FidyPay, a popular FinTech service provider, has extended its services to Non-Banking Financial Companies (NBFCs) and is helping them with payment collections, collaborations with financial institutes and other such FinTech services.
As the FinTech area is evolving at a rapid pace, it has been easier for the NBFCs to grow their business and service adoption. The idea implemented by FidyPay is to provide these companies with FinTech solutions that can reduce their dependence on manual tasks.
As a result, this boosts their service turnaround time, provides efficient validation of customer presentations and much more. FidyPay is extending its service to promote real-time approvals for these companies to onboard their customers faster.
If you are new to the NBFC sector and are willing to leverage the benefit of FidyPay, you must know about what we offer and how we help companies like yours to thrive in this competitive market.
How are FinTech Solutions Helping NBFCs?
The FinTech solutions are booming with the use of technologies such as AI, ML and advanced analytics. Thus, it enables the NBFC lenders to take up a personalised approach for validating their customer applications specific guidelines, make quality credit decisions and empower the available data sources.
FidyPay has strongly worked out on its FinTech products and has been using astounding technologies to solve all forms of limitations that NBFCs are facing in fulfilling their service delivery goals. With our support and service offerings, the NBFCs are now changing their mode of operations and are growing beyond their traditional legacy infrastructure.
Earlier, there was a very tight-knit process that needed approvals within the value chains to sanction a service request. But with our FinTech products, NBFCs have now stepped into the path of innovation. The key players of the NBFC in India sector have now understood the changing expectations of customers and the pace of it.
Therefore, they have made a decision to seek collaboration with the new-age FinTech products. And this is where FidyPay extends the collaboration assistance to them. Some of the benefits that the NBFCs can experience upon seeking it include:
- When NBFCs utilise the FinTech platforms or products by FidyPay, they have the liberty to offer an alternate mode of credit scoring and managing the investment or claims.
- We collaborate with the NBFCs to build a network to progressively develop or test the new-age tech solutions.
- Every NBFC in India gets assistance with referral arrangements, especially in the lending space. For instance, the NBFCs can refer a business to a lending FinTech firm, which falls outside the risk appetite of any usual bank.
- The NBFCs will acquire more customers without investing much of their time or resources. And this will be made possible with the use of leading technology solutions by FidyPay.
Right at the booming stage of FinTech, NBFCs found it difficult to find some strategy partners to collaborate with for using the advanced products and technologies. But, over time, FidyPay changed the pace of service availability, and now NBFCs in India have easy accessibility to FinTech services.
What Services Does FidyPay Offers to the NBFCs?
FidyPay helps the NBFCs integrate with advanced FinTech solutions, which include:
We can provide the NBFCs with integration of eKYC API, which will speed up the customer onboarding and authentication process. Thus, it will bring down the customer acquisition. A lot of NBFCs are partnered with us, and we are expanding our workforce to help all the budding companies in the future.
The use of eKYC API helps the NBFCs lower the costs and speed up the processing times, which is 10x better than the traditional banking methods. The possibility of human error will be eliminated, and the process accuracy will increase.
We also provide our NBFC clients with eNACH APIs, which helps them ease the process of collecting recurring payments from customers. The objective of this API is to help the NBFCs reduce the follow-up time that they spend against recurring transactions.
With eNACH, businesses will be able to take a one-time authorisation for debiting the instalment amount directly from the customer’s bank account. There will be no need for the NBFCs to remind their customers about the due date, and the cash flow will also be stabilised by using our eNACH solutions.
- UPI AutoPay
As UPI is a trending mode for making digital payments, we offer UPI AutoPay API for the NBFC platforms. With this, one can easily authenticate a UPI mandate and seek auto recollection of the monthly instalments from customers for whom the money has been lent. Auto-reminders can be set for the borrowers or customers to keep their linked account funded to prevent missing out on paying the dues.
This API supports all the top UPI apps, allowing companies to offer this repayment flexibility to a wide audience. With this repayment setup over the NBFC platform, the customer onboarding process will take less than a minute. Moreover, FidyPay’s UPI AutoPay API will also give you real-time insights into the payment status of different customers.
This is a clear understanding of how FidyPay is offering FinTech collaboration to the NBFCs. With the right set of technology solutions and the traditional business mindset, NBFCs now have the upper hand in providing their clients or customers with easy funding solutions.
These non-banking financial companies are extending their funding solutions to both rural as well as urban parts of the nation. As FidyPay’s mission is to expand the digital payments landscape to every corner of the nation, this approach of NBFCs is what has led us to embrace such collaborations even more in the future.
As of today, the digital payments landscape is booming, and NBFCs are playing a major role in it. Therefore, to help them scale, FidyPay is readily helping them with payment recollection, customer onboarding and data analytics. Operating the lending business in 2023 has been made easier with FinTech products by FidyPay.
If you are a NBFC business owner and want to implement FinTech collaboration, get in touch with us today, and we shall give you a demonstration of our service offerings.