How has Technology Redefined MSME Lending?

Differentiated underwriting, customized offering, flexibility, and fewer criteria for MSME loan eligibility are but a few reasons that make NBFCs a better choice for small organizations. Findings revealed that NBFCs demonstrated the lowest turnaround time for MSME loans which fell from 24 days in 2014 to 18 in 2018. (Stats from Economic Times)

As the most dynamic and promising sector today, MSMEs need easy, quick access to credit. With over 60 million MSMEs in India and a lending potential of 100bn that banks are unable to meet, they are forced to turn to informal sources of credit to finance their needs. There’s a wide gap between the demand and supply of credit in the MSME sector and NBFCs are well on their way to bridging it.

Technology and its uses have seeped into every industry across the board, each to different extents. The NBFC sector is no exception. Whether it’s the digitalization of documentation for paper-free processes or harvesting intelligence to deliver an exceptional, seamless experiences. The time has come for the leaders of change to adopt and implement technology to improve efficiency, accuracy, and speed and deliver value to their customers.

Against all odds, public deposits in NBFCs increased from $293.78 Mn in FY09 to $4.95 Bn (INR 319.05 Bn) in FY18.(sourced from Inc42, link mentioned) And, it might just have been the new financial technologies being leveraged that are responsible for this growth. Many NBFCs are strategically targeting this underserved market and leveraging technology to meet their needs. Let’s find out how tech is changing the MSME lending landscape:

Risk assessment

In the past, NBFCs depended on collateral and physical documentation to assess the creditworthiness of a small business. The birth of the internet and the domination of technology today has facilitated access to a wide range of formal and informal sources of data. It draws a clearer picture of the small business’ financial standing and allows financial institutions to assess their eligibility and take a call on whether the application should be approved or denied. This gives small businesses, with little to no formal proof of profit, the chance to become credible borrowers.

Documentation has gone digital, and processes online. While the migration of data to the cloud helps improve accuracy and speed of response, it inadvertently opens the organization up to a number of cyber threats. NBFCs must take the security measures necessary to safeguard their customer data, while they optimize the use of tech to simplify risk assessments and other operations.

Loan application process

Gone are the days when MSMEs needed to fill out a multi-page loan application or be present at a fixed location. Financial services technology has simplified the process to the extent of a few clicks. Additionally, it has the capacity to identify potential shortcomings related to the repayment of the debt and takes a call on whether to approve or deny the loan, almost instantly. The repayment process has also been simplified through the usage of UPI payment gateways that lets you pay both the principal and interest online.

Earlier the options available to MSMEs were limited by location, collateral, time, interest, etc. Technology gives customers access to lenders that were once out of their geographical reach and vice versa. NBFCs can now reach rural markets and provide services to the financially weaker and unserved markets like never before.

Challenges Faced

Technology is no longer the way of the future, but the way forward today. NBFCs that fail to recognize this critical shift, run the risk of extinction. Transformation is not possible overnight, it takes years of planning, implementation and course correction. There are a number of challenges faced by NBFC on the journey towards a digital tomorrow, some of which include:

Capital Intensity- Digitalization is a capital-intensive investment that a number of NBFC are unable to afford or unwilling to create a budget for. Many of them fail to see the potential impact and fear that it might be a risk too big to take.
Time and Man-power- Transformation is a time and effort consuming process that some NBFCs are unable to accommodate.
Stability- The NBFC market is currently in a state of influx, where most players are at a loss about what to do next.
The changes mentioned above have simplified processes, boosted the flow of credit and enhanced the overall loan experience for the MSME sector. It has also allowed financial institutions to launch MSME schemes that are customized to meet their needs. As one such NBFC, Capri Global is dedicated to empowering them with the finances to sustain and grow their businesses.

The contribution of the MSME sector to the GDP of India and the lending they receive from NBFCs, are both undeniable. Technology has become the stepping stone into the future and NBFCs that want to not just survive but win down the line have no choice other than walking the tech tight rope.

3D Printing: A Crucial Component of Why Dentistry is on the Highway to Advancements

We all know about 3D printing in the medical industry. Whether it is creating medical tools that fit requirements, measuring implants, and constricting prosthetics, 3D printing is everywhere and is helping healthcare providers save lives every single day.

How many would have known that this very same 3D Printing is taking over the dentistry sector of healthcare? As oral health awareness and oral care grow, dentistry also takes its part. Dentists’ appointment, without a doubt, is the most dreaded days for 90% of the people, and the other 10% were most probably the same when they began meeting a dentist.

Though this is the case scenario, surveys say more people want to meet the dentists in recent years. Every American visits the dentists at least twice a year, though the experience is dreaded.

Now that we know how important dentists care for patients, we must also know how crucial dentists are to the economy and other economic activities. There is a multitude of businesses out there that is solely dependent on dentists, this is why companies construct Dentist Email List or other marketing channels that get them to connect with dentists more efficiently.

With dentists and dentistry being the root element for the majority of businesses, it still is growing at an incredibly fast pace, one great example of that is 3D Printing. Let us get in-depth to an important advancing component in dentistry.

3D Print Braces:

Aligners that were once very hard to make is now a piece of cake. Aligning teeth has become a necessity for every individual. Let us first get to know how it all started. A college student at the New Jersey Institute of Technology created his aligners! Exactly, it was just as shocking to everyone else. This student could not afford a traditional set of braces, so he ended up 3D printing his braces.

The student’s DIY Version of the aligners was a great start to 3D Printed braces in the industry. He built the set of braces by himself with models of his teeth and a Strategy 3D printer.

Dental Implants that are 3D Printed:

A 3D model can be created to replace a tooth. Missing teeth aren’t a hard task to fill up now. Traditional methods were long and exhaustive leading to loss and wastage of time. 3D prints have led dentists to make a 3D model which can be the best result and on-point for replacement.

In China, there is an autonomous 3D dental implant intervention that has a robot that can lead an implant surgery by itself, with the help of 3D prints.

3D Printed Crowns:

It is so far the most common use of 3D in dentistry. 3D printing allows the production of crown very quickly, and 60% faster than the traditional manufacturing time. This process is time-saving, and the professional can modify and reprint the crown if there are any mistakes.

All this process need is a scan, and the work here is complete. It also eases the time of dentists and the extra work for the patients who need to travel back and forth.

Wrapping it up:

The mind-blowing new technologies such as virtual or augmented reality, 3D-printing, or CRISPR will revolutionize dentistry and our whole attitude towards oral health in the future. Going to the dentist was one of the worst nightmares for every child, but the growing oral health awareness is getting to a point where it has become a necessity.

3D Printers taking part in dentistry is just one of the largest changes happening in it. There are many more transformations in the field of dentistry that are reconstructing the industry. It is not just dentists alone that enjoy the growth of this industry it also includes patients, business partners, and the economy.

Authentic Natural Joint Support Supplements For Healthy Joints

Wear and tear of joints and bones is a natural phenomenon. All people improve their bones and joints till the age of 30 years. Skeleton is the basis for our body and proper functioning of all the organs for healthy living. It is necessary to safeguard bones and joints and prevent atrophy due to wear and tear and growing age. To maintain healthy movement of joints and maintain strength of bones to withstand regular strain, pressure and weight, you need supply of essential vitamins, minerals and proteins. You need to practice exercises like push-ups, yoga, running and meditation regularly. Apart from this, you need to choose effective joint support supplements for healthy joints and bones.

Freeflex capsule is one of the best herbal remedy to ensure healthy joints and bones. Its key ingredients include Ashwagandha, Godanti Hadtal, Guggul, Chobchini, Rasna Extract and Suranjan. You need to consume these herbal joint support supplements for healthy joints two times daily after having food with plain water. You are advised regular intake of this herbal supplement for three to four months to completely recover from weakness and maintain healthy bones and joints.

Freeflex herbal pills are natural joint, bone and muscle support pills. Only proven and time-tested herbs are used in this pill to prevent bone atrophy and boost strength to ensure free movement of joints. It provides necessary nutrients and ensures blood flow to strengthen muscles and promote growth of bones. It safeguards you from osteoporosis. All the herbs in this herbal supplement work in unison to ensure bone strength, health and longevity. Calcium is vital for maintaining bone strength. Also, vitamin D is necessary to digest or absorb calcium. Both Vitamin D and Calcium are provided by this herbal supplement to prevent depletion of bones and improve health. It improves growth of bones in young people and reduces atrophy of bones in older people.

Chobchini has got excellent anti-inflammatory properties to relieve you from swelling and facilitate smooth movement of joints in your body. Asthisanghar herb promotes bone tissues growth and ensures bone flexibility. It strengthens your body frame to withstand pressure of blood, flesh, physical strains and movements. Suranjan is another best herb to improve health of bones. It also removes uric acid and allows free movement of joints. It relieves from joint pain. It also safeguards you from osteoarthritis and rheumatism. Ashwagandha nourishes muscles, ligaments and bones through providing essential nutrients. It improves your mental and physical abilities. It also purifies your blood for enhanced liver functioning. To ensure health of musculoskeletal system for the complete life, you can use the best herbal joint support supplements for healthy joints – Freeflex capsules.

This herbal supplement is available in the denomination of 120, 60, 240 and 180 capsules. Order for these herbal supplements can be placed from the comfort of home or office using credit or debit cards. You can also enjoy free shipping apart from savings up to US dollar 20.

You can ensure correct posture and mobility with regular use of this herbal supplement. You are advised to consume healthy diet.