New lending tech trends:
1) API-driven lending ecosystems which allow fintechs/lenders to get real-time connections with third parties. In turn, consumers receive a more personalized and flexible experience, eliminating the risk and cost of re-engineering functionality.
2) Data Analytics, AI, and ML advancements will persist as lenders transform into data-driven organizations; AI will ensure that simple, pragmatic use cases and data-driven leadership will be the frontrunners.
3) Account Aggregators, OCEAN, UPI-based lending, and Revenue-based financing (GST) are other trends that are booming in the Indian Fintech market.
4) End-to-end digitization like digital onboarding, rule engine as a service, origination and servicing. Thus, a painless lending process and reduced work for underwriters and loan officers.
In all this, borrower expectations take center stage. As the post-pandemic era unfolds, this year’s industry trends could become hallmarks of the future.
Can we say 2022 is a tipping point? What are the trends you’re observing in 2023?
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