Let’s be honest with one thing: Digital-savvy customers will always look for digital oriented services. ‘Digital Revolution’ has changed the way we deliver services to end customers and also impacted Banking and Financial Services. The one such example is Humanization of digital lending, which has emerged as a game changer for borrowers looking for a personalized experience.
To give you a clear idea, it’s not just only about algorithms and data but more about creating a seamless, customer-friendly experience.
Traditionally, lending involved visiting a physical branch and engaging in face-to-face interactions with bank representatives. However, with the advent of digital lending platforms, there has been a significant shift towards conducting borrowing activities online. Despite the lack of physical interactions, there is indeed an emphasis on making the digital borrowing experience more human-like, often through user-friendly interfaces, personalized assistance, and responsive customer support.
So when we talk about humanization of digital lending, we’re basically saying that online users should feel more personal and friendly, even though it is happening through computer or mobile.
Let’s analyze the Indian Digital Lending Landscape and get answer with some hard-hitting facts:
Market Size: India’s digital lending market was worth $270 billion in 2022 and is projected to reach $350 billion.
Growth Rate: Digital loan disbursement volumes and value recorded an annual growth rate of 39% and 43%, respectively.
Conclusion:
Humanizing digital lending isn’t just about technology; it’s about understanding borrowers’ needs and delivering personalized experiences. As the industry evolves, keep an eye on co-lending partnerships, open banking, AI, and embedded finance. The future of lending lies in striking the right balance between innovation and empathy.
Remember, behind every loan application is a person with dreams and aspirations. Let’s make their journey smoother, one personalized loan at a time.
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Servosys Solutions is a unit of EML Consultancy Services Private Limited, a company headquartered in New Delhi, India. We are one of the fastest-growing providers of software products and technology services for business process automation solutions that address challenges like process turn-around time, organizational productivity, regulatory compliance, business scalability, operational visibility and excellence.
