The conversion in digital lending is 10x in one of India’s top-notch Private Sector Banks.
After analysing the data, the Banks concluded the below findings:
1) Providing a loan offer in 20 minutes, the drop is 1/4th
2) Providing the loan offer in a day (24 hours), then the drop is 1/10th
3) After providing the loan offer instantly, the conversion goes to 10x
Surprisingly, they also said that:
The Cost of Acquisition (CAC) of customers through digital is 1/10th vs the traditional way of acquiring customers.