Nowadays, each and every sector is transforming and doing business through digitalization, whether it is a private firm or public, a great change is being seen from the past decade. Due to COVID outbreak, the last six months have been extremely crucial to survive in any business. Most of the businesses have leveraged the use of digital platforms to provide services to their clients at the comfort of their personal space. Everyone is competing these days, to serve the customers best through their online sites. Therefore, the financial sector is no exception here, almost every financial institution is providing online services to “Apply For Loan“ or to make online payments, everything is getting quicker.
The lending sector is one of the few sectors which are running all the time. The financial institutions with digital lending platforms are making a difference in potential loan borrower’s lives by providing loans in just a click of the button. The digitalization in lending has been growing and has become footfall for any customer before branch interaction. The automation process has made the digital adaption easy and there are many digital strategies that financial institutions are adopting which are listed below:
√ Online loan applications: Now, it becomes easier for loan seekers to fill online application forms, upload KYC documents and compare the loan schemes anytime and anywhere in a couple of minutes. It is unlike the conventional process where a personal was required to visit the banking or non-banking branch to “Apply For Loan Online“. Once you get approved for the loan application, the loan disbursal would take few business days to get credited. With digital lending services, most of the things can be done online which reduces time and require less paperwork.
√ Privacy: Security is of severe importance for any financial institution to ensure customer data is safe by using significant technologies. Cyber crime is a greatest threat especially to lending sector where customers trust them for their money matters. Some of the key steps such as user authentication and secure infrastructure are taken to tackle privacy concerns.
√ Automated process: The manual intervention is eliminated by using significant softwares designed to handle documentation, KYC and other work making the process easier for both borrower and lender. Most of the banking and non-banking companies are automating their services which provide high accuracy.
√ Marketing: Companies are adopting the idea of email marketing, social media marketing and telecalling to reach out the potential customers. They are engaged in investing in online channels to create their brand image, to build a fan base and attract customers by online marketing strategies.
ShubhBank is one of the leading digital lending platforms that is making a difference in its customer’s lives by offering online loans in the comfort of their homes. Serving the customers is the core value of ShubhBank and we always keen to bring trust among our borrowers to be a preferred choice for them. All the process related work can be done online by lessening the manual process.