Financial accessibility has been a challenge from the beginning of the banking. But with the advent of digital finance, this challenge has created a great opportunity for all the players involved- banks, nonbanking entities, customers, and even led to the inclusion of those underbanked or unbanked. One of the most transformative solutions in the digitization of banking is digital lending.
Digital lending transforms traditional credit products and services, and empowers both financial entities and customers with: better credit decisions; streamlined, “stickier” customer experience; and significant time and cost savings.
And now with COVID, the need for digital lending has never been more crucial. Compulsory confinement, social distancing, and remote work has altered the everyday lives of everyone, including their finances. Although, the adoption of digital channels, electronic payments, and remote working were made popular pre-COVID, now they have become even more essential components of financial users.
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