Lend.In Recognized as the Top Vendor in 'Emerging Category' in the Commercial Loan Origination Report by Aite Group
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?
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.
The introduction of OCEN has inspired lenders to create innovative financial credit products at scale, aimed at benefitting the SME Sector that largely contributes to the nation’s GDP. An opportunity that has presented itself in this field is the shifting of SME financing from collateral or asset-based lending to a cash-flow based lending approach. FinTechs currently hold the power to further this method of lending through a modernized digital approach, find out how: