Digital lending is the process of offering loans that are applied for, disbursed, and managed through digital channels, in which lenders use digitized data to inform credit decisions and build intelligent customer engagement.
significant
Digitization of the lending process brings a number of powerful benefits for banks, including better decisions, improved customer experience, and significant cost savings. It is also a complex and challenging project
loopholes
These apps usually charge excessive rates of interest and also have hidden charges. The applications can misuse the consumer's data or can access data on mobile phones of the customers for selling purposes
advantages
1. Quantifiable improvements in loan origination speed;
2. Greater consistency in lending decisions;
3. Better ability to meet compliance requirements; and.
4. Continual improvement in lending efficiency and portfolio performance through the use of analytics.
Answers & Comments
Answer:
Digital lending is the process of offering loans that are applied for, disbursed, and managed through digital channels, in which lenders use digitized data to inform credit decisions and build intelligent customer engagement.
significant
Digitization of the lending process brings a number of powerful benefits for banks, including better decisions, improved customer experience, and significant cost savings. It is also a complex and challenging project
loopholes
These apps usually charge excessive rates of interest and also have hidden charges. The applications can misuse the consumer's data or can access data on mobile phones of the customers for selling purposes
advantages
1. Quantifiable improvements in loan origination speed;
2. Greater consistency in lending decisions;
3. Better ability to meet compliance requirements; and.
4. Continual improvement in lending efficiency and portfolio performance through the use of analytics.
Answer:
upper answer is correct