Since the past 5–6 years, the financial industry has significantly evolved due to the developments in infrastructure and advancements in technology. The lending & borrowing business model is witnessing a significant change, owing to the growing adoption of cloud & automation and intense competition among lenders globally. These technologies in finance are reducing the lines of distinction between the old and new age lending process, thereby resulting in lending & borrowing with ease and evaluating risk more precisely.

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Innovation is changing almost every part of the financing, including services such as credit. With the entry of new-age players to the market, driven by technology, banks and other financial institutions are not only the sole lender in the market. To remain competitive in the market, lending organizations and banking & non-banking institutions are leveraging advancements in digital marketing, artificial intelligence, machine learning, and cloud to change the landscape of the lending industry.

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LendTech helps in increasing digital business operations, thereby eliminates labor-intensive and time-consuming paper processes. Several organizations are significantly investing in developing LendTech solutions and are leveraging several technologies to distinctively position their competitive advantage. For instance, Upstart – a US-based online lending platform provider, has developed an algorithm to govern the safety of a loan based on several factors.

Few of the key happenings are detailed below:

• August 2019: Xiaomi launched a beta product of a digital lending platform, Mi Credit, which was launched in 2018. For developing this lending platform, Xiaomi partnered with KreditBee (a start-up) and invested $8 million.
• August 2019: Sagent Lending Technologies merged its auto business with Defi Solutions to provide technology solutions and services for lenders across the lending lifecycle, from origination and servicing to lease maturity management, remarketing and analytics, and digital engagement.
• August 2019: Jack Henry & Associates (a leading provider of technology solutions and payment processing) announced that its ProfitStars (an advanced commercial lending technology) has been catering to 500 banks, credit unions, and non-regulated institutions.

Conclusively, with the increasing adoption of technologies, lending technology will become more adaptive and will be supported by advancing hardware and software components. Considering the significant demand for enhancing borrower’s experience, LendTech will undoubtedly contribute significantly toward the lending industry globally.

– Rahul Kumar Pandey
ICT – Research Analyst
Infoholic Research