Encore Theme Technologies: Enhancing Business Productivity With Verticalized Solutions
With growing regulatory compliances and increasing pressure for operational cost reductions in the vulnerable market conditions characterized by fluctuating interest rates, banks and NBFCs are compelled to deploy technology tools that help them reduce the costs, meet the compliance requirements and mitigate the risks, driving forward the financial technology services market across the globe. According to a report by the Business Research Company, the global fintech market is expected to become USD 309.98 billion by 2022, growing at a CAGR of 24.8 percent. AI-based customer intelligence gathering for better customer engagement and RPA-powered based pattern recognition for error-free underwriting are some of the factors enticing financial services firms to invest in the technology solutions.And yet, in spite of the technological advancements, the process of credit scoring for better income and portfolio assessment to evaluate the credit worthiness of a borrower has always been a daunting task for businesses owing to lack of verticalized lending solutions that cater to the needs of various customer segments. Moreover, financial firms face numerous challenges in extending financial assistance to enterprises with unpredictable working capital needs. In the current competitive environment, technology-enabled supply chain finance has become imperative for financial firms to optimize the cash flow and finance the working capital requirements of the enterprises. This is where Encore Theme Technologies, a Chennai based company has positioned itself in the industry by delivering verticalized solutions to banks and NBFCs for better financial and lending management along with supply chain finance solutions that facilitate the supply chain finance management process.
SaaS-based Solutions for Cost Reductions
Encore Theme Technologies offers a comprehensive suite of SaaSbased solutions that includes ThemeProHomeFin, a solution for Housing Finance Companies that automates home loan lifecycle; ThemeProCoreFin, a corporate lending solution for NBFCs and ThemeProSCF, a supply chain finance solution to meet the supply chain management requirements. “Today, financial services companies are under extreme pressure to reduce the costs, at the same time they need to be following the industry regulations. By leveraging years of domain expertise, we help them address the regulatory compliances issues effectively within the laws of the land. Our technology solutions that need no additional infrastructure installations enable them to reduce the costs,” informs R. K. Kanthimathinathan, Founder and CEO, Encore Theme Technologies. “Given the proliferation of digital technologies, every vendor offers solutions with wide range of features and functionalities. But the clients today are looking for a quality product within their budget constraints. So, we are determined to provide cost-effective SaaS-based solutions without compromising on the quality of the product,” he adds.
Automating Home Loan Lifecycle
Today, the home loan lending lifecycle is very time-consuming and largely manually driven with no customer-centric approach. The processing of mortgage applications often takes weeks, making the entire loan process even slower. This ultimately decreases productivity and thereby profits for lenders by increasing the operational costs and other expenses. Encore Theme’s Home Finance Solution facilitates the home loan lending process by completely automating the home loan lifecycle. ThemeProHomeFin by supporting a wide range of loan products such as home loan schemes, micro home loans, developer financing and deposits, acts as a one-stop home loan solution and helps home finance companies increase their business productivity. It provides efficient loan origination and loan management systems and helps financial firms in the accurate assessment of customer’s capability and intentions during the home loan financing process.
“Since there exist different kinds of customer segments with minimum commonality who are seeking for home loans, the process of loan lending is difficult for home finance companies. Our template-driven approach wherein we provide a number of templates specific to individual customer segments such as organised sector employees, unorganised sector employees including contract labour, auto rickshaw drivers etc. can help house finance companies easily cater to their diverse customer base in an easy and effective manner,” explains R. K. Kanthimathinathan about their Home Finance Solution. The solution supports Aadhaar-based biometric KYC to facilitate the credit evaluation process. It comes with inbuilt components required to manage the entire life-cycle of a home loan right from loan origination and loan management to credit monitoring, and enables home finance companies to kick start their operations within days with minimal infrastructure costs.
Empowering NBFCs to Mitigate Risks
Over the past few years, non-banking financial companies have emerged as a convenient source of borrowing for small scale enterprises due to the relatively low interest rates when compared to the banks and other lenders. Today NBFCs are seen as better alternatives to the conventional banks for the financial needs of various segments, particularly the unorganised sector enterprises. As the NBFCs mostly cater to the small-scale and retail enterprises, the risk of NPAs is quite high for them. So, NBFCs need to evolve technology-based strategies and redesign the regulatory framework for proper background checking and document verification before the lending of money.
Encore Theme’s Corporate Lending Solution for NBFCs-ThemeProCoreFin enables nonbanking financial companies to manage the complete loan lifecycle right from application initiation to disbursement and collection in an effective manner, using intelligent workflow technology. To facilitate the document management process for the NBFCs, the solution generates all statutory reports automatically. The system verifies the loan applicant’s credit risk by interfacing with external credit bureau as well as internal credit scoring. This ensures accuracy in the documentation process and minimizes risks for NBFCs with better credit scoring models. The system enables NBFCs to continuously monitor the loan assets and NPAs and sends early warning signals for timely and corrective measures against the NPAs.
“Like the home finance solution, ThemeProCoreFin also comes with different types of templates and helps NBFCs serve various SME segments. We provide templates based on SME profession such as vegetable shops, bakeries, provisional shops etc. We also customize the templates based on region. We take care of both credit scoring and also the post credit part. The robust document management module of the solution captures all the relevant documents and enables legal team to examine the documents for authorized legal opinion and submit the report online. The solution also helps the valuer evaluate the borrower’s property as per the market value,” explains R.K. Kanthimathinathan about their solution for NBFCs. “Our solutions are designed using latest technologies such as Artificial Intelligence, RPA etc. and intelligence is built into the systems to automate various processes such as document management and underwriting etc. We regularly update the data on monthly basis and it helps our clients stay updated about market conditions,” he adds. Infinity Fincorp Solutions, a nonbanking financial corporation based in Mumbai achieved loans worth 200 Crore booked within 5 months of starting the business with the help of ThemeProCoreFin.
Optimizing Supply Chain Finance Operations
Effective supply chain finance enables quick payment for suppliers and better customer engagement for banks and helps buyers decrease the cost of goods purchased. Encore Theme Technologies provides end-to-end supply chain finance solutions with deep dive financing to various industries including Pharma, Automobile, Food etc. ThemeChain SCF, a supply chain finance solution from the company automates the supply chain finance process, linking buyers, suppliers and the bank within one intuitive web-based system which collects, verifies and displays payables data for trade and settlement in real-time in a secured environment. The solution allows businesses to handle larger volumes of data, tackle competition and customer expectations efficiently and helps them meet dynamically changing business requirements in the supply chain management. “Our solution caters to the complete needs of the supply chain finance. Therefore, helps stakeholders better assess the risk factor by analysing the demand for the finished product,” informs R.K. Kanthimathinathan.
Being completely aware of security threats in the current digital landscape, the company provides solutions on the most secure Microsoft Azure platform, enabling higher level of data security to its clients. Being completely SaaS-based, the products allow the company to easily scale up, customize and update the solutions to suite the specific requirements of clients as per the current market trends. Envisioning better business opportunities outside India, the company is planning to expand its footprint in the APAC region, particularly in the countries of Vietnam, Cambodia, Indonesia and Philippines.
Over the past few years, non-banking financial companies have emerged as a convenient source of borrowing for small scale enterprises due to the relatively low interest rates when compared to the banks and other lenders. Today NBFCs are seen as better alternatives to the conventional banks for the financial needs of various segments, particularly the unorganised sector enterprises. As the NBFCs mostly cater to the small-scale and retail enterprises, the risk of NPAs is quite high for them. So, NBFCs need to evolve technology-based strategies and redesign the regulatory framework for proper background checking and document verification before the lending of money.
Encore Theme’s Corporate Lending Solution for NBFCs-ThemeProCoreFin enables nonbanking financial companies to manage the complete loan lifecycle right from application initiation to disbursement and collection in an effective manner, using intelligent workflow technology. To facilitate the document management process for the NBFCs, the solution generates all statutory reports automatically. The system verifies the loan applicant’s credit risk by interfacing with external credit bureau as well as internal credit scoring. This ensures accuracy in the documentation process and minimizes risks for NBFCs with better credit scoring models. The system enables NBFCs to continuously monitor the loan assets and NPAs and sends early warning signals for timely and corrective measures against the NPAs.
Encore theme technologies provides end-to-end supply chain finance solutions with deep dive financing to various industries including pharma, automobile, food etc
“Like the home finance solution, ThemeProCoreFin also comes with different types of templates and helps NBFCs serve various SME segments. We provide templates based on SME profession such as vegetable shops, bakeries, provisional shops etc. We also customize the templates based on region. We take care of both credit scoring and also the post credit part. The robust document management module of the solution captures all the relevant documents and enables legal team to examine the documents for authorized legal opinion and submit the report online. The solution also helps the valuer evaluate the borrower’s property as per the market value,” explains R.K. Kanthimathinathan about their solution for NBFCs. “Our solutions are designed using latest technologies such as Artificial Intelligence, RPA etc. and intelligence is built into the systems to automate various processes such as document management and underwriting etc. We regularly update the data on monthly basis and it helps our clients stay updated about market conditions,” he adds. Infinity Fincorp Solutions, a nonbanking financial corporation based in Mumbai achieved loans worth 200 Crore booked within 5 months of starting the business with the help of ThemeProCoreFin.
Optimizing Supply Chain Finance Operations
Effective supply chain finance enables quick payment for suppliers and better customer engagement for banks and helps buyers decrease the cost of goods purchased. Encore Theme Technologies provides end-to-end supply chain finance solutions with deep dive financing to various industries including Pharma, Automobile, Food etc. ThemeChain SCF, a supply chain finance solution from the company automates the supply chain finance process, linking buyers, suppliers and the bank within one intuitive web-based system which collects, verifies and displays payables data for trade and settlement in real-time in a secured environment. The solution allows businesses to handle larger volumes of data, tackle competition and customer expectations efficiently and helps them meet dynamically changing business requirements in the supply chain management. “Our solution caters to the complete needs of the supply chain finance. Therefore, helps stakeholders better assess the risk factor by analysing the demand for the finished product,” informs R.K. Kanthimathinathan.
Being completely aware of security threats in the current digital landscape, the company provides solutions on the most secure Microsoft Azure platform, enabling higher level of data security to its clients. Being completely SaaS-based, the products allow the company to easily scale up, customize and update the solutions to suite the specific requirements of clients as per the current market trends. Envisioning better business opportunities outside India, the company is planning to expand its footprint in the APAC region, particularly in the countries of Vietnam, Cambodia, Indonesia and Philippines.
