Technology has disrupted every industry and it would not be unfair to suggest that the financial sector has quite significantly accepted the wrath of digital disruption. Mobile lending is one such disruptive trend that is on the rise.
Read on to learn the top benefits of mobile lending.
Efficient and Quick
The traditional method of processing a loan involves printing, scanning and electronic mailing of documents between the lender and the borrower. This lengthy process can get further cumbersome when revisions and re-sending of documents is required. Mobile lending eliminates such latency issues through streamlined, secure and speedy approvals and automated notifications. The time involved is also reduced thus adding more convenience to the borrower.
Access to better opportunities
The speed and efficiency of mobile lending allows businesses to grab opportunities instantly without missing them to redundant paperwork and procedures. This implies quicker growth and development for all customers.
Relief from exorbitant interest rates
In cases where clients are unbanked or from rural areas, predatory loans are often the only source of relief from the situation. A mobile lender is viewed as an alternative that can offer a permanent solution from such unwarranted situations.
Transparency in operations
Mobile lending allows better transparency in operations when compared to traditional loan processes and this is true especially in the case of mortgages. Mobile lending opens up communication between the lender and the borrower and the ubiquity of the mobile device is completely leveraged.
Above all, mobile lenders offer a smooth and desirable customer experience to all borrowers.