AI-powered platform enables a 90% reduction in average loan disbursal time and a 60% reduction in the cost of acquisition per loan
BUSINESSNEXT, a universe of composable enterprise solutions to banks and financial services, announced the launch of its cloud-based Digital Lending Platform 3.0. Leveraging AI-driven automation, codeless digital journey designers, and private cloud landing zones, the platform aims to provide end-to-end modernized lending solutions with absolute regulatory compliance to deliver a superfast lending experience.
The platform will enable banks and financial institutions to achieve the following outcomes:
- 90% reduction in avg. loan disbursal time
- 90% automated approvals across retail, corporate, and SME lending products
- Increase in digital channel revenues by 5X
- 60% reduction in the cost of acquisition per loan
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The platform digitizes the complete lending process – from application to disbursement – to both existing and new bank customers. It enables over 200 lending products such as auto, gold, personal, and agri loans among others with enhanced operational efficiency and a faster turnaround time. Leveraging AI, machine learning algorithms, and its ecosystem connectors including income analysis and eKYC, the platform will enable faster onboarding with minimal data entry from customers.
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Commenting on the launch, Vishal Pruthi, SVP & Head Southeast Asia, BUSINESSNEXT said, “BUSINESSNEXT’s foray into the southeast Asia market underlines our commitment to deliver on the digital transformation and financial inclusion agenda of the region. A transformative immersive customer experience is the real benchmark of the efforts in this arena. However, this is also the biggest and consistent roadblock that Digital Lending companies face. The right technology architecture streamlines the processes & simplifies complex digital journeys. Our digital lending platform ensures the lending process is more efficient and convenient for both lenders and borrowers.”
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