Non-Banking Financial Companies (NBFCs) are a key component of India’s financial ecosystem, helping make credit and other financial services accessible to the small-scale and unorganized sectors, and to the large unbanked population. However, with low technology intensity and largely manual processes, these firms have struggled to meet consumer expectations around digital experience and speed of service on the one hand, and with regulatory compliance and lack of easy access to capital on the other hand.
This has held back the sector’s growth relative to the market’s potential. Recognizing that the industry’s fragmented structure and common attributes lent itself to a cloud-based SaaS platform, TCS built a first-of-its-kind, cloudbased lending and securitization solution, bringing together the power of two of its highly successful products – TCS BaNCS™ and TCS iON™, and the DigiGOV™ governance framework, to completely digitize and reimagine the core processes for the sector.
The new platform is a collaborative, connected system that transforms the end-to-end lending and securitization value chain, offering secure and timely flow of data among stakeholders within the ecosystem. It leverages AI and ML to enhance end-customer and internal-stakeholder experience, and improve speed and accuracy in decision-making.
NBFCs subscribing to the platform benefit from enhanced customer experience, improved liquidity, more resilient and agile operations, and improved regulatory compliance across lending and securitization. Impressed with the rich functionality, flexibility and scalability of the solution, some of India’s largest private sector banks are also adopting it for their personal lending business.
Aadhar Housing Finance Limited, a housing finance company with a pan-India presence implemented TCS’ lending and securitization solution in FY 2022 and has been able to transform its operations, end to end. At the back end, TCS’ solution has helped strengthen controls, ease regulatory compliance, enhance data security and drive operational efficiency. On the front end, it has enabled easier and more efficient customer experience. The solution’s robust lead management processes, with lead tracking and reporting have helped drive Aadhar’s growth and expand its market presence.
Deo Shankar Tripathi, MD and CEO, Aadhar Housing Finance Limited “Our partnership with TCS is helping us to realize our strategy of investing in technology enabled solutions to improve customer experience. We hope to reap the full benefit of this transformation to expand our market reach.”
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