Ready in digital mode
Today, the scenario is rapidly changing, where, among other things, the systems and procedures that govern the banking system are undergoing a transformation, with technology playing a crucial role.
In other words, with the advent of technology, banking services have witnessed a dramatic reach where customers now avail products and services at the click of a button, without physically going to bank branches.
However, the lending system has not fully adapted to the power of technology. Despite having appropriate technology in place, banks did not promote digital lending systems and continued to rely on traditional systems to process loans.
It was only after the outbreak of a coronavirus-induced pandemic that left banks with no choice but to fully integrate technology into their operations. Today we can measure that the impact of COVID-19 on the financial system has been enormous.
Changes triggered by pandemic-induced closures, closures and mobility restrictions to curb the spread of the virus have been behind the growth of all types of finches which, among others, include one of the operations essentials of the banking system – lending.
During the more than two-year period of the ongoing pandemic, lending is changing rapidly on the digital platform. Today, digital lending has become a buzzword in the banking system as people have quickly become immune to digital transactions, where they physically avoid going to their bank branches and prefer cashless transactions.