Due to the large volume of transactions that have to be processed the Financial Services Industry is rapidly moving towards a robotic process for credit approvals and disbursals, Humans get involved only when exceptions have to be resolved otherwise it is pretty much automatic and un-attended. One such robotic process is the STP or Straight Through Processing where data is fed in at the beginning of the processing cycle and a decision or action is action is obtained at the end of it.
The lending industry can do a lot with such kind of automation, one area is in the process of disbursing credit once a sanction is obtained from the credit department. AB COLE the cloud based Collections and Lending application of the AnyBank suite facilitates automatic crediting of the customers accounts using NACH or UPI once an application is sanctioned.
However customers of Banks and NBFC's come from various economic backgrounds and some might still prefer to use traditional banking services. AB COLE provides several other traditional disbursal options like
- Credit Instructions to Bank etc
Whatever the mode of disbursal the cloud based AB COLE lending platform has the mechanism to ensure that your customers get the credit that they deserve!