As we delve deeper into reshaping the landscape of SME lending in the Middle East, the pivotal role of digital lending platforms emerges as a cornerstone for sustainable growth. In the second blog of our SME Lending series, I will focus on why a bank or financial institution in the middle east needs a future-ready SME lending platform.
In today’s dynamic financial industry, it is must to have a streamlined lending process that can help you achieve the end goal. Digital lending platforms seamlessly navigate the journey from application submission to fund disbursal, revolutionising traditional banking practices and empowering both financial institutions and their customers.
Despite the strides made in expanding financial services to SMEs, lenders still face a lot of challenges. The tedious task of data collection, followed by excessive paperwork, remains a bottleneck for many lending businesses. Moreover, despite concerted efforts to extend services to rural areas, a segment of society remains underserved and inaccessible to SME business loans.
This blog will cover in detail as to why it is important to invest in a good and flexible lending platform like Pennant’s Lending Factory application.
Here are 7 reasons why banks and financial institutions in middle east asia need a highly flexible, future-ready lending platform:
1. Efficient lending
An ideal platform should offer seamless integration, real-time data access, and automated workflows, enabling quick decision-making and optimised resource utilisation for efficient lending operations. With a good lending platform, banks and financial institutions can streamline processes, reduce paperwork, and enhance customer experiences.
2. Can handle huge volumes of data
Manage bulk transactions with ease, experiencing unparalleled flexibility and a hassle-free workflow. Like pennApps Lending Factory (PLF) application, unmatched adaptability and resilience, it can handle huge volumes of data without crashing the system giving you the flexibility.
3. Flexible repayment schedules
Repayments are automated without human intervention, aligning with the holiday calendar. The platform must also support ad hoc maintenance of the holiday calendar. Like, for example, one of the standout features of the PLF application lies in its capability to customise repayment schedules according to the unique requirements of customers.
4. Easy to-use interface
In the realm of lending platforms, prioritising user experience is paramount, particularly for SME businesses who are interacting daily with diverse customer cohorts including low-income groups. Intuitive design and seamless navigation make it effortless to use, ensuring smooth adoption and enhanced productivity for your team.
5. Entirely automated application
Give a smooth journey to your end users while sanctioning loans, which is possible with a fully automated application. From rescheduling based on holiday calendars to automated write-off procedures, eliminate manual intervention for streamlined efficiency and error reduction.
6. Real time decision making
In the fast-paced landscape of banking and financial institutions, the need for swift & real-time transactions is very crucial. Ensure rapid and informed actions in response to the evolving needs of both institutions and their customers.
For example with PLF, robust decision-making capabilities is possible. Seamlessly integrating real-time data analytics and advanced algorithms, our platform facilitates agile decision-making.
7. Seamless integration
An ideal platform must offer seamless integration with external interfaces like APIs. PLF ensures seamless integration with third-party systems, boasting minimal Turnaround Time (TAT). With compatibility for 200+ APIs, banks and financial institutions can effortlessly implement our solution, enhancing operational efficiency and staying ahead in the competitive market.
In today’s lifestyle the dependency on technology has increased manifold, thus it is important to have a sustainable and flexible lending solution that can easily integrate with the latest technology. In the last blog of the SME series, I will discuss on how Pennant’s Lending System helped a renowned NBFC grow its lending business.
If you are looking for a Digital Lending Platform for your SME lending business in Middle East Asia, Pennant’s Lending Factory can help you achieve your goals and enhance the borrowing experience for your customers.
Reach out to us at mail id marketing@pennanttech.com.
Recent Blogs
In the spotlight
