Peer-to-peer (P2P) lending became a global phenomenon after the 2008 financial crash, emerging as a reliable alternative to traditional financial institutions including banks. While P2P lending businesses started entering the Indian market in 2014, it wasn’t until 2017 when the Reserve Bank of India (RBI) issued guidelines suggesting that all P2P service providers must be […]
How Transaction Data Analysis Promotes Trust and Accountability in Lending
As the lending industry becomes more competitive, transparency and accountability in decision-making are critical for a productive and long-term relationship between stakeholders. Customers want to make informed decisions and feel empowered when making a choice. In this scenario, transaction data analysis can strengthen the relationship between lenders and borrowers. It gives lenders critical insights and […]
How to Reduce Friction in the Loan Origination System with Automation?
Customer experience is one of the major talking points for customers dealing with businesses operating in the retail and hospitality sectors. However, that was hardly the case in the finance industry, especially in lending. However, the times they are a-changing. Modern customers are ready to ditch the traditional, inconvenient, and time-consuming process in favour of […]
The Impact of Coding in Loan Management System
Coding is an integral part of many everyday transactions and interactions for most people. It powers activities ranging from making payments on E-commerce sites, booking a cab or using Bluetooth in the car. As per a study by IBM, 65% of organisations use coding to reduce manual and repetitive tasks. As coding becomes pervasive across […]
10 Ways Automated Lending System Helps Lenders Mitigate Risk
Effective risk management is crucial for lenders as it helps them identify, evaluate and mitigate risks. The rapid growth of credit operations, rising customer expectations for personalised solutions and lower turnaround further emphasise the need for robust risk assessment and management tools. As per a report in Hindu Business Line, retail loans grew at a […]
Innovations in Lending: Exploring the Significance of Lending Software in India
It is no overstatement that India stands at the forefront of financial innovation in today’s rapidly evolving landscape. Among the sectors witnessing transformative changes, lending has emerged as a key beneficiary, largely driven by lending software in India. Projections suggest that digital lending in India will approach a remarkable market cap of nearly 350 billion […]