Rising Digital Footprint Across the Lending Ecosystem | AU Small Finance Bank
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Rising digital footprint across the lending ecosystem

    By Sumana Sarkar, Autocar Professional
     

    Given the challenges of the pandemic, social distancing is a reality that we have all come to accept and adapt with. The concept of select banking services has undergone a complete re-haul in the current context. While digital transactions have been a part of our day-to-day lives for long, digital lending is now taking banking facilities to a different level altogether.

    Growing internet penetration, access to high-speed connection and overall convenience has also fueled the growth in digital lending in the past 18 months. In fact, the journey for customers have completely transformed. From having to physically visit the bank branch and present documents and details, it is all a click of a digital mouse away for most people now.

    According to a Boston Consulting Group study, it is possible that loans disbursed digitally may cross the $1 trillion mark, in terms of loan value, within the next two years. Given the financial uncertainty and the urgent need for personal mobility, auto loans comprise a reasonably sizeable chunk of this loan portfolio.

    In fact, AU Small Finance Bank has also recently launched its AU 0101 App. This app, like many other digital loan platforms, has advanced capabilities like Car Loan application via the app, instant Pre-approved loan checking and the like. Download the AU 0101 App today!

    With increasingly easy KYC linkages using Aadhar and growing acceptance of the digital platform amongst customers, financial institutions are also ramping up lending digitally. As the economy starts limping back to normalcy, we can see the exact impact of these digital endeavors in subsequent quarters.