With technology continuously revolutionizing every industry and field in the world, how can finance be left behind? The financial world has grown and become more and more accessible, simple and convenient for more and more people, especially one of the most popular loan options, i.e. personal loans.
And one key element in all of this has been the way field force management happens is changing. Technology has made it possible to manage fleets in real-time, optimize logistics and deliver a superior user experience. And going forward, better tech-enabled companies like Moneyview will be able to deliver better experiences. In the field force management system, the overall management is going to get smarter with better application of data science/analytics and artificial intelligence. And secondly, getting deeper integration with existing systems and real-time communication will always make it even stronger.
How personal loans are becoming more accessible through technology
More and more fintech lenders, including Cashe, are utilizing field force management, which is pivotal to deliver the right experience at a lower cost, and hence have a competitive edge. In line with a famous saying by Marc Andreessen that “Software is eating the world”, the software has indeed slowly begun to eat field force management as well. In today’s world of technology, with mobiles becoming smarter and cheaper and the internet becoming ubiquitous, things have become real-time, and field force management software is clearly the way forward.
Taking Cashe personal loan with the help of mobile, internet, and cloud has not only brought in a huge evolution in terms of software but even improved the ease of access to every prospective borrower. Things have moved from the planning of routes, planning of people and planning of work to track, real-time course correction, process, integration, delivery etc., all on the mobile instead of manually at the back-end.
Now let us deep dive and understand it further.
Instead of just being a basic data entry tool, this technology of field force management tool has become a manager for the lender’s operations, including everything involved in taking Moneyview personal loan too. The software can do away with a lot of manual work and processing, which in itself is time taking, hence resulting in the overall time reduction is
The key factors influencing these changes are:
- Mobility– Whenever you plan to take a personal loan from Cashe, remember that field force technology basically involves two things, one is directing the concerned borrower and lender’s employee and then ensuring timely completion of designated tasks such as document collection and verification of Cashe personal loan.
With mobiles becoming smarter and cheaper and the internet becoming ubiquitous, it’s possible to be aware of real-time movements and the current status of your Moneyview personal loan. And whatever smaller tasks were required towards the process can be automated, thereby reducing the scope of both error and fraud in your personal loan. The wide reach of mobile and the internet can indeed be a stimulant in integrating and enhancing communication amongst the on-field workforce and empowering them to become more responsive to real-time changes.
For example, for the task of document pickup during the Moneyview loan process, the mobile app can itself direct the agent regarding the location of the customer, preferred time of the meeting, have the documents uploaded, and when the customer is filing the documents or other forms, the back-end can simultaneously verify these documents and quickly respond regarding the authenticity and sufficiency of documents.
- Cloud delivery- Cloud makes it easier to build a strong app to back-end communication, expose back-end business systems to the app, and not worry about issues such as scale, latency etc.
- Better Integration-Integration is critical to the field force management system’s success. Good field force management systems provide abilities to integrate with Enterprise resource planning (ERP), business integration (BI) tools and customer relation management (CRM) so that more and more process automation can happen within the field force management software.
- Real-time data flow- The capturing and processing of data in real-time opens up many new ways to optimize field force management systems. For example, it makes it possible to make route changes in real-time, help in optimization the otherwise manual processes via AI tools such as image recognition. With mobiles capturing the data in real-time, the capability of processing data in real-time builds up and assists in making decisions to manage the field force.
Future trends expected to influence Field Force Management in 2020-
Artificial Intelligence and Data
AI (Artificial Intelligence) and data are already becoming more and more ingrained into systems and industries. The majority of manual work that can be automated will get automated through the diversified implementation of AI. But certain tasks such as a collection of documents from a customer would still require manual efforts, and tasks such as Moneyview personal loan’s verification and authentication can be automated using the right AI tools and equipment.
Companies such as Cashe that are going deeper in terms of integrating field force management systems with their existing systems would reap maximum benefits. Integration would help in interconnecting various organizational workflows and provide a higher degree of convenience into day to day operations and business plans as well.
*Customer experience will be a key focus area
With cutthroat competition in the majority of industries, the companies which place customer experience as their key focus area would ultimately edge out others. And to provide a personalized touch to customers’ experience, efficient utilization of data becomes the focal point for judging their behaviour patterns and preferences and accordingly customizing their products and services.
Last but not least, remember that technology has both its pros and cons. When taking a big step such as a personal loan, do not fail to pay attention to the process and beware of each step, from application submission, documentation, approval, and even loan EMI repayments. Cyber frauds can grab hold of you and harm your financial health in ways you can’t even imagine. So, no doubt the technology is making lending space more convenient; it’s the borrower’s responsibility as well to take care of the confidential, personal and financial information. Do not just disclose your information to any call, email or message that claims to be a lender. Verify everything before taking any small or big step to avoid regret later.