Let’s face it – we are all hooked to the convenience that mobile apps bring. A few clicks and we can order groceries for the week or can pay for a luxurious vacation during the holiday season! Even when it comes to business, mobile traffic has outpaced the desktop traffic in recent times.
The advent of mobile technologies into the lending landscape in India is comparatively new, but given its wide adoption, it seems like a favourable inclusion. Modern non-banking financial companies are integrating mobile apps into their solutions to enhance customer accessibility, convenience and to guarantee customer satisfaction.
Traditionally, loan application and evaluation used to be cumbersome procedures. But with the magic of technology, the process seems to have transformed drastically. Today, loan applicant can get a loan without a paper-heavy application process, delays, or compromising on his privacy.
Why Having A Loan Lending Mobile App Is Great For Customers?
1. A Loan Lending App can Furnish Emergency Funds to the Customers
Having a lending app on the phone allows loan-seekers to enjoy round-the-clock borrowing facility at their disposal, and makes instant loans a reality. Individuals know where to tap when they need resources in the time of distress, thanks to lending apps that non-banking financial institutions integrate with their lending ecosystems. These apps are a godsend for people who do not want to go from door to door requesting friends and family, asking for help.
2. A Loan Lending App Offers a Time-Saving, Fast-Paced Borrowing Solution
Applying for loan approval with a financial entity offline is a time-consuming procedure. There is a need to visit the institution during office hours, which can clash with the work schedule of the borrower. With a mobile lending app, borrowers do not need to visit the lending company physically, which is time-saving. Applicants can log into the app in their free time without compromising on their busy schedules.
3. A Loan Lending App Can Serve Instant Credit to Borrowers
Given its fast-paced nature, lending apps omit out the need for a physical loan application process. In addition to this, the decision to sanction a loan is taken instantly. Once the applicant adds his credentials and relevant details, the app algorithm checks the applicant security and verifies his/her credit score.
This means that if a borrower is looking for quick funds to meet emergency requirements, he/she can get the loan amount faster than by going through the longer route of applying for one physically.
4. A Loan Lending App Allows Users to Track their Loan and EMI Status 24*7
Logging into a loan lending app makes it easy for borrowers to keep track of their online borrowing. With flawless user experience, these apps make it easy for the user to check how much debt is outstanding, the amount borrowed, and upcoming payment dates. There are options to sign up for automated notifications of payment dates and amounts.
Why Having A Loan Lending Mobile App Is Great For Lenders?
1. A Loan Lending App can Aptly Detect Potential Delinquencies
Lenders want to avoid particular scenarios where the chances of entering the non-performing loans (NPLs) category are steep. A high rate of NPLs can dampen the lending company profitability, tie up their capital and raise their overall funding costs.
Finezza offers a collection app to its NBFC clients that is a delinquency management solution. It is targeted towards streamlining the process of field collections, thus ensuring better recovery of debts and minimal NPLs. It also omits the need to maintain traditional receipt books, reconciliation procedures and other issuance and processing paperwork.
Lenders can easily track the status of their customers who are to repay the loans. Features like PTP tracking, follow-up tracking, real-time customer information, collection updates and address locator save the interest of the lenders.
2. A Loan Lending App can Optimise the Conversion Funnel
The loan application procedure has various notions of complexity associated with it. Many people abandon the onboarding procedure midway and result in significant losses to the lender. But it doesn’t have to be that way!
Finezza mobile app for lenders uses various funnels to discover friction points during customer usage. The app is specifically designed to be used by field staff to increase conversion rates. Paperless processing across all stages like data acquisition, screening and field investigation reports etc. reduces the burden on the team.
The app offers automated follow-ups with leads, wholesome loan application processing and easy document upload to engage users and boost conversions. The excellent UI of the app contributes to growth in the ROI of the financial lending company.
3. A Loan Lending App Ensures Seamless Loan Servicing
By definition, loan servicing is the administration exercises involved in loan sanction, from the moment the funds are dispersed until the loan is paid back in full.
Finezza’s mobile apps for lenders help in flawless customer onboarding, streamlines the collection process for a loan, and allows agents to track the status of the applications on the go. The app connects the lender, customer and collection agents, thus offering wholesome loan servicing at a streamlined pace.
4. A Loan Lending App Reduces Operational Costs
In traditional lending methods, applicants get their concerns addressed by getting in touch with a professional. A client reaching out to a company resource for needs like eligibility evaluation or document requirements can be a significant toll on smooth operations at the office.
Having a mobile loan lending app in place allows accessibility of information and support for customers. With the help of the app, customers can check if they meet the minimum requirements and necessary documents required for application on their own. This helps the lending company save on their operation cost and other resources. Finezza has a customer app that allows for customer self-service. The app reduces the turnaround time as well as the overhead expenses related to customer reach and customer support to benefit the lending company.
Taking into account the peaking inclination of borrowers towards mobile technologies, lending companies are hopping onto the loan lending app bandwagon. Finezza is a lending cycle management software that offers an exceptional mobile ecosystem with ease of integration. It provides end-to-end solutions that include loan-eligibility application evaluation, documentation and disbursal etc.
For more information on how Finezza can help you with your lending lifecycle management process, get in touch with us!