Best Digital Lending Approach - CloudBankin – A digital loan software by Habile Technologies

Which is correct in digital lending?

First Approach:
1) Collect a lot of data from the borrower 
2) Analyse a complete 360 degree of a borrower
3) Finally, give him a Loan offer
4) Disburse
Time taken to Disburse = 15 mins

Second Approach:
1) Collect minimal data from the borrower
2) Instantly give him a soft approval  
3) Then, collect a few more information from the borrower
4) Analyse a complete profile of the borrower
5) Only if there is a deviation, ask for more information. Or else Disburse
Time taken to Disburse = 15 mins.

In both approaches, the TAT is the same.

The first approach doesn’t work for this new generation.

According to me, the best approach is the second one, as the soft approval happens in less than 1 minute. Here, the stickiness of the borrower increases to 80% as he knows he got the result.

This new generation doesn’t have patience. They want everything fast like instant coffee, instant delivery, etc. 

What is the best approach for you?

#ManiSpeaksMoney #DigitalLending #Fintech

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