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NBFCs & Tech: The Tail That Wags the Dog!

October 08, 2024

  • Advanced AI
  • ARR
  • Digital Platform
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Hari Padmanabhan, Chairman, Uncia
Hari Padmanabhan, Chairman, Uncia

By Hari Padmanabhan, Chairman, Uncia

Uncia is an award-winning, leading provider of innovative, enterprise-class SaaS solutions for the lending industry, specialising in Loan Origination, Loan Management, and Supply Chain Finance platforms designed to enhance operational efficiency and customer experience.

“It all depends on you,” he shot back when I asked, “How do you see your growth over the next few years?” I was taken aback. Sensing my surprise, he continued, “New segments of the population and businesses are becoming ‘lendable’ as India’s Financial Digital Public Infrastructure grows and widens its reach. If I can get to that ‘incoming/growing’ segment first, I get a lead; otherwise, someone else will eat my breakfast. So, it depends on the speed with which you can deliver your tech for us to launch a product tailored for that segment.” Rapid micro- verticalisation, I thought to myself.

I was speaking with the Managing Director of a leading South-based NBFC. Over the next two weeks, in meetings with three other NBFC CEOs, I heard the same sentiment. My mind was made up. Uncia’s product strategy was bang on target, but we had to accelerate. That was two years ago. And accelerate, we did. Our headcount has more than tripled in the last three years to reach 200, and our senior management team has expanded to 12-14 members. Our Annual Recurring Revenue (ARR) has grown threefold in as many years. This journey has been rewarding, culminating in the coveted IBSi market leader award for our all-new architecture LMS just a few months ago.

What Lies Ahead

As India moves confidently towards a $5 trillion economy by 2027/28, we need to recognise that we will be adding more than $300 billion (INR 25 lakh crore) each year to our GDP. With the Indian retail lending market estimated at INR 75 lakh crore and growing at 15% or more, approximately INR 10 lakh crore is being added each year.

NBFCs are rapidly gearing up to meet this growth. In a ‘fastest finger first’ society, this means delivering a customer experience in the hands of the end customer (mobile). An experience that gets her on board faster, easier, and happier, and keeps it that way until the last instalment is paid, ensuring she doesn’t go elsewhere the next time around.

To achieve this, NBFCs are leveraging advanced technologies such as artificial intelligence, machine learning, and big data analytics to streamline their processes and enhance customer engagement. Mobile apps are being designed to offer seamless onboarding, instant loan approvals, and personalised financial products tailored to individual needs. Additionally, robust digital platforms are being developed to provide real-time updates, easy payment options, and efficient customer support. This holistic approach not only improves customer satisfaction but also builds long-term loyalty, positioning NBFCs as preferred financial partners in an increasingly competitive market.

At Uncia, our user experience design begins with that goal in mind: to enable our customers to deliver a superior, happier experience to their customers that can’t be found elsewhere.

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