Digital lending has been gaining popularity all around the world. Not only are FinTech start-ups adopting digital lending, but even established multi-national banks are leveraging digital tools for the purposes of lending. The financial sector, in India and around the world, is now in the midst of digital transformation. All processes of such institutions are […]
Customer Onboarding Automation for Contactless Service
Know Your Customer (KYC) is the process by which a lender verifies a customer’s identity and other information using documentation such as PAN Card, Driver’s License, Voter ID, GST Registration, Aadhar Card and so on. Customer onboarding has traditionally been a costly affair with physical collection of documents and in person verification, which when coupled […]
Transform Client Communications With Cloud Telephony
Customer communication is the cornerstone of the Loan process. Loan companies initiate communication with the customers for various reasons – to schedule in-person meetings for sales, application submission, collateral evaluation & collection; to obtain clarifications on the loan application, request documents, conduct video KYC, collect outstanding payments and so on. While the customer contacts the […]
Top 10 Tips for Co-lending That Benefits Banks and Consumers
In the post-covid economy, co-lending has emerged as one of the most attractive financing models. It not only makes credit available to the unserved but also minimizes the risks that lending institutions face. As a result, numerous public and private sector banks in India have entered into co-lending agreements with NBFCs. We’ll go through the […]
9 Benefits of OCEN for Small Business
The financial industry has hailed OCEN as a “magician’s wand” to solve the Indian MSME sector’s liquidity crunch. It will facilitate the connection between lenders, markets, and borrowers online. And thus, allow the needy to get small-ticket loans. OCEN is also expected to result in the financial inclusion of the unbanked and boost the number […]
Effects of Mobile Banking on Digital Economy: Boon or a Curse?
Mobile banking has become a popular way for consumers to perform banking tasks today—from depositing checks and transferring money between accounts to paying their bills and setting up automatic payments. In fact, 82% of bank clients believe mobile applications enhance their financial lives. So what is the effect of this mobile banking boom on […]