Insight Report: Digitization in Lending

Date: 2015-11

“• Manual loan and mortgage application processes make the lending system slow and expensive.

• Digitized loan applications reduce paperwork and manual errors involved in the process.

• As digital banking grows worldwide, customers require reliable and seamless loan application and disbursal over multiple channels and devices.

• Digitization of lending is likely to provide the most cost-effective solution for reducing increasing compliance costs due to enhanced regulations.

• Enhanced adoption of digital channels, and inefficiencies in the traditional bank lending system have led to the launch of online lending platforms.

• Financial institutions have encountered various challenges in digitizing the lending process. Lack of sophisticated software solutions, concerns over compatibility of new systems with legacy systems, costs of transformation, regulatory compliance, and management and budget restrictions have all deterred banks from digitizing the lending process.

• With the increasing presence of alternative lenders, banks are investing in technology, forming alliances with emerging financial technology companies, and adopting new credit scoring methodologies.”

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