How fintechs are fueling NBFC lending revolution

The adoption of fintech solutions by NBFCs is revolutionising the lending process by providing seamless and secure experiences for both lenders and borrowers.

Talking to Bizz Buzz, Vikkas Goyal, Founder Rupee112, said, “Advanced digital platforms automate end-to-end loan processes, including customer onboarding, credit assessment, and disbursement, thus ensuring a smooth and efficient operation. Innovations such as EKYC, video KYC, and integration with external databases enable comprehensive verification and rapid processing of loan applications.”

This not only accelerates loan approval times but also enhances the security and reliability of lending operations, making financial services more accessible and trustworthy for consumers.

Fintech innovations are driving a revolution in the NBFC sector, enabling these financial institutions to offer faster, more secure, and user-friendly lending experiences. With the implementation of paperless credit analytics and AI-driven decision-making tools, fintech platforms are enhancing operational efficiency and reducing the risks associated with manual processes.

Amit Bansal, Founder Bharatloan said, “Features such as automated loan processing, real-time credit monitoring, and comprehensive data aggregation ensure that NBFCs can deliver loans more quickly and transparently.”

This transformation is not only making lending more accessible to a broader audience but also improving the overall customer experience by minimizing paperwork and enhancing the accuracy of credit assessments.

The future of lending lies in seamless and secure digital experiences. Fintech is revolutionising the NBFC sector by integrating cutting-edge technology with traditional financial services, making it possible for NBFCs to offer personalised, efficient, and transparent loan solutions to customers.

With advancements like AI-driven credit assessments and blockchain for secure transactions, lenders are able to provide faster approvals and disbursements, enhancing customer satisfaction and trust.

Kaushik Chatterjee, CEO, LendingPlate (Unifinz Capital India) said, “Our commitment to innovation ensures that we stay ahead of the curve, continually improving our services to meet the evolving needs of borrowers.”

By leveraging fintech, we are not only simplifying the loan process but also expanding financial inclusion, reaching underserved communities with the financial support they need. At LendingPlate, we're proud to be at the forefront of this transformation, offering our customers a truly seamless and secure lending experience, he said.