Lend.In Recognized as the Top Vendor in 'Emerging Category' in the Commercial Loan Origination Report by Aite Group
In the post-covid world, people will rediscover money as a tool to access what has been lacking in the long lockdown periods; unforgettable human relationships, experiences, and services. In this new era, searching for meaning rather than material values will become imperative.
Despite the overwhelming digital transformation boom that has taken the world by storm, a large number of lending institutions still have rigid systems, which do not offer any scope for customization. Their internal systems are powered by endless lines of stocky codes. Creating any new policy would have to be written entirely in code and deployment could take up to two to three months. An agile system that can deploy any new changes in a short span of time, is crucial for today’s leading enterprises.
The domain of financial services has experienced a seismic shift with the introduction of sector specific open application programming interfaces (APIs). This marked the start of interconnected digital technologies with the potential to bring together data from multifarious sources in one place for its effective use. With APIs enabling the process of data collection and distribution, the concept of account aggregation was born.
The impact of COVID-19 on consumers and banking has been profound, primarily towards the accelerated use of digital technology. However, even with the resurgence of digital lending operations, the looming feeling of uncertainty has left all of us wondering – what can we expect next?