and functionalities gave rise to the development of Continuous Integration and Continuous Delivery. However, the update of these applications requires changes to the supporting infrastructure, which is where bottlenecks happen. DevSecOps provide low-code or no-code capabilities – allowing the application owners to manage network elements in a user-friendly way.



Wrapping Up!




As organizations are adopting mature DevOps into their app lifecycle, there is an increasing need for security. Especially when the application complexity is growing, vulnerabilities and cybersecurity has become a massive headache for developers.




DevSecOps meet these challenges by breeding security at multiple layers of application or software development lifecycle.




There are several other ways in which organizations can benefit from DevSecOps. If you are looking for help, we will be glad to help you!




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