“Buy now, pay later” is a tempting offer made by many firms to their customers to increase their customer base. However, both parties need to be aware of the risks when making such credit decisions. Inconsistent or unreliable approaches to credit analysis expose firms to unnecessary risks. Lenders must be able to assess the risk… Continue reading Using effective credit scoring model in decision making
Category: Digitization in Lending
Mining better insights from data through analytics
IDC predicts that by 2025 world’s data will grow 61% to 175 zettabytes, with as much of the data residing in the cloud as in data centres. With such an explosion in data, analytics has rapidly changed from being a ‘nice-to-have’ to a ‘must-have’. In today’s complex business environment, the customer experience has taken… Continue reading Mining better insights from data through analytics
How Automation can help lenders achieve faster loan processing time?
Loan processing is often a complicated and time-consuming process. It works with multiple partners and business providers. Before its completion, on an average, it will take 20-30 days to close a loan. But today’s customer expects fast, seamless and hassle-free access to loan services at a time, place and channel of their choice. They seek… Continue reading How Automation can help lenders achieve faster loan processing time?
Robotic Process Automation: Automate manual task to create efficiency
Banks / Lending firms / credit bureaus have spent many years looking for ways to reduce the cost of operation, increase efficiency and to enhance their customer experience. But inefficiencies remain from decades of ‘throwing bodies’ at operational gaps. Now, thanks to technologies like robotic process automation (RPA), is rapidly expanding to more mundane parts… Continue reading Robotic Process Automation: Automate manual task to create efficiency
Digitized credit risk management: Approach and benefits to lenders
When you lend money and provide credit, you put yourself in a vulnerable position. Smart lenders minimize their credit risk by knowing exactly what they are getting into, and how predictable they can forecast activity on the loans. To boost the quality of the overall loan portfolio, lending firms need to reset their value focus… Continue reading Digitized credit risk management: Approach and benefits to lenders
Role of Artificial Intelligence in cyber security
As digital lending continues to grow, firms are looking for ways to secure their delicate data. Here Artificial Intelligence has become the need of the hour. AI’s crucial role right now is to offload work from human cybersecurity engineers, to handle the depth and detail that humans cannot tackle fast enough or accurately enough. Advances… Continue reading Role of Artificial Intelligence in cyber security
Series A Funding: Overcoming Challenges in Today’s Landscape.
Startups are sprouting in every sector, but statistics reveal that over 94% of them fold within the first year, often due to lack of funding. Securing financial stability is pivotal for startup success, enabling advancements in technology, talent acquisition, and effective market penetration strategies. Addressing Top 5 Contemporary Hurdles in Series A Funding … Continue reading Series A Funding: Overcoming Challenges in Today’s Landscape.
Predictive Analytics for efficient risk management for lenders
The consumer lending business is centered on the notion of managing the risk of borrower default. To effectively manage the loan life cycle, and specifically address the complexities of risk management throughout the loan life cycle, financial institutions must rely on the use of technologies that inherently improve business results through more efficient workflows, better… Continue reading Predictive Analytics for efficient risk management for lenders
How P2P Lending could benefit from block chain?
Block chain is a trending technology that is revolutionizing global financial sector. Its impact on various industries has been so positive that even the lending market has taken note. P2P Lending firms globally have started harnessing blockchain concepts as it is a potentially disruptive technology. Start-ups in this space are all set to invest in… Continue reading How P2P Lending could benefit from block chain?
How Machine Learning Can Help Risk Managers Profile Customers
As digital lending continues its rapid expansion, businesses seek strategies to enhance efficiency and profitability for both lenders and borrowers. Central to consumer lending is the management of borrower default risk, historically assessed primarily through credit scores. However, advancements in technology now offer more nuanced approaches to risk assessment, notably through Machine Learning (ML). Unlock… Continue reading How Machine Learning Can Help Risk Managers Profile Customers