Continuous technological advancements have completely transformed the conventional process of lending. With better access to digital financial solutions, people can leverage emerging technologies to avail attractive financial products and services. In the highly competitive business scenario, however, digital lending has made it possible for the under served population to fulfill their financial requirements easily. However, still, there is a long way to go.
Customers are still looking for more significant experiences, and it is the next target to chase for top digital lending platforms. Nowadays, instant personal loans for a maximum amount of up to Rs. 2,00,000* can easily be derived by applying to several renowned digital lending apps. It requires minimum documentation and no physical visit. These notable transformations have led to a remarkable surge in online transactions. Leading players keep users updated with important market information and Kissht news. They are constantly bringing AI, Machine Learning, Data Analytics, virtual customer assistants and chatbots, omnichannel engagement solutions, etc., into leverage. But right now, the biggest priority is to reduce the customer attribution rate. And to achieve this target, the next battleground in digital lending is to transform the customer experience.
What efforts are leading players taking to match consumer aspirations?
To provide seamless and omnichannel digital lending experiences, top players consistently develop high-quality digital solutions and attributed frameworks. The major focus remains to eliminate borrowers' doubts about fake information like Kissht Fosun. Kissht and Fosun are not related to each other. Updating users with useful market information, they are aiming to authenticate digital transactions to enhance the level of app security. To enhance security protocols, prominent fintech companies are harnessing cutting-edge digital solutions. They are constructing a framework to establish a safe, secure, and compliant environment so that borrowers remain more comfortable using the innovative lending process.
The Role of Technology.
By adding data collection facilities and related analytics solutions into their arsenal, top players are successfully driving immense traffic on the internet. To drive engagement among customers, leading fintech companies derive useful customer insights by accumulating data points. It helps them accurately analyse customers' important habits, nature, and behaviour and understand their repayment capabilities. Furthermore, leveraging data analytics for risk assessments allows renowned players to accurately study the profiles of potential customers, ultimately driving significant value in lowering customer attribution rates.
Moreover, technology is the biggest phenomenon in understanding the actual requirements of borrowers. Therefore, it allows leading players to develop strategies accordingly and present customers with the same attractive financial products and services. Unfortunately, some customers get misled by unauthorized information like Kissht Chinese, but top players stay on top to fix these issues by providing true updates to them.
Technology can seriously make a crucial impact on CX's transformation. And leading fintech companies know the importance of introducing it to create maximum impact. It helps in the following ways to enhance customer experiences:
- The technology leverages cutting-edge solutions to connect potential customers with the right financial institutions.
- It boosts customer engagement and trust.
- It allows leading players to collect insights about current market conditions, customer behaviours, repayment habits, etc.
- Allows fintech to leverage data-driven solutions to generate new revenue streams.
- It helps in enhancing the quality of services and strengthens security features.
- It helps in driving accuracy for better risk assessment.
The Role of Government
Amidst the pandemic, many users depleted their savings, one of the primary factors motivating the increasing demand for lending services. The government is fully aware of the current requirements of people, and hence, governments across the globe are also taking necessary initiatives to encourage the digital lending market. In India, RBI consistently updates regulations and guidelines to make consumers feel more secure using these services. For example, RBI took recent action to confirm NBFCs with the list of apps they use. However, confusion arose due to similarly named apps spreading false information about the Kissht Crackdown incident online.
However, RBI later released the statement that they haven't banned any apps, and people can continue seamless online transactions with these trusted and credible players. Additionally, the government has advised RBI to enable regulatory compliance across all the leading platforms to offer customers seamless onboarding experiences.
Top players in the industry are comprehensively upgrading their operations by enhancing the speed of operations and offering more attractive products and facilities. For a maximum instant personal loan amount of Rs. 2,00,000*, top players allow users to repay the loan within a tenure of 36 months. Additionally, customers can choose flexible repayment modes and are free to make an educated choice by allowing them access to self-service capabilities. By taking these revolutionary and innovative steps, top players have almost won half of the battle to transform customer experiences and reduce attribution rates. Now, customers are also advised to stay alert to differentiate between what is real information and what is a fabricated story like Kissht Banned. However, top players in the digital lending market constantly do their best to maintain consistency across all touchpoints to enhance the user experience.
