The Rise of Digital Lending
The Fintech Revolution was a success in terms of growth. It is amazing how far it has reached and how it transformed traditional bank departments and services to completely new industries. But the revolution is not over and there are still some areas of the industry being disrupted. One of those areas is lending where the disruption seems to have only mainly reached the retail industry, where new innovations and innovative players are appearing quickly. If incumbent banks and financial institutions want to stay competitive in 2020 they must develop their lending service offering. Traditional banking and financial institutions need to provide a far more unified, flexible and efficient approach, specifically when working within the SME market.
Teaming up with fintech providers will enable banks to develop their offerings to include multi-channel, self-service digital lending and leasing products, with loan processing and collection, screening and credit scoring – all as a single end-to-end process. This will enhance the experience for small and medium-sized businesses as it will result in an approval and onboarding process that is both quick and seamless, meaning SMEs will have to wait minutes rather than weeks for a loan.
Originally posted on finextra.com