Increasingly connected and empowered Customers are redefining the way they engage, buy and explore any product or service.
Customers are expecting banks to offer products that are simple and tailored to meet their needs, at a rapid delivery rate. They also expect the convenience and comfort through the channel of their choice. Moreover with a click of a button they can discover product offerings, compare rates and influence other customers through their reviews–Digital Lending is the one-stop-shop for all the challenges.
Banks and Financial institutions are gearing up for challenges
Banks and Financial Institutions across the globe have recognised these trends and improved banking by adapting to digital initiatives. However most of these initiatives are restricted only upto customer transactions and enhanced online offerings that include mobile applications. This led to lending area taking a backseat.
Therefore Banks have the real opportunity especially in the lending area to be on the leading edge of the transformation by adopting the digital lending initiatives across the lending lifecycle.
Instant Lending leveraging digital capabilities
Banks can very well adapt the Online loan origination with progressive decisioning onto their website with lot of digital tools offering right product, enabling applications and submit the basic details including the documents. In addition extending the loan origination to other service delivery channels such as Mobile can be a key step towards taking the world by storm as mobile applications are staggering in its sheer scale.
It is often found that customers struggle to find and select the product that incorporates the appropriate features for their needs without having to speak to a bank agent. Addressing this glitch, some of the progressive banks have already adapted digital tools that support employees throughout. The sooner the remaining banks adapt to such tools, the higher is the excellence in advisory services with a click of button.
In addition, the field staff can be empowered with right set of digital tools that enable them to carry-out their activities directly in the system. This can dramatically reduce the transaction turnaround timelines while allowing customers to proceed further with their application, at their convenience and comfort of the customers.
In order to cater to today’s customers who expect timely communication on the status of the application on their chosen channel necessitates the banks to leverage the digital lending capabilities throughout the ecosystem.
Don’t limit the self-service options to origination and extend the digital capabilities to Loan Management as well
Lending is the one product which touches many departments involving numerous internal and external stakeholders of the ecosystem. Adding to the already complicated situation, every step from loan acquisition to collection are performed by separate organizational departments. Aligning these multi-modal operations onto one platform is not just a business imperative but it is the need of the hour.
Adoption of Digital Lending platform with right BPM based workflow solution keeping all the stakeholders very much inside the solution is essential. With seamlessly integrated platform in place, banks can even extend event based and trigger based notifications along with common unified view of the entire lending portfolio.