The process of lending using digital lending platforms or other mobile applications that use technology for authentication and credit evaluation is referred to as digital lending.
In recent years, both lenders and borrowers have found that digital lending has made their lives simpler. The digital lending platform and Video KYC software makes life simpler for both borrowers and lenders, particularly during the Covid19 epidemic, when social distance is the norm and doing business as normal is tough.
Customers have this option to choose the loan product of their choosing at their leisure, while lenders were able to contact new borrowers and expand their client base.
It alters the usual lending environment by substituting algorithms for human evaluation. It gives lenders a relatively risk-free platform to assess creditworthiness, and it gives borrowers a straightforward and quick way to acquire money for their urgent needs. It broadens the possibilities for both lenders and borrowers by removing physical interaction and manual documentation.
Significant advantages
Geographical obstacles and the necessity for actual movement are eliminated when using a digital loan application. A borrower can apply for a loan whenever and wherever he wants. The borrower only needs to provide his name and the amount of money he needs. He just uploads his identity documents, and the software uses Optical Character Recognition technology to intelligently fill out the application.
The corporate world is fast-paced, and the digital revolution has guaranteed that everything, including loans, is done quickly. Lenders may use the digital lending platform to automate the judgement process and streamline the process.
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The Digital Lending Platform’s availability on smartphones ensures that it reaches the widest audience possible. The younger generation like to do all of their business on their mobile devices. Such use across devices is possible with a solid onboarding solution.
A digital lending platform is more user-friendly for first-time borrowers. They are usually young people who are tech-savvy and do all of their business on their phones. By providing user-friendly features that need little human input, the digital platform simplifies the whole loan process.
Top 5 digital lending platforms saving time and money
According to the Global Digital Lending Platforms Market Report, this market stood at USD 7.14 Billion in 2020. To know the reasons behind the CAGR of 18.13% to reach USD 27.07 Billion by 2028.
Fiserv
Fiserv is known for its financial services technology and service innovation, which includes award-winning phone and internet banking, transactions, risk assessment, data analytics, and core account processing solutions. Fiserv is assisting its clients in pushing the frontiers of what is possible in the financial services industry by providing deep knowledge and creative solutions and managing money more quickly and easily than ever before.
Newgen
Newgen is the industry’s leading provider of a holistic digital transformation platform that includes indigenous automation process, content providers, and proper communication features. Newgen’s industry-recognized minimal code application platform is used by successful businesses all over the world to create and deploy complex, content-driven, and customer-engaging business apps in the cloud. Newgen unlocks easily with dexterity and speed.
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FIS
FIS keeps ahead of the curve in terms of how the world is growing to power businesses, including merchants, banks, and capital markets, in order to keep up with today’s fast-changing competitive landscape and assist their clients manage, grow, and accomplish more for their companies. They are dedicated to working hard, thinking smartly, and collaborating to build a better, brighter future.
Mambu
Mambu was founded with the goal of bringing banking and financial technology into the internet age and making it accessible to everyone. Mambu started with microfinance institutions and fintech companies, dreaming large yet prudently. Mambu was founded with the goal of enabling its clients to provide outstanding modern financial experiences to anybody, wherever in the globe.
Tavant
Tavant‘s Artificial Intelligence and Machine Learning algorithms-powered solutions aid in improving operational efficiency, productivity, speed, and accuracy in the linked world, allowing businesses to flourish in a fast changing business environment. They think that when like-minded individuals work together to achieve greatness, we can produce cutting-edge products and solutions that have a significant influence on their clients’ core business.
Way ahead
Digital Lending Platforms have irrevocably altered the lending environment. Lenders may use the newest fintech technology to establish a paperless loan origination process. An ideal lending platform must have a simple application, rapid approvals, compliant lending procedures, and the capacity to continuously enhance process efficiency. The digital lending program provides greater underwriting knowledge than human judgement thanks to a combination of artificial intelligence and machine learning.
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