DUBLIN, Dec 3 2021 / PRNewswire / – The “Business Loan Applications in India: The Researched Insights to Enhance Customer Experience report “has been added to ResearchAndMarkets.com offer.
The digital lending market is expected to show accelerated growth between 2019 and 2025. The digital lending market in India is about to switch from 110 billion dollars in 2019 at 350 billion dollars in 2023. This will improve the digital lending market share from 23% in 2018 to 48% by 2023.
This will make the digital lending sector the highest penetration sector through digital channels in India. The main reasons for the growth of MSMEs, startups, increasing penetration of internet and smartphones, are pushing towards digitalization and government reforms. The Reserve Bank of India (RBI) estimates the total demand for addressable credit by MSMEs in the country at 490 billion dollars.
This report serves as an introduction for all who wish to gain insight into the fun factors that lead to a better customer experience for users of business lending applications in India.
Business lending apps, instant lending apps, digital lending platforms, nonbank financial corporations (NBFCs), FinTechs and other stakeholders will benefit from understanding the customer experience of thousands of people who have borrowed business loans using apps.
General view of Loan applications
It is generally known that traditional banks take a long time to process a business loan application. While other forms of loan such as money lenders are known to charge high interest rates, this leaves an urgent need to find common ground.
In all this financial setup, business loan applications have emerged as a solution to provide instant business loans. Business Loan applications use digital technology for loan application, document verification and loan disbursement, thereby speeding up the entire loan process.
Digital lenders have come of age because they have the advantage of speed and adaptability to assess and disburse loans faster. These loan applications offer a wide range of alternative loan options, such as working capital loans, lines of credit, start-up loans, and cash advances to merchants.
In India, the demand for credit from MSMEs is 490 billion dollars according to the Reserve Bank of India (RBI). But unfortunately, the overall supply of formal sources is low $ 192 billion.
This huge credit spread of about 330 billion dollars suggests that traditional banks and financial institutions are unable to serve this segment of borrowers for reasons such as lack of credit history and lack of proper documentation. This gap is leading to the rise of NBFCs and digital lending platforms that make them a business opportunity.
Importance of customer experience management
As financial products such as business loans become increasingly commoditized, digital lenders have realized they need to provide a seamless and comfortable âcustomer experienceâ to create competitive differentiation.
From this report, lenders can assess what their customers want from their products. By listening to their needs and demands, lenders can fine-tune their offerings to deliver an exceptional customer experience.
This report also helps lenders discover the strengths of their competition so that they can compete and outperform their competition. Lenders can identify exactly where they are good at and where their competition is doing better.
India is home to a growing FinTech lending ecosystem. Application-based business loans to MSMEs generate continued interest from investors. There is huge room for improvement provided digital lenders understand what makes a borrower happy. For this, the mere act of reviewing a few complaints once a year will never be able to identify the real reason.
Using this detailed research report, lenders can look at the big picture to come up with a list of the top drivers of pleasure that customers are looking for in a loan application.
- If you’re an NBFC, FinTech, Business Lending App, Instant Lending App, Digital Lending Platform, or Digital Lender – Understand what it takes for a great customer experience and be more competitive.
- If you are a consultant, advise your clients in a more informed way.
- And if you are an investor, use it to make the right investment decision.
What is covered in the report?
1. Introduction and a brief overview of commercial loan applications in India
2. Analysis of the competitive landscape and profiles of the major players operating in the market
3. Customer conversations – Analysis of more than 3.5K Customer conversations that will allow brands to deliver smart and transparent customer experiences.
4. Top 5 Delight Drivers – What thrills a loan borrower when using business loan applications in India?
5. Analysis of each of the pleasure pilots
6. Explore each of the pleasure drivers as well as the key themes of the discussions
7. Verbatim Client – Hear what loan app users like and dislike about the apps
8. Brand Equity – Detailed overview of the ranking of brands according to each of the pleasure engines.
Why buy this report?
Banks or traditional lenders lend money to preferred customers who have excellent credit history.
But Indian Fintech startups are on the increase that are using digital technology to improve business lending to MSMEs that do not have sufficient credit history by offering fast business loans with minimal hassle.
Digital lenders, business lending apps, instant lending apps, digital lending platforms, nonbank financial corporations (NBFCs), FinTechs, and other stakeholders should read this report to learn how to improve the experience. customer by understanding their drivers of pleasure.
1. Better understand the engines that delight a business loan application user India
2. Develop strategies for marketing activities, entry into new markets, market expansion and other business plans by understanding market growth factors
3. Understand the strengths and weaknesses of the main competitors and react accordingly to take advantage of the market
Reason for the growth of Loan applications In India
Lack of access to finance has been cited repeatedly as a major bottleneck in the growth of micro, small and medium enterprises (MSMEs) in India. In FY2020, the total number of MSMEs in India was over 63 million.
But financial institutions are reluctant to provide loans to MSMEs due to certain challenges from the perspective of lenders and borrowers:
- Lack of formal financial data for credit assessment
- Lack of typical business loans that are suitable for an MSME
- Long process and long lead time for loan disbursement
- The requirement of collateral / guarantees by traditional lenders
- Very high interest rates
- Complex documentation and loan application procedures Potential market size
- Happy ready
For more information on this report, visit https://www.researchandmarkets.com/r/nknoqr
Research and markets
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SOURCE Research and Markets