Digitization in Lending Market: Growing Preference For Online Financial Transactions To Boost The Growth
Lending has stepped into a new era of digitization, shifting from e-paper & traditional paper work to redesigning of end-to-end experiences of the consumer. The value proposition of digitization in lending market is moving beyond its historical borders. Four major trends likely to drive the digitization in lending market growth:
• Offering additional value-added services to customers: Digitization in lending has helped lenders in positioning themselves as trusted advisors through the offering of a suite of guidance to customers as per their requirements & preferences. Today, financial institutions such as banks are providing a particular type of services tailored to the loan purpose.
• Providing personalized advice at cost-effective scale: Reportedly, today’s consumers seek relevant advice to take smart financial decisions, thereby enhancing their fiscal growth. Digital tools such as AI assist the lenders in offering personalized advice to customers in a cost-effective way.
• Improves end-to-end workflows & deliver seamless experience: Digitization in the lending market has helped lenders to deliver proficient & frictionless lending experience to their customers through improved internal workflow processes.
• Providing a “human touch” digitally: Digital channels such as social media and internet have added new features that support both self-service & collaborative models. This is likely to help customers accrue the same benefits of human interaction as traditional tools. For instance, interactive co-browsing tools offer guidance and support as well as personal assistance to the customers same as the support they get through face-to-face interaction through traditional tools.
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Digitization in lending has enhanced data security and improves time efficiency as well. However, the lack of awareness in developing & third world countries is likely to hinder the expansion of digitization in the lending market.
Nevertheless, the digitization in the lending industry has helped lenders such as banks to target, acquire, and retain customers, while not just processing customer applications. Digital lending has helped in bringing a drastic transformation in the process of lending & borrowing. It has facilitated borrowing within a shorter span without any need for paperwork.