30 May, 2023
Lending has taken a gigantic leap in the digital era, with strong growth in microlending, checkout lending, buy-now-pay-later (BNPL), and peer-to-peer lending. The growth is triggered by accessibility, as these loans are available right on the mobile app and leveraging them takes only a few taps.
The lending space is also evolving rapidly, to accommodate the dynamic needs of borrowers. The difference between payments and lending is decreasing. With the digitisation of the entire banking and finserv ecosystem, the process of assessing the creditworthiness of a borrower has also completely transformed. Credit decisioning must evolve into a robust process that equips lenders to deliver fast while managing risks better.