Financial sector is the most lucrative area to get unbelievable profit in the least effort and shortest time. In countries like India, most of the giant business organizations get involved in the financial business to boost up their profit in the quickest way. However, it’s very surprising that when both the Demand and Supply is high, hardly few companies can collect the real cherry on the cake. Why? Because, it requires a tight control on the business activities, short turnaround time, high performance, low overhead and a constant source of potential customers. Without help of any powerful online NBFC software, it’s next to impossible in today’s competitive market. Let’s get some insight in this regard.
What are the problem areas?
In the hurry to become millionaire overnight, most of the NBFCs compromise in some major areas that affect their business and reputation in the long run. Here are some facts regarding the hurdles of growth:
- Lack of infrastructure
- Lack of skilled employees
- Less insight driven marketing strategy
- Complicated and frustratingly long business protocols
- Absence of powerful online NBFC software
- Less transparency in reports
- Less visibility to future prospects
- Poor communication between bank and customer
- High overhead cost; low performance
We don’t say that all the companies are running in loss or they don’t have a powerful plan to increase their profit. But, it’s the high Demand of the market and absence of better alternatives that are still working in their favor. So, what we want to say is, if you can eliminate all these aforesaid issues, it would be much easier to get a solid foundation for the company. You don’t have to hard sell your products anymore. Isn’t it great!
Is it possible to implement in small companies like ours?
Of course, it’s not a cup of tea; neither it’s impossible. You just need a convenient way to get complete control over your business. And a complete report of your business is an indispensable weapon for you in this process. However, if you wait for your employees to create reports of different departments, you might waste another year and then it will be an ‘outdated report’. So, it’s always an intelligent decision to go for an automated NBFC software that will keep you up to date all the time from everywhere. Just log in and check what you want to know.
My staffs & customers aren’t well savvy. Won’t the software complicate the process even more?
Well, most of us, who have ever used any business software thinks so. Indeed they have used a generic offline software. But, technology have changed unbelievably and so do the intelligence of the software. There are online software it becomes really tough to guess ‘how did the software know, what I’m looking for!’ It’s nothing but a perfect mix of their passion, research, knowledge, skill and above all creativity. No matter how computer savvy your staffs or customers are, if they know how to open the website, they will be able to do everything easily.
Well, the software will manage the records. What more can we expect?
Unlike earlier days, online software are developed for more narrowed purpose with wider opportunities. Today, reputed IT companies have understood that ‘one size fits all’ isn’t a good idea to excel. They designs software with more powerful and intelligent features that will give you not just some records, but some insight driven statistics. You can develop robust strategy depending upon these statistics – both to maximize your resource utilization as well as to grab the potential customers.
As a bonus, you can get a quicker control over the huge overhead cost that without being insane. As we have found during research, that even the employees love to work with such NBFC software. Why? Here are some of the major reasons:
- Reduces the workload by simplifying the work procedure
- Reduces manual error through brilliant validations
- Reduces necessity of rigorous concentration by automating work flow
- Making it easy to find out data by paperless transaction
- Easier to stay update about dues, overdues, customer data, contacts etc.
- Better communication to customers and staffs through integrated email system
- No mistake in updating customers because of automated email alerts
It must need high end machineries and infrastructure. I don’t think that we can afford.
Opposite indeed. One of the top benefits of online software is that you don’t need to invest huge in hardware environment for your online NBFC software. Everything will be hosted in a remotely located server (might be on the server of the software vendor) and will be connected to the internet. You can access all the information from any device like desktop, laptop, Smartphone or tablet if it is connected to the internet.
Everyday we listen about cyber scams. Isn’t it risky to go online?
That’s true that cyber scams are increasing everyday and so do the online security. Confused! Cyber criminals always target the less secure software or accounts as the number of such easy-going software isn’t too low. But, reputed companies hire special programmers to protect their software through multi layer protection shield. As NBFC software are used in banks, it’s always suggested to purchase your software from established software vendors like Xentric Technologies. For more satisfaction, ask the vendor to explain what kind of security system they use in their software. Otherwise, data in online software can be securer than your physical office.
And what about off-the-shelf and custom NBFC software?
Custom software generally requires a bit high budget and that’s why people mostly go for ready to use software. But, in the long run custom software always returns better. Why? Because it’s dedicatedly designed for you company with your own requirements. Here you’ll pay for what you need or use; not for the visually good but useless features. However, it’s best to consult with a reputed software vendor for more information.