Lend.In Recognized as the Top Vendor in 'Emerging Category' in the Commercial Loan Origination Report by Aite Group
The relatively new concepts of digital lending and digital loans have the potential to change the traditional lending scene in the country. However, the road to achieving perfect state is still full of unexpected turns and needs the lenders to revisit their strategies.
The current lending systems have transformed the traditional lending process by making it easy and hassle-free. The borrowers appreciate the convenience and speed of accessing & processing loan applications across devices like phone, laptop, tabs etc. However, even though this process is convenient, hassle-free and safe compared to offline processes, there are two big dampeners in today’s digital lending process especially for a market like India.
Union Finance Minister Arun Jaitley recently tabled the annual budget 2018 in the parliament, opening new vistas for various technology based lending options. Expressing his views in this regard, Manu Sreekanta, Marketing Manager at Kuliza, shared some crucial insights on “How new-age technology driven players are satisfying the credit demands?”
The current lending scenario in Indian market has evolved with new-age fintech providing cutting-edge digital lending platforms. Bank and lending institutions are leveraging digital technologies to serve modern customers. Some reasons aiding this market are the government initiatives toward a digital economy, rise of smartphone users, internet penetration and presence of large middle-class population which is an important segment looking for several types of loan schemes. Enterprises are leveraging technologies to digitalize loan process primarily for its benefit to reach a vast majority of the audience but is the road to digitalizing complete loan process smooth?
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