The backbone of a successful lending business is technology that is agile, seamless and cost-efficient
The online lending industry has seen explosive growth in recent years. By 2015, online lenders had disbursed an estimated 1 million loans worth nearly $12 billion, mostly to small businesses and consumers. Some forecasts peg the size of this industry to reach $1 trillion by 2025.
Whether you are an existing financial institution (NBFC)/traditional lender looking to expand your business online or a new entrant in the online lending space, what remains key is getting the business model and infrastructure right to differentiate your venture from the other players in your market.
You need technology that is cutting-edge, scalable and flexible to grow with your business. Time to market is absolutely critical in this business and partnering with a technology provider that can get you up and running in 30 days could get your online lending business off the starting blocks miles ahead of competitors.