Best payday loan software allowing the payday lending industry to reduce its dependency on human resources and thus eliminate the risk of errors and fraud in operations.
The absence of a formal consumer credit rating system in the UAE resulted in consumers having easy access to loans without any check on the repayment capacity. However, the launch of the Al Etihad Credit Bureau is expected to change the scenario by providing banks access to consumers’ credit history, thereby curbing excess lending and raising the quality of retail lending in the country.
I HAVE DONE A PROJECT ON ONLINE BANKING IN INDIA WITH RBI GUIDLINES AND IMPLEMENTATION OF ONLINE BANKING IN INDIA WITH BOTH PRIMARY AND SECONDARY DATA ANALYSIS.
Retail Banking India 2015 - Now and PredictionsMayur Nanotkar
The document highlights
- the Retail Banking Industry in India using the stats
- future predictions for the retail banks in India in terms of Technological advancement and Customer Engagement
- Top 10 Predictions from the World of Retail Banking.
Indian Banking Moving towards a new landscape - Current Trends in Indian Ban...Resurgent India
Given the fluctuating interest rate cycle and underlying macro-economic factors, banks have been looking to diversify their sources of income. This has led to emergence of new products under asset management, wealth management and treasury.
Investree is peer-to-peer lending marketplace platform that connects consumers (retail investors) directly to businesses and other individuals to borrow money.
Contact: adrian@investree.id
Social Media Platforms, which have grown in recent years in parallel with the increase in mobile internet usage, are an alternative to common communication tools at many points. The fact that social media provides access to large amounts of data brings up the issue of Social Media Mining for companies.
Enhancing Customer Experience through Loan Origination System (1).pdfHabile Technologies
Guaranteeing a spectacular customer experience, CloudBankIN allows lenders to i) Automatically disburse loans within 2 minutes, ii) Disburse low ticket loans without any human intervention, iii) Capture the right user data and manage heavy-duty documentation with ease.
10 benefits of applying for personal loans onlinePrateek Agarwal
A purchaser advance may help you might be strapped for money. Many banks and loaning organizations are putting forth fund to potential advance searchers with alluring rates of premium, adaptable reimbursement choices, and the accommodation of online administrations so it’s now easy to apply for personal loan online. These points of interest are making shopper credits an exceptionally mainstream choice among borrowers.
The absence of a formal consumer credit rating system in the UAE resulted in consumers having easy access to loans without any check on the repayment capacity. However, the launch of the Al Etihad Credit Bureau is expected to change the scenario by providing banks access to consumers’ credit history, thereby curbing excess lending and raising the quality of retail lending in the country.
I HAVE DONE A PROJECT ON ONLINE BANKING IN INDIA WITH RBI GUIDLINES AND IMPLEMENTATION OF ONLINE BANKING IN INDIA WITH BOTH PRIMARY AND SECONDARY DATA ANALYSIS.
Retail Banking India 2015 - Now and PredictionsMayur Nanotkar
The document highlights
- the Retail Banking Industry in India using the stats
- future predictions for the retail banks in India in terms of Technological advancement and Customer Engagement
- Top 10 Predictions from the World of Retail Banking.
Indian Banking Moving towards a new landscape - Current Trends in Indian Ban...Resurgent India
Given the fluctuating interest rate cycle and underlying macro-economic factors, banks have been looking to diversify their sources of income. This has led to emergence of new products under asset management, wealth management and treasury.
Investree is peer-to-peer lending marketplace platform that connects consumers (retail investors) directly to businesses and other individuals to borrow money.
Contact: adrian@investree.id
Social Media Platforms, which have grown in recent years in parallel with the increase in mobile internet usage, are an alternative to common communication tools at many points. The fact that social media provides access to large amounts of data brings up the issue of Social Media Mining for companies.
Enhancing Customer Experience through Loan Origination System (1).pdfHabile Technologies
Guaranteeing a spectacular customer experience, CloudBankIN allows lenders to i) Automatically disburse loans within 2 minutes, ii) Disburse low ticket loans without any human intervention, iii) Capture the right user data and manage heavy-duty documentation with ease.
10 benefits of applying for personal loans onlinePrateek Agarwal
A purchaser advance may help you might be strapped for money. Many banks and loaning organizations are putting forth fund to potential advance searchers with alluring rates of premium, adaptable reimbursement choices, and the accommodation of online administrations so it’s now easy to apply for personal loan online. These points of interest are making shopper credits an exceptionally mainstream choice among borrowers.
Can Technological Soldiers Like Blockchain & AI Help Banks Prevent Bad Debts?aNumak & Company
Using blockchain and artificial intelligence, it is possible to reduce the number of bad debts radically by providing better insights and better digital infrastructure.
A compiled detail version of EY Customer Segment Offerings to these group of people - Migrant Workers, SMEs, Entrepreneurs, The Future Silver Economy, Rural Agri-Laborers, Students Studying Abroad, Non-Profit Organizations (NPOs), Gig Economy Workers, SINKs & DINKs and NSF
Case study: Transforming FE Credit's lending processes with robo-lendingVarun Mittal
FE Credit, one of Vietnam’s oldest and the largest consumer credit company, worked with EY and several FinTech partners to implement a robo-lending platform app, suitably named as $NAP, which digitizes the whole process of customer on-boarding, loan application, know-your-customer (KYC), credit underwriting, loan approval and disbursement.1
As a result, FE Credit reduced the borrowing process from 4-5 days to less than 15 minutes, thus drastically increasing its appeal to customers, while overcoming the challenges inherent in the traditional lending model.
Case study: Transforming FE Credit's lending processes with robo-lending Sahil Gupta
FE Credit, one of Vietnam’s oldest and the largest consumer credit company, worked with EY and several FinTech partners to implement a robo-lending platform app, suitably named as $NAP, which digitizes the whole process of customer on-boarding, loan application, know-your-customer (KYC), credit underwriting, loan approval and disbursement.1
As a result, FE Credit reduced the borrowing process from 4-5 days to less than 15 minutes, thus drastically increasing its appeal to customers, while overcoming the challenges inherent in the traditional lending model.
Fe credit case study - How one of the first non-bank financial credit compani...Varun Mittal
Empowered FE Credit, one of Vietnam's oldest and largest consumer credit companies as well as other FinTech partners to implement a robo-lending platform app, $NAP, which digitalizes the entire process of customer on-boarding, loan application, know-your-customer (KYC), credit underwriting, loan approval and disbursement. With this platform application, FE Credit has been able to shorten the borrowing process from 4-5 days to less than 15 minutes, drastically increasing its appeal to customers and overcoming the challenges inherent in the traditional lending model.
How One of The First Non-Bank Financial Companies in Vietnam Changed Consumer...Varun Mittal
Empowered FE Credit, one of Vietnam's oldest and largest consumer credit companies as well as other FinTech partners to implement a robo-lending platform app, $NAP, which digitalizes the entire process of customer on-boarding, loan application, know-your-customer (KYC), credit underwriting, loan approval and disbursement. With this platform application, FE Credit has been able to shorten the borrowing process from 4-5 days to less than 15 minutes, drastically increasing its appeal to customers and overcoming the challenges inherent in the traditional lending model.
Describes in detail the market potential of Rural Agri-Laborers, with an analysis of the segment profile, noting global trends. Also, the addressable needs of the Future Silver Economy, such as financing, insurance and payments are detailed as well, with each need paired with how Financial Instiutions can step in to address the needs such as a solution that allows for instant fund withdrawal, insure the most valuable portions of their crops and a mobile solution that records terms of contract and automates payments. To top things off, a case study is provided to elucidate how EY has helped our client to better target the Rural Agri-Laborers.
An Introduction to Digital Credit: Resources to Plan a DeploymentCGAP
This is a workshop/course offering guidance in developing new digital credit products. This content is designed for a broad audience of banks, mobile operators, lenders, and fintech firms. It may also be of interest to regulators, policy makers and investors/donors.
With any comments or to request more materials (including the financial model [Excel] or original PPT presentation with detailed presenter notes), please write to cgap [@] worldbank.org.
A STUDY ON CONSUMER PERCEPTIONS TOWARDS DIGITAL FINANCE AND ITS IMPACT ON FIN...IAEME Publication
With today’s world progressing at a lightning pace, finance cannot afford to lag behind. Finance must become inclusive, dynamic and buoyant. In other words, finance must becomedigital. The genesis and rise of digital financial services is a remarkable global phenomenon. There is little doubt that the financial services industry, today, is one of the most digitized industries. This paper throws light on the adoption and perceptions of the urban Indian consumers, in the context of digitized financial services. The study focuses on the extent of acceptability, usage, beliefs, deterrents and incentive patterns among the Indians. Itsuggeststhat although the popularity of financial services provided digitally is growing in absolute terms in India, but the rate of growth is painfully slow, considering the huge potential that the country possesses.
How digital payment solutions are transforming payments experienceNikunj Gundaniya
In the digital economy, we've come a long way, and multi-channel distribution is now a must-have for any company. Customers are now progressing beyond buying stuff and making payments to engaging in seamless customer-driven interactions via mobile devices, which is the next level of interactions.
India’s financial technology (fintech) sector may be young but is growing rapidly, fueled by a large market base, an innovation-driven startup landscape, and friendly government policies and regulations. Several startups populate this emerging and dynamic sector, while both traditional banking institutions and non-banking financial companies (NBFCs) are playing catch up.
Earlier this year, the National Association of Software and Services Companies (NASSCOM) reported that around 400 fintech firms operated in India, boosted in large part by foreign investments in fintech-focused startup accelerators and incubators. NASSCOM predicts that India’s fintech software market alone could touch US$ 2.4 billion by 2020, doubling on the current rate of growth
Financial inclusion is the main means for financial inclusion. I am working for that exostively. It is important for readers. Please make it online. It is useful for the university teacher and students and other practitioners. For bank professionals also highly useful.
Digital Lending Journy and Main Concerns .pptxetebarkhmichale
CRM 101: What is CRM?
This is a simple definition of CRM.
Customer relationship management (CRM) is a technology for managing all your company’s relationships and interactions with customers and potential customers. The goal is simple: Improve business relationships to grow your business. A CRM system helps companies stay connected to customers, streamline processes, and improve profitability.
When people talk about CRM, they are usually referring to a CRM system, a tool that helps with contact management, sales management, agent productivity, and more. CRM tools can now be used to manage customer relationships across the entire customer lifecycle, spanning marketing, sales, digital commerce, and customer service interactions.
A CRM solution helps you focus on your organization’s relationships with individual people — including customers, service users, colleagues, or suppliers — throughout your lifecycle with them, including finding new customers, winning their business, and providing support and additional services throughout the relationship.
Who is CRM for?
A CRM system gives everyone — from sales, customer service, business development, recruiting, marketing, or any other line of business — a better way to manage the external interactions and relationships that drive success. A CRM tool lets you store customer and prospect contact information, identify sales opportunities, record service issues, and manage marketing campaigns, all in one central location — and make information about every customer interaction available to anyone at your company who might need it.
With visibility and easy access to data, it's easier to collaborate and increase productivity. Everyone in your company can see how customers have been communicated with, what they’ve bought, when they last purchased, what they paid, and so much more. CRM can help companies of all sizes drive business growth, and it can be especially beneficial to a small business, where teams often need to find ways to do more with less.
Here’s why CRM matters to your business.
CRM is the largest and fastest-growing enterprise application software category, and worldwide spending on CRM is expected to reach USD $114.4 billion by the year 2027. If your business is going to last, you need a strategy for the future that’s centered around your customers, and enabled by the right technology. You have targets for sales, business objectives, and profitability. But getting up-to-date, reliable information on your progress can be tricky. How do you translate the many streams of data coming in from sales, customer service, marketing, and social media monitoring into useful business information?
A CRM system can give you a clear overview of your customers. You can see everything in one place — a simple, customizable dashboard that can tell you a customer’s previous history with you, the status of their orders, any outstanding customer service issues, and more. You can even choose to include information
Similar to Digital framework for payday lending process (20)
Software Engineering, Software Consulting, Tech Lead, Spring Boot, Spring Cloud, Spring Core, Spring JDBC, Spring Transaction, Spring MVC, OpenShift Cloud Platform, Kafka, REST, SOAP, LLD & HLD.
OpenMetadata Community Meeting - 5th June 2024OpenMetadata
The OpenMetadata Community Meeting was held on June 5th, 2024. In this meeting, we discussed about the data quality capabilities that are integrated with the Incident Manager, providing a complete solution to handle your data observability needs. Watch the end-to-end demo of the data quality features.
* How to run your own data quality framework
* What is the performance impact of running data quality frameworks
* How to run the test cases in your own ETL pipelines
* How the Incident Manager is integrated
* Get notified with alerts when test cases fail
Watch the meeting recording here - https://www.youtube.com/watch?v=UbNOje0kf6E
Enterprise Resource Planning System includes various modules that reduce any business's workload. Additionally, it organizes the workflows, which drives towards enhancing productivity. Here are a detailed explanation of the ERP modules. Going through the points will help you understand how the software is changing the work dynamics.
To know more details here: https://blogs.nyggs.com/nyggs/enterprise-resource-planning-erp-system-modules/
Quarkus Hidden and Forbidden ExtensionsMax Andersen
Quarkus has a vast extension ecosystem and is known for its subsonic and subatomic feature set. Some of these features are not as well known, and some extensions are less talked about, but that does not make them less interesting - quite the opposite.
Come join this talk to see some tips and tricks for using Quarkus and some of the lesser known features, extensions and development techniques.
In the ever-evolving landscape of technology, enterprise software development is undergoing a significant transformation. Traditional coding methods are being challenged by innovative no-code solutions, which promise to streamline and democratize the software development process.
This shift is particularly impactful for enterprises, which require robust, scalable, and efficient software to manage their operations. In this article, we will explore the various facets of enterprise software development with no-code solutions, examining their benefits, challenges, and the future potential they hold.
Atelier - Innover avec l’IA Générative et les graphes de connaissancesNeo4j
Atelier - Innover avec l’IA Générative et les graphes de connaissances
Allez au-delà du battage médiatique autour de l’IA et découvrez des techniques pratiques pour utiliser l’IA de manière responsable à travers les données de votre organisation. Explorez comment utiliser les graphes de connaissances pour augmenter la précision, la transparence et la capacité d’explication dans les systèmes d’IA générative. Vous partirez avec une expérience pratique combinant les relations entre les données et les LLM pour apporter du contexte spécifique à votre domaine et améliorer votre raisonnement.
Amenez votre ordinateur portable et nous vous guiderons sur la mise en place de votre propre pile d’IA générative, en vous fournissant des exemples pratiques et codés pour démarrer en quelques minutes.
Code reviews are vital for ensuring good code quality. They serve as one of our last lines of defense against bugs and subpar code reaching production.
Yet, they often turn into annoying tasks riddled with frustration, hostility, unclear feedback and lack of standards. How can we improve this crucial process?
In this session we will cover:
- The Art of Effective Code Reviews
- Streamlining the Review Process
- Elevating Reviews with Automated Tools
By the end of this presentation, you'll have the knowledge on how to organize and improve your code review proces
Enhancing Research Orchestration Capabilities at ORNL.pdfGlobus
Cross-facility research orchestration comes with ever-changing constraints regarding the availability and suitability of various compute and data resources. In short, a flexible data and processing fabric is needed to enable the dynamic redirection of data and compute tasks throughout the lifecycle of an experiment. In this talk, we illustrate how we easily leveraged Globus services to instrument the ACE research testbed at the Oak Ridge Leadership Computing Facility with flexible data and task orchestration capabilities.
Need for Speed: Removing speed bumps from your Symfony projects ⚡️Łukasz Chruściel
No one wants their application to drag like a car stuck in the slow lane! Yet it’s all too common to encounter bumpy, pothole-filled solutions that slow the speed of any application. Symfony apps are not an exception.
In this talk, I will take you for a spin around the performance racetrack. We’ll explore common pitfalls - those hidden potholes on your application that can cause unexpected slowdowns. Learn how to spot these performance bumps early, and more importantly, how to navigate around them to keep your application running at top speed.
We will focus in particular on tuning your engine at the application level, making the right adjustments to ensure that your system responds like a well-oiled, high-performance race car.
AI Fusion Buddy Review: Brand New, Groundbreaking Gemini-Powered AI AppGoogle
AI Fusion Buddy Review: Brand New, Groundbreaking Gemini-Powered AI App
👉👉 Click Here To Get More Info 👇👇
https://sumonreview.com/ai-fusion-buddy-review
AI Fusion Buddy Review: Key Features
✅Create Stunning AI App Suite Fully Powered By Google's Latest AI technology, Gemini
✅Use Gemini to Build high-converting Converting Sales Video Scripts, ad copies, Trending Articles, blogs, etc.100% unique!
✅Create Ultra-HD graphics with a single keyword or phrase that commands 10x eyeballs!
✅Fully automated AI articles bulk generation!
✅Auto-post or schedule stunning AI content across all your accounts at once—WordPress, Facebook, LinkedIn, Blogger, and more.
✅With one keyword or URL, generate complete websites, landing pages, and more…
✅Automatically create & sell AI content, graphics, websites, landing pages, & all that gets you paid non-stop 24*7.
✅Pre-built High-Converting 100+ website Templates and 2000+ graphic templates logos, banners, and thumbnail images in Trending Niches.
✅Say goodbye to wasting time logging into multiple Chat GPT & AI Apps once & for all!
✅Save over $5000 per year and kick out dependency on third parties completely!
✅Brand New App: Not available anywhere else!
✅ Beginner-friendly!
✅ZERO upfront cost or any extra expenses
✅Risk-Free: 30-Day Money-Back Guarantee!
✅Commercial License included!
See My Other Reviews Article:
(1) AI Genie Review: https://sumonreview.com/ai-genie-review
(2) SocioWave Review: https://sumonreview.com/sociowave-review
(3) AI Partner & Profit Review: https://sumonreview.com/ai-partner-profit-review
(4) AI Ebook Suite Review: https://sumonreview.com/ai-ebook-suite-review
#AIFusionBuddyReview,
#AIFusionBuddyFeatures,
#AIFusionBuddyPricing,
#AIFusionBuddyProsandCons,
#AIFusionBuddyTutorial,
#AIFusionBuddyUserExperience
#AIFusionBuddyforBeginners,
#AIFusionBuddyBenefits,
#AIFusionBuddyComparison,
#AIFusionBuddyInstallation,
#AIFusionBuddyRefundPolicy,
#AIFusionBuddyDemo,
#AIFusionBuddyMaintenanceFees,
#AIFusionBuddyNewbieFriendly,
#WhatIsAIFusionBuddy?,
#HowDoesAIFusionBuddyWorks
Zoom is a comprehensive platform designed to connect individuals and teams efficiently. With its user-friendly interface and powerful features, Zoom has become a go-to solution for virtual communication and collaboration. It offers a range of tools, including virtual meetings, team chat, VoIP phone systems, online whiteboards, and AI companions, to streamline workflows and enhance productivity.
May Marketo Masterclass, London MUG May 22 2024.pdfAdele Miller
Can't make Adobe Summit in Vegas? No sweat because the EMEA Marketo Engage Champions are coming to London to share their Summit sessions, insights and more!
This is a MUG with a twist you don't want to miss.
Unleash Unlimited Potential with One-Time Purchase
BoxLang is more than just a language; it's a community. By choosing a Visionary License, you're not just investing in your success, you're actively contributing to the ongoing development and support of BoxLang.
AI Pilot Review: The World’s First Virtual Assistant Marketing SuiteGoogle
AI Pilot Review: The World’s First Virtual Assistant Marketing Suite
👉👉 Click Here To Get More Info 👇👇
https://sumonreview.com/ai-pilot-review/
AI Pilot Review: Key Features
✅Deploy AI expert bots in Any Niche With Just A Click
✅With one keyword, generate complete funnels, websites, landing pages, and more.
✅More than 85 AI features are included in the AI pilot.
✅No setup or configuration; use your voice (like Siri) to do whatever you want.
✅You Can Use AI Pilot To Create your version of AI Pilot And Charge People For It…
✅ZERO Manual Work With AI Pilot. Never write, Design, Or Code Again.
✅ZERO Limits On Features Or Usages
✅Use Our AI-powered Traffic To Get Hundreds Of Customers
✅No Complicated Setup: Get Up And Running In 2 Minutes
✅99.99% Up-Time Guaranteed
✅30 Days Money-Back Guarantee
✅ZERO Upfront Cost
See My Other Reviews Article:
(1) TubeTrivia AI Review: https://sumonreview.com/tubetrivia-ai-review
(2) SocioWave Review: https://sumonreview.com/sociowave-review
(3) AI Partner & Profit Review: https://sumonreview.com/ai-partner-profit-review
(4) AI Ebook Suite Review: https://sumonreview.com/ai-ebook-suite-review
Navigating the Metaverse: A Journey into Virtual Evolution"Donna Lenk
Join us for an exploration of the Metaverse's evolution, where innovation meets imagination. Discover new dimensions of virtual events, engage with thought-provoking discussions, and witness the transformative power of digital realms."
Check out the webinar slides to learn more about how XfilesPro transforms Salesforce document management by leveraging its world-class applications. For more details, please connect with sales@xfilespro.com
If you want to watch the on-demand webinar, please click here: https://www.xfilespro.com/webinars/salesforce-document-management-2-0-smarter-faster-better/
A Study of Variable-Role-based Feature Enrichment in Neural Models of CodeAftab Hussain
Understanding variable roles in code has been found to be helpful by students
in learning programming -- could variable roles help deep neural models in
performing coding tasks? We do an exploratory study.
- These are slides of the talk given at InteNSE'23: The 1st International Workshop on Interpretability and Robustness in Neural Software Engineering, co-located with the 45th International Conference on Software Engineering, ICSE 2023, Melbourne Australia
A Study of Variable-Role-based Feature Enrichment in Neural Models of Code
Digital framework for payday lending process
1. Digital Framework for Payday Lending Process.
India’s Domestic Credit Growth [2000 - 2020] shows a turbulent trend in credit availability. It is
depressingly trending downhill especially since 2019-20. Hence, non-banking avenues to avail
credit including payday loans seem to be thriving. In fact, an estimated Rs 400 crores
are disbursed on a monthly basis by Payday loan companies in India. While they are certainly
not a bargain or an alternative in the world of personal finance and traditional banking, it
certainly is looked upon as an “easy fix” or an “instant liquidity solution” for ultra-short-term
cash flow issues.
Payday loans are ultra-short term unsecured loans i.e. to be paid within 1 to 30 days, or whatever
your decided pay-date is. Unlike traditional loans, these are costlier wherein a daily interest of 1-
1.5% is usually charged, which keeps accumulating until the borrower settles the loan amount in
full. Hence, the borrower is in complete control to pay either by the decided pay-date or add
more interest to the principal amount until the loan is settled. In short, Payday loans are short-
term high-cost loans that are availed by people during liquidity crises either at the time of
emergencies or during cash-crunch for personal needs. People who have a bad credit history, low
credit score, zero/minimal savings, no credit card, or low credit limits tend to opt for Payday
loans.
Payday lending majorly relies on existing customers, low-income minority groups, or millennials
who’d consume more than save for rainy days. Payday loan companies notoriously charge
exorbitant daily interest, and unrealistic payback plans to capture people in a debt-trap. However,
in India, we are witnessing a new paradox in Indian banking: Rising of unsecured loans amid
lower credit scores. Interestingly, as digitization continues to rise parallelly, the possibilities are
endless for the Payday companies to innovate. Payday loans save the day during ultra short-term
needs.
While the lack of technical know-how and the fear of disruption of existing operations leading to
a halt in business might discourage or overwhelm Payday loan companies, the worry is
pointless.
Read on to know how technology has so seamlessly fit into the existing processes of Payday loan
origination and management that it has only resulted in enhanced speed, accuracy, and
transparency.
We lay down the process and tech framework to enable payday lending.
2. On-board new customers-
o Collect the following basic information on a digital application on a website or
mobile application in minutes.
Identity
Place of residence
Employment status
Loan amount, etc
The application can enable the customer to apply for loans, view existing
application status, and effectively track payments and interest of the sanctioned
loans in one place, without any/minimal human interaction.
o Procure documents such as salary slips, bank statements, Aadhar, PAN card, etc
for KYC verification through digital scanning in no time
o OCR (optical character recognition) can confirm the authenticity of the
PAN/Aadhar card. An integration with NSDL for PAN verification can be done.
o There are many fintech companies that can accurately analyze, and verify bank
statements.
o Meanwhile, an automatic backend integration using an API (application
program interface) from credit agencies such as CIBIL, CRIF, Equifax,
Experian, etc will pull out the entire borrowing history of the person.
o Make an IVR (interactive virtual response) telecall to confirm the status and
details of the customer. This also takes digital consent from the customer.
o Online disbursement of loans using banking integration saves time and effort in
disbursements and reconciliation.
o Recollection of loan/debt recovery through the payment gateway or UPI.
o Constant communication and automated updates sent to the customer using
social channels like WhatsApp, Emails, and SMS.
o Successful digital loan servicing and settlement of the loan.
As we see, the entire Payday loan origination and management can be efficiently managed
without much human intervention on the front-end, with the processes that took hours or days
shrunk to minutes.
3. Digitization has led to a spike in customer retention as many companies can use multiple
communication channels to touch base with the existing customers. If the existing customers
want to re-apply for a loan, it can be done in minutes.
One cannot deny that Payday loans are solving the ultra-short-term credit problems, especially in
case of emergencies; an avenue that banks are not capable of serving yet.
With digitization, it is becoming an “instant solution” during the cash crunch. Many start-ups and
NBFCs are riding this digital bloom and widening the scope of innovation in the lending
industry. Technology is allowing the payday lending industry to reduce its dependency on human
resources and thus eliminate the risk of errors and frauds in operations. It also helps the
companies analyze the data to further refine and optimize the processes for maximum
productivity. Besides, as borrowing habits change, Indian loan startups hit payday, meaning
healthy competition in the industry. All in all, even though the payday loans are unsecured, with
responsible aware consumers, ethical practices, legal monitoring, and most importantly
digitization, it’s future can definitely be secured.