There is currently a massive investment cycle taking place in the digital transformation space. Superlative experiences with non-banking industries such as retail and communications have left an indelible mark on consumers’ mind. Naturally, their expectations from banks and lending institutions have gone up. This is set to deliver a total revamp to the legacy lending infrastructure, which is not adequate to support new modes of engagement. In response to increasing competitive pressures and people’s rising expectations, financial institutions are investing aggressively in digital transformation projects. As a result, everything is going online. For instance, it will take just a few minutes to apply online for personal loans at Standard Chartered Bank. Want to check? Click here.
The frontiers of innovation are led by the desire to forecast and predict things accurately. Various tools are being developed to deliver cutting-edge predictive capabilities. The two common threads are blockchain and artificial intelligence (AI). These two technology paradigms are continuing to be used to disrupt the financial services industry. AI, in fact, can take predictive analytics to the next phase i.e. growth in cognitive computing. As a result, AI is being used to do things never attempted before. For instance, AI is being used to build a profile data-based lending scores for borrowers who don’t have a conventional credit score but needs credit like personal loans. Such progress can help such borrowers tap personal loans to meet their emergency financial needs. Check out Standard Chartered’s personal loan offering here.
Some loan products are required at a short notice. For instance, people usually look for a personal loan when they are in dire need of quick funds. While the application process is online, processes like a mixture of offline document collection, sending them back to central credit risk and evaluation team and then to loan amount disbursal department, can eat up a lot of time. Lenders realize that decision-making needs to be faster. That’s why a lot of investments are going into quickly verifying borrower data, then using it to arrive at a decision and sharing the same with the other teams. Real-time decisions are the way forward, where the gap between actual loan approval and loan application for all types of borrowers will just be a few seconds. As technology grows and its power is harnessed more efficiently, such progress may happen very soon. Interested in getting a personal loan fast? Apply online at Standard Chartered Bank and start right now.
As customers become savvier and demand technology, financial institutions will embrace and adopt technology in a faster way. Speed of execution will lead to faster forecasts and spotless calculations. As a borrower, you will get more simplified loan solutions at attractive rates, tailored to your specific needs. Welcome to a new era of banking and loans.