Why we love Instant Lending (And You Should, Too!! )

Life is full of uncertainties and throws surprises at us at every moment. There are instances when we quickly need cash—for a broken-down car, an upcoming anniversary gift, back-to-school expenses or a small investment for your business. Credit cards help at times, but getting one is a multi-step process and carries the risk of being maxed out. While you can ask a friend for help, owing money is an awkward situation that can strain or even terminate a friendship. For these reasons and more, obtaining a loan is one of the most strategic ways of obtaining some much-needed currency. Yet, some of the major difficulties a person faces in getting a loan are the waiting times and uncertainties of the loan decision process, which can prompt customers to apply for multiple loan applications to increase the approval probability.

Today’s banking and personal finance ecosystem is seeing a marked rise in the demand for personal loans, corporate loans and other forms of financial assistance. The overall lending growth in GCC is expected to rise by 3-4 percent in 2018-2019[5]. One of Nigeria’s leading loan comparison sites recorded a 29% increase in the demand for personal loans since the country’s 2016 currency devaluation. [3] Another interesting stat shows that about 12.8% of population in UAE is actively seeking a loan. Throughout this region, it is evident that the concept of instant service and turnaround time is high on today’s customer wish list. [1].  In particular, millennial prioritize the ability to bank anytime and anywhere and are driving the demand for more innovative methods to meet their banking needs.

In the vastly competitive banking sector, early adopters who harness digital technologies that improve their service offerings enjoy the greatest advantage and customer satisfaction. For example, Asia Pacific banks are working to meet the growing demands of their markets by improving the loan disbursement times for the unsecured loans. As a result of improved personal loan turnaround times, companies have achieved greater efficiency, reduced their costs and delivered a more satisfying customer experience. Yet, there remains a gap prevalent between emerging and the mature markets: the turnaround time for personal loans and credit cards range between one hour to 2.5 days in the mature market, whereas, the emerging markets can require up to four days to achieve the same result. [2]

Here at Monami Tech, we believe that the best way to keep up at this age of instant gratification is to offer customers faster loan approval and processing times. Financial solutions have to be more responsive than ever to accommodate clients’ busy schedules, especially since today’s customers are disinterested in going through traditional branch channels. With the current market research, we find that the major gap is in disbursing loans with a great deal of convenience and security.

That’s why we created Lendme, a friction-less digital service for financial institutions to provides instant loans at the point of purchase or through an easy-to-use mobile app. Lendme is a seamless digital experience that eases the loan approval process. With Lendme, getting a loan is a breeze—it instantly analyses and approves loans, empowering customers to meet their financial obligations, whatever they may be. With a customisable white label solution and built-in process for electronic submission, digital validation, merchant integration and ID automation, Lendme can be deployed across multiple channels, from e-commerce to merchants and through mobile. Customers can apply for loans at the comfort of their homes and receive approval/denial almost instantly.

Whilst the traditional risk-scoring methods of evaluating the applicant’s salary, job history and credit score are still the core of credit decisions for personal loans, a wider array of data with the potential to provide a more comprehensive risk profile is now available. This alternative approach is largely driven by social media influence using a complex algorithm that aggregates data from social media accounts by evaluating the circle of friends, browsing behavior and frequency of interaction  to establish a rating. Lendme differentiates itself by taking advantage of unprecedented amount of information brought about by the social media explosion that can better evaluate an applicant’s creditworthiness.

Lendme thus offers numerous benefits to financial institutions by

  • Creating new customer segments
  • Generating new revenue streams
  • Streamlining the loan approval process
  • Providing software as a service model (SaaS)

Lendme gives a new meaning to loans promoting better fiscal responsibility than traditional credit methods.

To learn more, visit us at www.monamitech.com

 

 
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Introducing the new instant loan application, Lendme. You can now have customers get quotes, register and apply virtually anywhere.