Digital lending surrounds the cycle of applying for loans and instant approval online. As against popular credit-based Fintech products such as Convert payment to EMI or Buy now pay later products, the digital lending process incorporates Artificial Intelligence to analyse financial behaviour and standing of the customers and instantly underwrite digitally availed loans, thus reducing the credit time of various loan products. Not only does it eliminate geographical barriers but you can say goodbye to signing thousands of documents or bank visits. Digital lending has become very popular among tech-savvy youngsters as the process is hassle-free and faster. Financial inclusion is one of the key factors driving these digital lending platforms. This is one of the main reasons why people who cannot avail themselves of credit through traditional banks prefer digital lending platforms.
With the outbreak of the COVID-19 pandemic, credit unions and banks are focused on enhancing their digital banking experience. Banks have increasingly started using digital channels for lending loans. The demand for digital lending software is continuing to grow and is being vastly adopted by Banks, NBFCs, Financial Institutions, and Fintech companies.
The life cycle of a loan starts with a digital loan application and uploading necessary documents. The evaluation process includes background checks and credit bureau reports. Automatic Process with AI and machine learning does a quick check of borrowers’ creditworthiness and other risk factors. These AI-based technologies also do fraud analysis. Once the loan is approved, the contract is generated electronically in a matter of minutes. All required signatures can be done electronically. In the next stage, the disbursal takes place in the customer account once all validations are successful. To make this entire process a smooth sail, one must be mindful of selecting the best fitting software solution. Some of the top Digital Lending platforms in India are listed to help you make the right decision:
With handpicked industry experts on board, Scoreme Solutions have co-created a wide range of analytics solution providing a holistic approach designed for clients in the lending space and as well as Credit Risk assessors. The cutsomization and development friendly modules devised with complex algorithms and Big Data help Banks, NBFCs, Financial Institutions and lenders quickly arrive at accurate credit assessment of the borrowers enabling risky decision making a cakewalk. The unique product offerings that make this possible are:
Some of the other tools that make Scoreme’s analytics solutions highly applicable in the lending segment are Data Aggregation, ITR analysis, Credit monitoring and its inhouse Loan Management System.
The global digital lending platform market is ever-increasing. Financial institutions are aggressively pursuing ways to enhance their digital experience. The benefits provided by these platforms are numerous. Starting from easy accessibility from smartphones, e-signing and AI-powered quick approval process are some of the many ways digital lending is appealing to the consumers. Organizations are now adopting digital business models in line with the changing needs of their consumers. Most of these platforms use industry-best customized models to automate the lending process. The risk of improper decision-making is mitigated due to these technologies. Digital lending Software is a one-stop solution for all banking needs made easy with minimal documentation or data input and fast turnaround time.