1️⃣ Featured Insight - Banking Technology Insights - Self-Serve Customer Portal for Banks & NBFCs
Does a bank or an NBFC need to give a Self-Serve login portal for its customers? It is strongly recommended to do the same, even if the customer set is sourced under a B2B2C or partnership model. Here are 5 advantages of providing a Self-Serve login portal to customers:
✅ Automatically handle routine customer queries - many customer queries like need for SOA, access loan documents, request loan closure letter, information on amount payable etc can be provided in the self-serve portal. This will reduce amount of time your team spends on routine customer support
✅ Keep KYC updated - as per RBI guidelines, regulated entities need to keep KYC details like address updated periodically. The self-serve portal can serve as a way to periodically update information. Customer can be asked if their details have changed, and if so, their KYC update can be done on the portal. There can be a duration after which re-KYC is mandated by the system.
✅ Grievance management - the portal can also serve as a way for customer to raise a grievance request. This can link to your backend CRM or LMS for resolution of the grievance in an auditable manner. Details of customer support or RM can also be provided inside the customer portal.
✅ Payment options - you can also provide option to customers to make payment directly in the portal.
✅ Legacy customers management - there may be legacy loans that may have been sourced by a business correspondent, or it may correspond to a portfolio that you bought over. The portal can help customers of these loans also remain in touch with you.
2️⃣ Industry News Roundup
🗓️ Indian Bank and IIT-M to hold cybersecurity, fintech hackathon in April. The upcoming hackathon will center on critical issues in the FinTech sector and advanced fraud detection mechanisms within the cybersecurity domain. [Reference]
🗓️ RBI allows small finance banks to offer credit lines via UPI. Until now, UPI transactions were limited to savings accounts, overdrafts, prepaid wallets, and credit cards. With this update, individuals can also link pre-approved credit lines as a payment source. [Reference, RBI Reference] 🗓️ RBI to launch 'bank.in' and 'fin.in' domains for Banks & NBFCs respectively. This will help consumers identify which bank / NBFC website is legitimate and which is fake. [Reference]
3️⃣ Fintech Article of the Week
📊 Use of Generative AI in Credit Assessment - An Insightful Article by CRISIL. Generative artificial intelligence (GenAI) is disrupting business-as-usual worldwide. Read this article to see how it may affect the credit assessment processes followed by lenders. [Reference]
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