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Smart Lending Updated On : September 2017
ď‡ The word Smart once meant fashionable, stylish, chic, modish and so on. Normally it was used as an attribute to humans, and in some cases to pets. "Smart" of late has outgrown its original definition. We have now, smart buildings, smart cities, smart phones etc., Business processes that involve a set of predefined actions or events automated in workflows also deserve a precursor "Smart". Smart solutions are not simply fancy statements. Applications on lending, trading, health care are being developed as a smart solution. The BFSI sector is highly process driven and efforts have been put in place to address efficiency,accuracy and security of financial transactions, that demand very stringent regulatory controls and MIS through adopting Core Banking Solutions. Core banking solutions, enabled customers to do smart banking. More customer centric approaches are required in the portfolios of borrowing and lending of banks. Now the banks are more focussed in lending to improve their spread. The actual lending process goes through a series of events. To cite a few, customer capture, credit appraisal, KYC norms, collateral management, inspection, disbursement, monitoring asset quality, repayment, recovery, and closure of accounts. The lending systems in vogue are partly automated, controlled in disparate systems and partly manual. For years, lenders have employed relatively static, tedious and highly complex lending models that lacked focus on consumer interest, experience, preferences and priorities. In this, context, smart lending is a natural corollary, given that core banking solutions and payment systems are already in place. Smarter, faster, agile commercial lending: the future is all-in-one Smart lending solutions at the centre seems to be artificial intelligence based new software algorithms that price and rate individual as well as business credit. Moreover, thanks to digitalization, paperless (digital) processing seems to have eliminated the slow and tedious pushing of paper between retailer, borrower and lender. Take a peek at the features of smart lending solutions.
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