Digital Lending: Online Money Transfer in India for Fintech Brands
The “time to decision” for small and medium enterprises is approximately 3-5 weeks. Digitizing credit offers significant benefits to customers and banks. Digitization has become the norm for retail credit processes. Personal loan and other related services are becoming less time consuming with the digital transformation. Banks are now giving priorities to SME lending. The opportunities in such cases are always high. The key factors for choosing any digital lender are shorter approval and disbursement times.
Beating the cash crunch has become significantly easy as one just needs to have a good digital lending partner. Many Fintech startups have come up with such revolutionary ideas and raised 2.5 billion $ in the last 7 years. The major benefit for customers here is that they don’t have to worry about their age and credit scores.
The major obstacles in this digital revolution is the data acquisition and usage. An agile approach is required to deliver such online money transfer in India. The conventional mechanisms won’t work in a digital world. Whatsapp has shown interest to enter in this domain. The tech-giant company Google cannot remain silent, so it has plans for Google Pay that can offer short term loans.
Paymonk, a rapidly growing full service Fintech Solutions Organization, provides cutting edge integrated Digital Financial Transaction Platform to its customers in India, North America, Europe & Africa. It has a vast retail network for digital lending services. Over the next two years, almost 400 million people are estimated to join the digital lending channels.
For more info, visit: http://paymonk.com