In this case study we will go through the process of designing NBFC spend management.
Non-Banking Financial Companies (NBFCs), primarily focus on lending. Each NBFC specialises in different types of loans; for instance, Vastu Housing Finance Corporation provides home loans, while Bajaj Finserv offers a wide array of loans such as car loans, home loans, and personal loans, among others.
At CashBook, we have developed a Spend Management Tool tailored to assist mid-size NBFCs in effectively managing their expenditures in the first version. Our objective is to provide a comprehensive product that meticulously tracks every financial transaction, ranging from operational expenses to vendor commissions and reimbursement of their employees.
Now, how does this differ from our current product, the CashBook App? The current product serves as a straightforward cash flow tracking tool specifically designed for small and medium-sized businesses.
In contrast, NBFCs are typically sizeable enterprises with branch networks spanning across India. Consequently, the current CashBook app lacks the capacity to adequately address the intricate requirements of these large NBFCs.