Fast-tracking the Rise – An NBFC perspective

The financial institutions especially NBFCs in the recent past witnessed a spike towards digital. Customer onboarding especially lending customer onboarding digitally has moved faster than expected. In addition to this, migration to the cloud has enabled financial institutions with the required agility. This year’s pandemic has only reinforced its importance with NBFCs embracing integration applications to manage data. Cloud migration has helped organizations to address the issues of aging infrastructure. Major technology companies setting up their data centers in India have increased the comfort regarding the data privacy concerns. Speed and reach is the ‘mantra’ for rural India. More than the electronic form of transactions, what works best in rural India is the ‘trust’ factor. Because of the connectivity issue, for rural, on-premise networks are also being set up. The eminent panel included Dr. Suresh A Shan, Mahindra Finance, Rukesh Patel, Edelweiss Financial Services, Mitesh Agarwal, Google Cloud, Prateek Gupta, Aditya Birla Finance, Satish Venkatraman, Sundram Finance and moderated by Babu Nair, Banking Frontiers