![]() ![]() Banks must respond with easier do-it-yourself application process, faster credit decisions, predictive lending, and innovative borrowing options. Bank of Baroda Fintech Loans –BenefitsĬonsumers puts a high value on time, personalized experiences, easier processes, and multiple engagement channels for choosing their Lender. Fintech lending also makes use of alternate data sources like utility bills payment history, EPFO, Vahaan registration, Udyam Registration, etc. Further, it involves system driven approvals as against Discretionary Lending Powers based approvals granted in traditional lending.įintech Lending leverages digitally verifiable cash flow oriented and non-traditional data sources for credit profiling of a potential borrower and reduces reliance on obtaining and analyzing traditional data sources such as audited/unaudited financial statements and full-fledged estimated/projected financial statements and derived financial ratios. How does Fintech Lending differ from Conventional Lending?įintech Lending indicates a shift from traditional balance sheet based underwriting mechanism leveraging a digitally verifiable cash flow-based lending criteria. The applicant needs to execute the loan documents by visiting the branch personally for disbursement of loan. Before sanctioning a conventional loan, banks first look into the following things: Such loans can be obtained after visiting the Lender’s branch and sanctioning the loan application requires human intervention. What is a Conventional Loan?Ĭonventional loans are offered to customers based on the traditional method of the lending process. ![]() These partnerships have opened windows for value additions in terms of acquisition of new to bank customers with better due diligence, better marketing opportunities and faster services delivery.īank has tied up with 18+ Fintech players with 100+ digital integrations, for the purpose of digital analysis of Bank statement, GST and ITR, Udyam, e-signing, EPFO, Vahaan, Mobile metadata & SMS scrapping, etc. ![]() Bank has integrated its systems with Fintechs using APIs to streamline business operations.īank has entered into partnerships with various Fintech companies operating in in the area of credit scoring model based on alternate data sources, algorithm based lending, invoice discounting/factoring, credit information aggregator, etc. Platform approach creates synergy amongst all stakeholders and is co-created with the spirit of collaboration. Our partnerships have helped new age fintech companies to calibrate their ideas/solutions. Fintechs creates seamless customer on-boarding and credit disbursement processes with tech-enabled, mobile-friendly platforms that can replace physical interactions with remote loan applications.īOB is pioneer in recognizing the need of collaboration with fintech companies. How does Fintech Lending differ from Conventional Lending?įintechs are playing a pivotal role in revolutionizing credit ecosystem by creating alternative lending channels that offer significant advantages to both Bank and borrowers. ![]()
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