Lend.In Recognized as the Top Vendor in 'Emerging Category' in the Commercial Loan Origination Report by Aite Group
As we reflect on the many curveballs that were thrown during the year 2020, lenders should feel proud of the way they responded to a crisis that wasn’t on any enterprise’s radar. Faced with high rates of impaired loans, and the need to create digital capabilities ranging from end-to-end digital account opening and lending capabilities to new features and loan products on increased pressure from regulatory bodies, many organizations did things that once seemed impossible – sometimes in a matter of days.
Digital lending is ever-evolving, and it can be challenging to keep up with the latest must-have features. The rapid shift in technology forces many financial institutions to accelerate their digital transformation efforts to meet the new consumer demands and improve productivity, all while still focusing on scale. To thrive in this new era, taking an outside-in approach to digital business ecosystems can help enterprises harness existing resources and relationships to drive innovations and efficiency.
The KYC process was introduced as a measure to prevent money laundering, terrorist financing, theft and so on, but what began as an on-ground process, soon had to update itself to a digital approach, to improve in both efficiency and effectiveness.
With the rise in the economy comes the rise in the number of businesses. The introduction of commercial lending played an underappreciated role in the rise of start-ups and their quality. Businesses, especially small scale ones choose to opt for loan products that are most beneficial to them in their nascent stages, these come in the form of secured and unsecured loans. An unsecured business loan is generally provided by small finance banks for a small loan amount and a secured business loan is provided for a large sum of money against a collateral guarantee.